Der Investmentclub - mit besonderem Fokus auf Immobilienanlagen

GesKR 2/2026, 198-222 Journal

In recent years, private investors in Switzerland have increasingly sought to buy, renovate, and resell real estate for profit. However, (direct) real estate investments often require significant financial resources and expertise, which can limit individual investors. Diversification across various property types and regions is also essential to reduce risks, but this demands even more capital.

Addressing these challenges, this article discusses the practice of pooling resources, where multiple private investors combine their funds to invest jointly in real estate projects. This approach allows participants to benefit from shared knowledge, reduced individual capital requirements, and increased diversification of investments, leading to more effective risk distribution and the possibility of undertaking larger or more varied projects than would be possible alone. Collaborative investment structures are often used to buy, renovate, and sell properties, and can also be applied to holding real estate long-term.

Under Swiss law, there is no uniform or legally mandated structure for pooling arrangements; such structures are commonly known as "investment clubs". No specific legal form is required, so both partnerships and corporations can be used. However, certain legal forms may be more suitable for these structures than others.

This article explains types of investment clubs for real estate investments and clarifies their status under financial regulations, in particular in the light of the Swiss Federal Act on Collective Investment Schemes (CISA). It also covers Lex Koller issues for clubs investing in residential and undeveloped properties, and addresses tax questions and structuring options.

geskr

Der Investmentclub – mit besonderem Fokus auf Immobilienanlagen