The KAG creates modern framework conditions for capital investment, including the real estate sector. With the exception of SICAF, the standardisation and simplification of taxation makes the investment vehicle attractive and competitive when compared to Luxembourg. Only practice will show whether and to what extent the “affidavitcapable accumulation funds” will annul the savings tax agreement with the EU and will be of interest to foreign investors who wish to invest in a Swiss vehicle with foreign investments.
Unfortunately the legislator did not meet the wishes of the funds and real estate industries for the creation of REITs. If Switzerland wants to gear itself towards foreign real estate investors desirous of uniform standards for their investments, which REITs now offer, and does not wish to remain an island, it will not be able to get around this investment vehicle. The limited partnership for collective capital investment represents only a limited alternative, however benchmarking and the ability to dispose of indirect real estate investments is the first priority for real estate investors operating internationally.