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Shares & taxes Switzerland: 6 practical tips for private investors (2026)

Suppose you take CHF 5,000 and double it with shares to CHF 10,000. In Germany, you would pay around CHF 1,250 tax on this profit. In Switzerland? Zero francs. Capital gains are tax-free for private investors - and that is one of the biggest advantages of the Swiss tax system.

But it's not quite that simple. Because «tax-free» does not mean «tax declaration-free». Do you have to pay tax on shares in Switzerland? Yes - you have to declare them correctly, reclaim the withholding tax and make sure that you are not categorised as a professional trader.

In this practical guide, I will show you step by step how to tax shares in Switzerland correctly - without giving away any money.

Status: February 2026

Table of contents

Shares tax Switzerland: What do you need to know?

Before we get into the tips, a brief overview. In Switzerland - unlike in Germany or the USA - there is no actual capital gains tax. However, the tax system makes a clear distinction between different types of tax that apply to your shares:

Capital gains (price gains): You buy a share for CHF 100 and sell it for CHF 150. As a private investor, the profit of CHF 50 is not capitalised. tax-free. This applies equally to Swiss and foreign shares.

Dividends and interest income: If a company distributes a dividend, this counts as a Taxable income. You must declare dividends in your tax return and pay tax on them at your personal tax rate.

Withholding tax (35%): 35% withholding tax is automatically deducted from Swiss dividends. You will therefore only receive 65%. The good news is that you will get the 35% back - if you declare everything correctly (more on this in tip 2).

Property tax: Your share portfolio counts as taxable assets. It is valued at the market value on 31 December and entered in the securities register. The wealth tax varies from canton to canton.

Stamp duty: Federal stamp duty is payable on the purchase and sale of securities. This is deducted directly by your broker - you hardly notice it, but it appears on every statement.

You can find a comprehensive overview of all tax types in our Taxes Switzerland Guide. We have explained in detail how ETFs are treated for tax purposes - including the differences between accumulating and distributing funds - in the ETF Taxes Switzerland Guide prepared.

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Tip 1: Stay a private investor - the 5 criteria of the tax authorities

This is the most important tip of all. Because whether your share gains remain tax-free or not depends on a single question: Are you considered a private investor or a Professional securities dealer?

If you are categorised as a professional trader, your price gains are suddenly treated as income from self-employment. The consequences are steep: you not only pay income tax on your profits, but also AHV/IV/EO contributions - this can quickly amount to 10% and more.

A Schwiizerfranke reader once asked me what day trading is like. My honest answer: day trading falls exactly into this category. And the bad thing about it is that once you've been categorised as a professional trader, it's basically permanent.

The FTA's 5 safe harbour criteria

The Federal Tax Administration (FTA) has defined five clear criteria. If you fulfil all five, you are considered a private investor:

1. minimum holding period of 6 months Hold each share position for at least 6 months before selling it. Individual exceptions are not a problem - but if you regularly sell again after a few weeks, it becomes critical.

2. transaction volume below 5 times the portfolio value Your annual trading volume (all purchases and sales combined) should be a maximum of five times your initial holding.

Example: You start the year with a deposit of CHF 100,000, in which case you should not make more than CHF 500,000 in purchases and sales.

3. capital gains below 50% of net income If your income from share purchases exceeds 50% of your net income, things get tricky. A Schwiizerfranke reader wanted to quit his job and live solely from dividend income. In such a case, be sure to talk to a tax advisor first.

4. no borrowed capital for investments Anyone who takes out a loan to buy shares - for example via a Lombard loan -, signals commercial behaviour. Only invest money that you have and won't need for the next few years. Borrowed capital for risky investments is a no-go anyway.

5. no speculative derivatives Options and futures for speculation are a strong indication of professional trading. However, they are permitted for hedging existing positions.

What happens if a criterion is not met?

Don't panic. It is not the case that a single offence automatically leads to you being classified as a professional trader. But the tax authorities will scrutinise your case more closely. The more criteria you violate, the greater the risk.

By the way: A reader asked me whether it makes a difference whether you hold Swiss or foreign shares such as Apple or Nvidia. The answer: No. As long as you are liable for tax in Switzerland, the same rules apply - regardless of whether you hold Swiss or US shares.

