ETF Savings Plan Tax in Switzerland: Guide
August 12, 2026
5 min read
- Capital gains are tax-free for private investors in Switzerland. Increases in your portfolio value are not taxed as income.
- Two things are taxable: your year-end portfolio value through wealth tax, and the fund's income through income tax — including in accumulating funds.
- The relevant per-fund figures are published by the Federal Tax Administration in its ICTax system. You do not have to dig through fund reports.
Switzerland taxes wealth and income, but not appreciation. That single rule makes long-term equity saving more attractive here than in almost any neighbouring country.
Anyone starting an ETF savings plan eventually asks what ends up on their tax return. The answer is simpler than most people fear — but it contains one point that regularly gets missed.
01The big advantage: no capital gains tax
For individuals holding movable assets privately, capital gains are tax-free in Switzerland. If your portfolio grows from CHF 100,000 to CHF 400,000 over twenty years, you pay no income tax on that CHF 300,000 — neither along the way nor on sale.
This is a structural advantage. In many neighbouring countries a capital gains or flat withholding tax takes a substantial share of the increase on disposal. In Switzerland that share stays with you entirely.
The boundary is "professional securities dealing". Very frequent trading, short holding periods, use of borrowed money or systematic use of derivatives can lead to being classified as professional — in which case gains become taxable. A long-term buy-and-hold savings plan is practically untouched by this debate.
02Wealth tax: your portfolio value on the reference date
The value of your portfolio on 31 December counts toward your taxable wealth. Wealth tax is levied at cantonal and communal level, so rates differ considerably. In practice it usually amounts to a fraction of a percent of assets, and most cantons apply allowances.
Practically, this means entering the year-end value in your securities schedule. That value comes from your custodian's tax statement.
03Income tax: the point people miss
The income a fund receives — essentially dividends and interest — counts as taxable income for you. That applies even if you never receive a payment.
This is where the most common misunderstanding sits. In an accumulating fund, income is automatically reinvested. No money reaches your account — it is taxable nonetheless. The tax authorities do not distinguish by whether income was paid out or reinvested, only by whether it arose.
What this means in practice: with an accumulating ETF you pay tax on income you never received in cash. With a broad world index yielding around two percent, the amount is manageable — but it exists, and it grows with the portfolio.
For the choice between accumulating and distributing, this changes little in Switzerland: both are treated the same for tax. The difference lies in the convenience of reinvestment, not in the tax burden.
04ICTax: where the numbers come from
The Federal Tax Administration maintains ICTax, a price list publishing the tax value at the reference date and the taxable income per unit for each registered fund. It is the authoritative source for declaration.
You will usually not need to search it yourself. A proper tax statement already presents portfolio value and taxable income in the form the tax return requires. For arvy clients this statement is part of the annual reporting.
05Foreign withholding tax — two separate levels
It is worth keeping two things apart.
At fund level, withholding tax applies before dividends even reach the fund. You cannot reclaim it. The only lever is the fund's domicile — Irish funds pay 15% instead of 30% on US dividends. The details are in Irish ETFs: 15% Instead of 30%.
At investor level, the question concerns income flowing directly to you. Swiss dividends are subject to withholding tax, which you recover in full through correct declaration. That is exactly what the securities schedule is for.
06Declaring it in four steps
Step 1
Tax statement
Wait for the custodian's annual statement. It contains the year-end value and income.
Step 2
Securities
Transfer the position into the securities schedule, with the ISIN or valor number.
Step 3
Income
Enter taxable income — including for accumulating funds.
Step 4
Reclaim
Reclaim Swiss withholding tax on domestic income.
07Frequently asked questions
Do I pay tax on gains from my ETF savings plan?
No. Capital gains on privately held assets are tax-free in Switzerland, whether you sell or hold. Exceptions apply only if you are classified as a professional securities dealer.
Are accumulating ETFs more tax-efficient?
No. Income received inside the fund is taxable even when accumulated. The difference from distributing funds lies in how reinvestment is handled, not in the tax burden.
What is ICTax?
The price list of the Swiss Federal Tax Administration. It publishes the tax value at the reference date and the taxable income per unit for registered securities — the authoritative figures for your tax return.
How high is wealth tax on a securities portfolio?
It is set cantonally and communally and usually amounts to a fraction of a percent of taxable wealth. Most cantons apply allowances below which no wealth tax is due.
When are you treated as a professional securities dealer?
Relevant factors include holding period, transaction volume, use of leverage and derivatives. A long-term savings plan without borrowed money practically never qualifies. If in doubt, consult a professional.
How high is stamp duty when buying an ETF?
Swiss federal transfer stamp duty applies when trading through a Swiss securities dealer and is higher for foreign securities than domestic ones. It is set by law, identical across providers, and charged per transaction.
Do I have to declare an Irish ETF abroad?
No. As a Swiss tax resident you declare worldwide assets and income solely in your Swiss tax return. Fund domicile does not create an additional foreign tax obligation.
How are children's portfolios taxed?
Assets and income of minor children are generally attributed to the parents and declared in their tax return. That changes at the age of majority. Cantonal rules differ, particularly around gifts.
What happens for tax if I move abroad?
Leaving Switzerland ends unlimited tax liability here, and the tax law of your new country of residence applies — which often treats capital gains differently. Anyone planning a move should clarify the consequences in advance.
08Keep reading
Overview
Costs, taxes, domicile and mechanics in one place.
Domicile
The withholding tax that arises inside the fund — and how to halve it.
Tax statement included
The arvy ETF Savings Plan gives you an annual statement that transfers straight into your tax return.
arvy ETF Savings Plan
0.39% management plus 0.06% TER on the world equity portfolio, invested weekly, globally diversified.
To the savings plan →This article was written by Thierry Borgeat, co-founder of arvy, and reviewed by Patrick Rissi, CFA, and Florian Jauch, CFA.
Disclaimer: arvy AG is a manager of collective assets authorised by the Swiss Financial Market Supervisory Authority FINMA under Art. 24 of the Collective Investment Schemes Act (CISA). This article is for information purposes only and constitutes neither investment advice nor tax or legal advice, nor an offer or solicitation to buy or sell financial instruments. The calculations shown are model calculations based on the stated assumptions and are not forecasts; they assume a constant return compounded monthly at the stated nominal annual rate. Past performance is not a reliable indicator of future results. Equity investments are subject to price fluctuations; losses up to the total loss of the capital invested are possible. Tax consequences differ by canton and by individual situation — please clarify yours with a professional.
