Restrictions on property purchases by foreigners - Swiss government proposal for non-EU and EFTA citizens
The Swiss government is looking to tighten restrictions on property purchases by foreigners as the country faces a housing shortage. Under proposals sent out for consultation until July 15, citizens from countries outside the EU and EFTA would need authorization to buy a main residence in Switzerland, the Federal Council said in a statement. Under the proposal, such owners would also have to sell the property within two years if they leave Switzerland.
The government is also aiming for stricter rules on foreign purchases of commercial real estate, allowing exemptions only if the buyer operates the business directly. It also wants to limit purchases of vacation homes and apartment hotels by lowering annual quotas for cantons and requiring authorization for sales between foreign buyers, according to the statement.
The measures would end the general permission for foreigners to buy shares in listed residential real estate companies and certain real estate funds.
The government said the changes aim to refocus the Lex Koller law, the federal law on home ownership by foreigners, on its original purpose and are also part of a broader package approved by the government along with the rejection of the popular initiative "No to ten million Swiss", which seeks to limit immigration and will go to a nationwide vote on June 14.
The Lex Koller law, introduced in 1983, limits the number of properties in Switzerland that foreigners can buy. It was designed to prevent excessive foreign ownership, reduce speculation, and help keep housing affordable for Swiss residents. Several exceptions apply, including commercial properties, primary residences for B and C permit holders, and certain EU and EFTA citizens.
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