📈 Capital Gains Tax Switzerland vs Germany Equity Disposals 2026

Yes. Switzerland does not levy personal capital gains tax on private share disposals. This is confirmed by the Swiss Federal Tax Administration (ESTV) and has been a fundamental principle of Swiss tax law for decades. There is no holding period requirement, no annual threshold and no exception for large gains. A Swiss private investor selling CHF 10.000.000 of shares pays zero Swiss capital gains tax on the gain. The key qualifier is 'private investor'. individuals who trade professionally or who are deemed professional securities dealers may be taxed differently.

Germany abolished the 1-year private sale exemption for shares (formerly under §23 EStG) through the Unternehmensteuerreform 2008 (Corporate Tax Reform Act 2008), effective from January 2009. Before 2009, private individuals could sell shares held for more than 1 year completely free of capital gains tax in Germany. similar to Switzerland's current position. Since 2009, the Abgeltungsteuer of 26,375% applies to all share gains regardless of holding period. This reform fundamentally changed Germany's attractiveness for equity investors compared to Switzerland.

For investors focused on realising gains, no. Switzerland's 0% CGT advantage on realised gains far exceeds the annual wealth tax cost. Example: at Zug (0,15% wealth tax) on a CHF 1.000.000 portfolio, annual wealth tax is CHF 1.500. If you realise a CHF 100.000 gain in Germany, tax is €26.375. The wealth tax would need to be paid for approximately 17 years to equal one year of German CGT on equivalent gains. For investors holding portfolios without frequent disposals, the annual wealth tax is a persistent cost but still materially lower than Germany's CGT on eventual disposal.