Federal Supreme Court Confirms Stamp Duty Exemption for Liechtenstein Single-Investor Fund

With its landmark decision 9C_697/2024 dated 2nd June 2026, the Swiss Federal Supreme Court held that a Liechtenstein single-investor fund qualifies as exempt investor for Swiss stamp duty purposes.

Fact Pattern

The case concerned a Swiss company that qualified as a securities dealer for Swiss stamp duty purposes and was the sole investor in a Liechtenstein alternative investment fund (AIF). Following a tax audit covering the years 2016 to 2020, the Swiss Federal Tax Administration (SFTA) took the position that the fund did not qualify as a stamp duty-exempt investor. As a result, the SFTA assessed a stamp duty liability of approximately CHF 370,000, plus late payment interest, to the securities dealer.

Court Decision

The key question before the Swiss Federal Supreme Court was whether a Liechtenstein single-investor fund can qualify as a foreign collective investment scheme under Article 119 of the Swiss Collective Investment Scheme Act (CISA) even if it does not meet the specific requirements imposed on Swiss single-investor funds under Article 7 (3) CISA.

The Court ruled that Article 119 CISA contains an autonomous definition of a foreign collective investment scheme and must be interpreted independently from the rules applicable to Swiss collective investment schemes. Accordingly, the qualification of a foreign fund does not depend on whether it would satisfy the conditions applicable to a Swiss single-investor fund.

In reaching its conclusion, the Court emphasized that the Swiss legislator deliberately established a separate regime for foreign collective investment schemes. Applying the restrictions governing Swiss single-investor funds to foreign structures would effectively deprive Article 119 CISA of its independent meaning and would not be supported by the wording or purpose of the law. The Court further observed that the purpose of Article 119 CISA is to recognize collective investment schemes that are subject to an adequate foreign regulatory and supervisory framework. Requiring foreign funds to satisfy the specific requirements applicable to Swiss single-investor funds would be inconsistent with this approach and would undermine the distinction deliberately drawn by the Swiss legislator between domestic and foreign collective investment schemes.

To further support its decision, the Court also referred to the long-standing administrative practice reflected in SFTA Circular Letter No. 24, according to which foreign single-investor funds are recognized for Swiss tax purposes if they are governed by a foreign supervisory authority recognized by the SFTA. Since Liechtenstein is included on the SFTA's list of recognized jurisdictions and the fund had been validly established under Liechtenstein law, this interpretation further supported the fund's qualification as a foreign collective investment scheme.

Against this background, the Court concluded that the Liechtenstein fund qualified as a foreign collective investment scheme and, consequently, as a stamp duty-exempt investor. The transactions carried out by the fund could therefore not be attributed directly to the Swiss company as the sole investor, with the result that no stamp duty was due.

Deloitte’s View

The decision provides long-awaited clarity for financial institutions and investors using foreign fund structures. It confirms that foreign collective investment schemes must be assessed under the specific local rules governing such vehicles and are not generally subject to the additional requirements applicable to Swiss single-investor funds.

Particularly noteworthy is the Court's confirmation of the administrative practice reflected in SFTA Circular Letter No. 24. The decision could therefore be of significant relevance not only for Liechtenstein funds, but more generally for foreign single-investor funds established in jurisdictions recognized by the SFTA.

Authors

• Silvan Guler – Partner, Business Tax
• Danielle Koyuncu – Director, Financial Services Tax
• Daniela Martinis-Arth – Manager, National Tax Office