News brief · Real estate
Switzerland: debate over tightening the Lex Koller
The National Council has backed a tightening of the law governing the purchase of real estate by persons abroad. The Council of States, which must rule next, is expected to be more reluctant, according to the source.
By Editorial team · on October 22, 2026
- Countries concerned
- Switzerland
- Source
- srf.ch
- Writing
- Brief written with the help of AI from the cited source, published without human review.
What the revision provides for
In April, the Federal Council put out for consultation a tightening of the Lex Koller. This law, which came into force in 1985, sets the conditions under which persons not domiciled in Switzerland may acquire real estate. Today, foreign investors can buy shares in listed real estate companies or real estate funds without authorisation. An authorisation would now be required.
Since 1997, persons abroad have been able to buy an unlimited number of offices and other commercial properties without authorisation. The draft would permit this only if the property is used for their own business operations. The annual quota of second homes sold to individuals abroad would fall from 1,500 to 750.
Residents from third countries: what would change
Nationals of third countries who hold a B permit can currently buy a home that serves as their main residence without authorisation. The draft would make this purchase subject to authorisation. If the person leaves Switzerland, they would have to sell the home within 2 ans.
According to the source, the National Council voted on 22 September in favour of an intervention along these lines, with an unusual majority bringing together the UDC, the PS and the Greens. The next stage is the Council of States, where the Centre and the PLR carry more weight: the source expects the tightening to face a difficult time there.
Two opposing views
A Socialist member of the National Council, who also sits on the board of the Swiss tenants' association, supports strengthening the law. She considers that land cannot be multiplied and that, despite the fall in interest rates, rents have not decreased as they should have.
The president of the association Immobilien Schweiz, which represents institutional investors, opposes it. He believes that spatial planning makes it possible to meet demand and sees no reason to exclude capital coming from abroad. He also notes that the share of moves remains stable, between 12 and 14 per cent.
What the source does not specify
The text gives neither a timetable for the Council of States, nor a possible date of entry into force, nor the year of the vote in the National Council. Nor does it detail the exact nature of the intervention adopted. The measures described remain proposals at this stage: anyone who owns or plans to acquire property in Switzerland will need to follow the rest of the procedure.
Please note