Tip 2: Always reclaim withholding tax

Every dividend from Swiss companies is automatically 35% Withholding tax deducted. Your broker therefore only transfers 65% of the gross dividend to you - the remaining 35% goes to the Swiss Federal Tax Administration.

How it works

Concrete example: You hold shares in Nestlé S.A. and receive a gross dividend of CHF 1,000. However, only CHF 650 ends up in your account and the bank has paid the remaining CHF 350 as withholding tax.

However, the withholding tax is not a real tax - it is a Security tax. It is designed to ensure that you declare your income correctly in your tax return. If you do, you will receive the full 35% back. The refund is usually made as a credit against your cantonal and municipal taxes.

What you need to do

  1. All securities in the List of securities in your tax return
  2. Dividends as Gross amount (i.e. CHF 1,000, not CHF 650)
  3. The withholding tax is then automatically offset against your tax liability

Why this is so important

In my community, I hear time and again that readers simply forget to pay withholding tax - with a custody account of CHF 50,000 with a dividend yield of 2%, that's quickly CHF 350 per year that you're giving away.

You can find detailed information on tax-free dividends from capital contribution reserves in our separate Article on tax-free dividends.

Tip 3: Reclaiming foreign withholding tax (DA-1)

If you hold foreign shares or ETFs - for example, US stocks such as Apple or Microsoft - the dividends are subject to a dividend tax. Foreign withholding tax is levied. For US shares, this is typically 15% (thanks to the double taxation agreement between Switzerland and the USA, without the DTA it would be 30%).

What you can get back

Thanks to the double taxation agreements (DTAs) that Switzerland has with many countries, you can deduct part of this foreign withholding tax in Switzerland. credit leave. This runs via the Form DA-1, a supplementary sheet to the list of securities.

Concrete example with US equities:

  • You receive USD 1,000 gross dividend from Apple
  • The USA deducts 15% withholding tax = USD 150
  • You can have this 15% credited in Switzerland using the DA-1 form
  • Thanks to the double taxation agreement (DTA), the US withholding tax is reduced to 15% (if a W-8BEN is filed). You can have this 15% credited in Switzerland via DA-1.

When is the DA-1 worthwhile?

There is a Minimum threshold of CHF 100If the total creditable foreign withholding tax is less than CHF 100 per year, no credit is granted. In this case, you simply enter the income net (after deduction of withholding tax) in the normal securities register.

From CHF 100 it is definitely worth filling in the DA-1. For a larger portfolio with international shares or ETFs, this can quickly add up to several hundred francs.

Practice: How to fill in the DA-1

In most cantons, the DA-1 is a supplementary form to the securities register that you can fill out directly in your tax software. Tip: Most brokers such as Saxo Bank or Swissquote already provide you with all the necessary data in the tax statement - country, gross dividend and withholding tax withheld. All you have to do is transfer the values.

  • The DA-1 is a supplementary sheet to the list of securities
  • In the canton of Zurich, you can simply submit it digitally with your tax return since 2022
  • You need: Bank receipts for the foreign withholding tax
  • The income must gross declared (before deduction of withholding tax)
  • Limitation period: 3 years - so you can also submit retroactively

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Tip 4: Fill in the securities register correctly

The securities register is the centrepiece of your tax return as an investor. This is where you enter all securities - shares, ETFs, bonds, funds. It sounds time-consuming, but with the right procedure it can be done in 15-30 minutes.

What needs to go in?

  • All Securities held in your custody account on 31 December
  • Positions that you hold during the year Sold have
  • The Tax value (market value on 31 December) - not your purchase price
  • The Gross incomeDividends and interest before deduction of withholding tax

Your broker's tax statement does the work

I test different brokers and the tax statements vary in quality. Saxo Bank offers a free eTax statement - This is great because you can import the data directly into your tax software. Swissquote also provides a detailed tax statement. Important: Always check that the values are correct - there are sometimes rounding differences, especially with foreign dividends.

Most Swiss brokers automatically issue you with an annual Tax statement (also known as a «tax certificate» or «tax statement»). This contains:

  • All positions held with tax value as at 31.12.
  • All income (dividends, interest) as a gross amount
  • The withholding tax withheld
  • Foreign withholding tax (relevant for DA-1)

Step-by-step in the tax return

Using the example of the Canton of Zurich (ZHprivateTax):

  1. Open the securities directory in your tax software
  2. Enter each item: Name, security number/ISIN, quantity, tax value as at 31.12.
  3. Add the gross income (dividends, interest)
  4. If available: use eTax import from the broker (saves a lot of typing)
  5. For foreign titles: Fill in DA-1 supplementary sheet (see tip 3)
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Tax value vs. purchase price - which applies?

