The percentage of taxation of such a trust is directly calculated on the basis of the degree of kinship between them, but it is limited to the capitalized amount of income. Under the establishment of a fixed trust it is meant a donation to the beneficial owners from the founder.
the founder pays taxes, and the profit of the beneficial owners resemble a gift from the founder.Īfter the death of its founder, the trust passes into the category of irrevocable: according to the Swiss tax law it is considered that the property of the founder after his death passes under the inheritance law to the trust or its manager. The trust is considered a revocable, when in course of its creation the standard financial scheme does not change, i.e. Trust manager does not pay taxes on assets, since he is considered to be their formal owner. Switzerland's legislation provides for the payment of taxes on trust assets by the founders and beneficial owners. In other words, if the beneficial owners or trust managers are subjects or nationals of other countries that are not members of the EU, the transfer of immovable property must be agreed in advance.
Persons who have EU citizenship and reside in the territory of Switzerland have the right to purchase real estate without negotiating a deal in advance, and nationals of countries outside the EU are required to obtain a preliminary authorization for the transaction or deal. Despite this, trusts in Switzerland are created, but only under the jurisdiction of those foreign countries, which, for various reasons, are chosen by the founders of trusts.īecoming one of the administrative centers of trusts, Switzerland had to ratify the Hague Convention in 2007, thereby recognizing legitimately its trust law.Īfter legalizing Swiss trusts, it became possible to place Swiss property in them, for which the trustee, who in this case acts as the owner of real estate, must be registered in the land registry. The Anglo-Saxon trust law does not apply to Switzerland and until recently the law on trusts was not adopted in this country, and such a concept as a Swiss trust simply did not exist.
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