Federal Act
on the Acquisition of Immovable Property
in Switzerland by Foreign Non-Residents
(ANRA)

¹ A for­eign non-res­id­ent holds a con­trolling in­terest if he or she as a res­ult his or her fin­an­cial par­ti­cip­a­tion, vot­ing rights or for oth­er reas­ons has a de­cis­ive in­flu­ence over the ad­min­is­tra­tion or op­er­a­tion­al man­age­ment of a busi­ness, wheth­er alone or jointly with oth­er for­eign non-res­id­ents.

² The con­trol of a leg­al en­tity by for­eign non-res­id­ents is pre­sumed if they:

a.¹⁸

own more than a third of the share cap­it­al, cap­it­al con­tri­bu­tions or co­oper­at­ive cap­it­al;

b.

hold more than a third of the votes in the gen­er­al or mem­bers gen­er­al meet­ing;

c.

make up the ma­jor­ity of the found­a­tion board or of the be­ne­fi­ciar­ies of a private found­a­tion;

d.

provide the leg­al en­tity with re­pay­able fin­an­cial re­sources that rep­res­ent more than the half of the dif­fer­ence between the as­sets of the en­tity and its debts due to per­sons not re­quir­ing au­thor­isa­tion.

³ The con­trol of a gen­er­al or lim­ited part­ner­ship by for­eign non-res­id­ents is pre­sumed if one or more of them:

a.

are part­ners with un­lim­ited li­ab­il­ity;

b.

provide the com­pany as lim­ited part­ners with fin­an­cial re­sources ex­ceed­ing one third of the equity cap­it­al of the part­ner­ship;

c.

provide the com­pany or part­ners with un­lim­ited li­ab­il­ity with re­pay­able fin­an­cial re­sources that rep­res­ent more than the half of the dif­fer­ence between the as­sets of the part­ner­ship and its debts due to per­sons not-re­quir­ing au­thor­isa­tion.

⁴ The con­trol of a real es­tate fund by for­eign non-res­id­ents is pre­sumed if its ad­min­is­tra­tion with­in the mean­ing of this Act is car­ried out by a for­eign non-res­id­ent and the fund man­ager is a for­eign non-res­id­ent.¹⁹

⁵ The con­trol of a real es­tate SICAV by for­eign non-res­id­ents is pre­sumed if its ad­min­is­tra­tion with­in the mean­ing of this Act is car­ried out by a for­eign non-res­id­ent and for­eign non-res­id­ents:

a.

hold more than one third of the votes for the en­tre­pren­eurs’ share cap­it­al;

b.

make up the ma­jor­ity of the board;

c.

provide re­pay­able fin­an­cial re­sources that rep­res­ent more than the half of the dif­fer­ence between the as­sets of in­vestor share cap­it­al of the real es­tate SICAV and their debts due to per­sons not re­quir­ing au­thor­isa­tion.²⁰