For the Property tax the market value on 31 December counts, not your purchase price. If your share has doubled in value, your taxable assets will increase accordingly. Conversely, it decreases if the share price falls - a small consolation in tax terms.

Tip 5: Invest tax-efficiently

Once you have understood the basics, you can also use the Investment strategy optimise your tax situation. Here are a few approaches:

Accumulating vs. distributing ETFs

With distributing ETFs, you receive the dividends in your account - and pay tax on them as income. With accumulating ETFs, the income is reinvested directly. But beware: The tax authorities also tax the dividends and interest accrued internally on accumulating ETFs - as if they had been paid out to you. The tax difference in Switzerland is therefore smaller than many people think.

You can find everything in detail in our ETF Taxes Switzerland Guide.

Use pillar 3a

You can deduct payments into pillar 3a from your taxable income. You can find out how much this currently is in our overview of the Pillar 3a maximum amount. If you invest this money in equity funds within the 3a, your profits grow tax-free - and the dividends are also not taxed annually.

You can find out which 3a provider suits you best in our Pillar 3a comparison.

Custody account fees as a tax deduction

Did you know that in many cantons you can use your Custody account fees and costs for the tax statement can you deduct as asset management costs? Depending on the canton, flat-rate deductions apply or you can claim the actual costs. It's not a huge amount, but it adds up over the years.

Choose a broker with low fees

Fees are not taxes, but they eat away at your returns just the same. In our Online broker comparison Switzerland to find the cheapest providers - and which ones deliver the best tax statement.

Tip 6: Avoid the biggest tax mistakes

Based on conversations with our community and my own experience, these are the most common tax mistakes made by Swiss investors.

Mistake 1: Not declaring securities

If you do not declare your shares in the securities register, you are giving away withholding tax. And yes, the tax office will see your securities - the banks report them automatically. Not declaring is therefore not only expensive, but also risky.

Error 2: Enter net instead of gross

Dividends must always be recognised as Gross amount before the withholding tax is deducted. If you enter the net amount (which you see on the account), you will miss out on the refund.

Error 3: Ignoring foreign withholding tax

Many people forget to fill in the DA-1 form, especially for US equities and international ETFs. It is worth completing the form if you have CHF 100 or more in non-reclaimable foreign withholding tax.

Mistake 4: Wanting to deduct price losses

Capital gains are tax-free - but in return you can Do not deduct exchange rate losses either. This is a common disappointment after a bad year on the stock market. There is no loss carryforward option for private investors.

Mistake 5: Trading too actively and becoming a professional trader unnoticed

Some investors slip unnoticed into the professional categorisation - for example by trading too frequently, holding periods that are too short or using leveraged products. If you are unsure, check the 5 criteria from tip 1.

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Conclusion: Taxing shares in Switzerland is not rocket science

The topic of Swiss share taxes is less complicated than many people think. Switzerland is a tax haven for private investors - if you know the rules of the game. Here are the most important points:

✅ Capital gains are tax-free - as long as you are considered a private investor

✅ Dividends are taxable income - but you get the withholding tax back

✅ Always complete the securities register - otherwise you are giving away money

✅ Do not forget DA-1 - for foreign shares and ETFs from CHF 100 withholding tax

✅ Invest for the long term - This is not only the best strategy from a tax perspective, but also in terms of returns

By the way: You can find the cheapest brokers with the best tax statements in our Online broker comparison. And if you want to save tax in general - not just on shares - take a look at our Tax saving tips for Switzerland an.

Want even more tax knowledge? Our free tax eBook with a checklist for your tax return will help you not to forget any deductions:

👉 To the free checklist for your tax return

Which Swiss broker do you invest with? Write it in the comments!

This might also interest you

FAQ: The most frequently asked questions from our community

Yes, all securities must be entered in the securities register - regardless of whether you have sold them or not. The taxable value (market value on 31 December) is included in your taxable assets.

Yes, as long as you are liable for tax in Switzerland and are considered a private investor, capital gains are tax-free - regardless of whether they are Swiss or foreign shares. With the Dividends foreign shares may be subject to withholding tax depending on the country (see tip 3).

In principle, yes. Cryptocurrencies are treated similarly to shares for tax purposes: Price gains are tax-free as a private individual, the holdings as at 31 December are taxed as assets. However, income from mining, staking or lending is considered taxable income.

In your tax return, you record your securities in the securities register. Both capital gains and distributions are automatically recorded there. However, capital gains are not counted as taxable income - only the dividends.
As you can see, dividends on shares tax Switzerland-wide are easy to handle.

Always the Gross amount enter - i.e. the dividend before Deduction of 35% withholding tax. This is the only way to get the withholding tax refunded.

As soon as you own any securities - i.e. shares, ETFs, bonds, funds or cryptocurrencies. Even a small custody account with a single share must be declared.

Financial author Eric Marschall certified investment advisor (IAF) independent financial expert Switzerland - certified financial expert switzerland
About the author

Eric is the founder of Schwiizerfranke.com and certified IAF wealth advisor. Since 2019, he has been helping Swiss citizens to organise their finances comprehensibly, independently and efficiently.

More about Eric & Schwiizerfranke

📌 Note: This article is for information purposes only and does not constitute personalised investment advice.

25 responses

  1. Good day,

    What happens if I have realised capital gains on American shares such as Apple and Nvidia. For example, I made CHF 1000 + and also received a dividend totalling CHF 60.

    Do I now have to declare this CHF 60 in my tax return or the capital gain? I invest according to time and need, so I am a normal private investor who is not employed but also has a profession.

    Many thanks

    Reply

    1. Hello Ahmet,
      You must include all shares in your tax return. Capital gains and distributions are recognised there anyway.
      However, capital gains are not taxed for investors in Switzerland. Dividends are taxed.

      Reply

  2. Good day

    What is the situation here with Bitcoin and co? If you sell bitcoins and therefore make a profit, are you immediately categorised as a trader? Also with shares etc? So how should you sell the cryptocurrency?

    Lg

    Reply

    1. Hello Felix,
      In Switzerland, this applies to securities in general, including Bitcoin.
      A staggered sale over several years could make sense if there is too much volume.

      Reply

  3. I am planning to move to Zurich for work, but have two problems when It comes to my retirement plan. First I would plan to save 30,000-40,000 CHF for the next 6-7 years, as I am single and have little expenses accompanied by a good job. If invested in a stock portfolio of maybe 8-15 stocks and held them for an average of 3 years at a time would I be classified as a professional investor? I would plan to maintain a leverage ratio of 25% (i.e. for every CHF of equity I would have .33 CHF of debt this would be (1.33-1)/1.33=25%). Secondly, I worry that after 15-20 years I could have a large amount saved and if I suspected a market crash I might sell all of my investments in one year to protect against a crash to buy them back again over the next year or two. This could potentially lead to accumulated gains far greater than my income although the average holding period would potentially be 5-15 years at this stage. Could either of these two events/strategies have me classified as a professional investor?

    Reply

    1. Hi Isaac,
      as I am not a tax expert, I cant guarantee you anything and will not advise on that. In my opinion your case is a normal savings/investing scenario, so there is no need to be worried. Exception: the leveraging aspect looks a bit aggresive/professional.

      Reply

  4. Hello

    Thanks a lot for your great info! How are share price gains on foreign shares taxed? So Apple, Microsoft, Tesla etc.?
    My understanding of the article is that it only concerns Swiss shares!

    Thanks for the great info on your website!

    Best regards

    Reply

    1. Hello Raphael
      It doesn't matter. As long as you are taxable here, capital gains are not taxed. In the case of distributions, however, the situation is different.
      Love!

      Reply

  5. I have just sold a bunch of RSU from my company that I held on for a few years.
    This transaction alone was in the six figure range and definitely above my annual income.
    Now I would like to invest this capital on ETF shares for long-term gains (something like 5 to 10 years).

    Do you think this could cause the tax office to flag me as a professional investor?

    Reply

  6. Hello zämä
    Thank you for the good overview and tips.
    However, I'm not quite sure what the situation is with forex and CFD trading - i.e. mainly day trading. When I close the positions, I don't have any securities that I would have to declare as capital at the end of the year in my tax return. Of course, it is common practice in day trading to open a few (small) positions and close them again after a short time. Consequently, the volume of trades would also be large, even if the amount is often small. And as far as I know, there is no 'capital gains' item on the tax return that I can proactively declare. How are taxes (-authority) actually handled there?
    Of course, it is noticeable when you have much more assets at the end of the year than would be possible with your main income minus the normal costs. Nevertheless, it would be interesting if someone had an idea.
    Thank you and greetings
    Anita

    Reply

    1. Hello Anita
      Day trading falls precisely into this category. Such a case quickly becomes critical from a tax point of view and is closely examined by the tax office.
      The bad thing is that once you are classified as a professional trader, this applies for life and tax-free share gains will no longer be possible.

      However, the tax office will not immediately put you in this category, but (hopefully) only in absolutely appropriate cases.

      Reply

  7. Quick question - I have a very long-term strategy with only a few companies. I would like to liquidate the portfolio in a few years and expect a return in the higher six-figure range. This would of course massively exceed my annual income. In this case, do I run the risk of being taxed accordingly?

    Reply

    1. Hello Urs
      Since you invested for the long term, it should not be a problem. After all, it wasn't trading and it doesn't happen every year. So I personally wouldn't worry about it. If in doubt, talk to a tax advisor.
      Oh and: Congratulations 🙂

      Reply

  8. Hello, I have two different stock portfolios that I would like to put together for reasons of diversification. specifically, I have a portfolio with 80,000 euros and 37,000 euros. In addition, there are other investments of about 20,000 euros. I would like to dissolve the depot of 37,000 euros and put the money in the large depot. I hold most of the shares for more than 6 months.

    PS Euro figures are due to the fact that I have the deposits in Germany.

    Reply

    1. Hello Toni, do you have a specific question in this regard? As a rule, it is easy to transfer a securities account. If you want to sell securities and you comply with the above points, you do not have to worry about taxes.

      Reply

    2. Exactly. Only when you make an annual profit of at least CHF 50,000 through investment income or capital gains do you need to look into this topic again.

      Reply

  9. What is the understanding of the holding period with respect to partial sales?
    Example: I buy 5 shares of company A on 01.02. and on 01.03. another 5 shares of this company. How many shares of company A may I sell on 01.08. so that this point is fulfilled? None, 5 or 10?

    Reply

    1. Hi Jakob, pure gut feeling/judgement: In theory, every trade counts, but people probably pay more attention to the overall picture than to the exact details. One "small trade" will not immediately make you look like a professional trader. If you trade all the time and earn the majority of your income with it, it will certainly look different.

      Reply

  10. Hello

    I have a tax question maybe you can help me:)
    What does it look like if I invest on a crowdfunding platform, for example? For example, I invest CHF 10,000 in "Product X" and after six months I get CHF 12,000 back from this investment. How is this taxed in Switzerland?

    Reply

  11. I intend to quit my job and live off dividend income. I can easily comply with all other rules. Does dividend income also count towards the 50% rule, so does that automatically make me a professional trader? Or does only capital gains really count there?

    Reply

    1. Hello Sven
      here a discussion with a specialized tax advisor would certainly be useful. I believe not that this automatically classifies you as a professional trader. However, this in combination with frequent trading etc. can of course bring the attention of the authorities. Also, a tax advisor may find a way how you can optimize your tax contributions, as these should not be low for you.

      Love and congrats on your plan!

      Reply

  12. How is for an Austrian this
    situation to see.will after österr.
    tax net.
    I am interested in the switzerland a
    open an account and move stock exchange work to switzerland.
    Mfg.f. m.n

    Reply

    1. Hello Friedrich
      I am not familiar with taxes in Austria. But during a short Google research I came across this:
      Avoid double taxation - this is how it works
      "In Austria, investors can have the foreign withholding tax credited against up to 15 per cent of the investment income. You then only pay the difference up to the withholding tax rate to the Austrian tax authorities, i.e. 10 per cent (for account and savings account interest) or 12.5 per cent (for all other investment income). As a rule, your own broker will do this automatically if they are based in Austria." Here is the link to the source: https://www.testsieger.at/wertpapiere/steuer/

      The best thing to do is to do some more research on the subject yourself or seek out a tax advisor who specializes in this area.

      Reply
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