Der hypothekarische Referenzzinssatz wurde im Jahr 2008 mit dem Ziel eingeführt, die Mietzinsgestaltung auf schweizerischer Ebene zu harmonisieren. Er wird vierteljährlich durch das Bundesamt für Wohnungswesen (BWO) festgelegt und ist massgebend für Mietzinsanpassungen in bestehenden Mietverhältnissen. Seit seiner Einführung ist der Referenzzinssatz stetig gesunken. Seit dem 3. März 2020 liegt er bei einem historischen Tiefstand von 1.25%.
Heute hat das BWO den Referenzzinssatz zum ersten Mal seit über 14 Jahren erhöht und diesen auf 1.5% festgelegt. Der neue Referenzzinssatz wird ab dem 2. Juni 2023 gelten.
Bei gegebenen vertraglichen Voraussetzungen berechtigt diese Anpassung des Referenzzinssatzes zur einseitigen Erhöhung des Mietzinses auf den nächstmöglichen Kündigungstermin um bis zu 3% (unter Vorbehalt zusätzlicher Erhöhungen gestützt auf andere Faktoren, wie z.B. Teuerung).
Vermieter, die von diesem Recht Gebrauch machen wollen, können diese Erhöhungen unter Einhaltung der vertraglichen und gesetzlichen Form- und Fristerfordernisse geltend machen. Erhöhungen müssen in jedem Fall mit amtlichem Formular angezeigt werden, eine Begründung enthalten und mindestens 10 Tage vor Beginn der Kündigungsfrist zugestellt werden. Bei der Zusendung der Mietzinserhöhung per eingeschriebenem Brief ist zu beachten, dass die Zustellung bei Nichtentgegennahme erst nach Ablauf der siebentätigen Abholfrist fingiert wird.
Dem Mieter steht das Recht zu, innert der Bedenkfrist den Mietvertrag zu kündigen oder innert einer 30-tägigen Frist ab Mitteilung der Mietzinserhöhung anzufechten.

Erhöhung des hypothekarischen Referenzzinssatzes

Foreign investments in Swiss real estate are subject to restrictions imposed by the Federal Act on the Acquisition of Real Estate by Persons Abroad (Lex Koller). As a general rule, the acquisition of Swiss real estate by persons abroad are subject to pre-approval by the competent cantonal Lex Koller authorities, which is issued subject to a catalogue of requirements. However, per current regulations, the acquisition of Swiss commercial real estate such as manufacturing premises, warehouse facilities, offices, shopping centers, retail premises, hotels, restaurants, workshops, medical practices etc. are exempt from such Lex Koller pre-approval.
On January 14, 2021, under the pretext of a purported need of protection of the Swiss economy in the context of the COVID-19 pandemic, the Legal Affairs Committee of the Swiss National Council adopted by a surprisingly large majority a parliamentary initiative, seeking a revision of Lex Koller to impose a temporary suspension of the Lex Koller exemption for Swiss commercial real estate.
In a nutshell and based on the information disclosed through official Parliamentary channels, the initiative sought to suspend the Lex Koller exemption for Swiss commercial real estate
<ul>
<li>during periods of particular or extraordinary circumstances (besondere Lage oder ausserordentliche Lage), which can be declared by the Swiss Federal Council on the basis of the Swiss Federal Epidemics Act; and</li>
<li>up to two years from expiry of such periods of particular or extraordinary circumstances.</li>
</ul>
Moreover, the suspension of the Lex Koller exemption would have also applied to all transactions that have not yet been completed or that have not yet received formal Lex Koller clearance at the time of implementation of the proposed regulations.
At its session yesterday, the Legal Affairs Committee of the Council of States rejected the initiative by a close majority (7:6 votes), to the great relief of many economic players, such as the current Swiss commercial real estate owners, future Swiss and foreign investors and, in general, of the certainty of the law. The Legal Affairs Committee of the Council of States especially emphasized in that respect that mountain regions and the related touristic infrastructures are dependent on foreign investors.
Further to this rejection, the Legal Affairs Committee of the National Council must now submit to the National Council for confirmation whether or not the initiative should be dropped. There is a risk that the National Council might stick to the initiative and re-submit it to the Legal Affairs Committee of the Council of States.
In any case, given the lacking consensus of the Legal Affairs Committees, the risk of the proposed legislation is much less imminent.
We will keep you informed of any developments in this regard.

No support for COVID-19 restrictions on foreign investments in Swiss commercial real estate

<h3>Introduction</h3>
Foreign investments in Swiss real estate are subject to restrictions imposed by the Federal Law on the Acquisition of Real Estate by Persons Abroad (Lex Koller). As a general principle, EU/EFTA nationals with (lawful) main residence (Wohnsitz) in Switzerland are not subject to Lex Koller.
As of January 1, 2021, further to the UK’s withdrawal from the EU and the expiry of the Brexit transition period, UK citizens do no longer benefit from this preferential treatment for EU/EFTA nationals.
<h3>General Rule for UK Nationals Post-Brexit</h3>
Going forward, UK nationals will only be exempt from Lex Koller if they have acquired a permanent residency permit (Niederlassungsbewilligung C) and established their main residence (Wohnsitz) in Switzerland. If this is not the case, direct investments by UK nationals are subject to Lex Koller restrictions. Under such restrictions, UK citizens remain entitled to acquire the following main categories of real estate, subject to certain requirements:
<ul>
<li>commercial real estate (note that there is a proposal by a parliamentary commission to impose temporary restrictions on all foreign investments into commercial real estate in the context of the COVID-19 pandemic – it is currently unclear whether this proposal will reach parliamentary debate);</li>
<li>residential real estate to be used as main residence under a temporary residency permit (Aufenthaltsbewilligung);</li>
<li>holiday homes or serviced apartments in certain designated areas (subject to restrictions such as yearly quotas and maximum size); and</li>
<li>residential or other non-commercial real estate that is inherited by way of intestate succession, or otherwise acquired from relatives in line of ascent or descent or from spouses or registered partners.</li>
</ul>
Not only direct investments by UK individuals are affected by Brexit: Swiss legal entities and investment vehicles should be mindful as well and consider that involvement of UK nationals as investors or beneficiaries could trigger Lex Koller restrictions, which might limit their ability to invest in non-commercial real estate.
<h3>Protection of Pre-Brexit Ownership</h3>
Switzerland and the UK have concluded various bilateral treaties to maintain the pre-Brexit status in certain areas. As part of this overall arrangement, the Agreement on Acquired Citizens’ Rights (AACR) mitigates the consequences of Brexit under the Lex Koller. The AACR will formally enter into force on March 1, 2021, but it has already been implemented effective as from January 1, 2021.
According to the AACR, any acquisition of Swiss real estate by UK nationals that was completed before January 1, 2021, remains unaffected by Brexit. Hence, there is no requirement to divest such real estate due to changed legal and factual circumstances (such as if a UK national gives up permanent residency).
In our view, the preservation of rights also applies to Swiss legal entities that own restricted Swiss real estate and that are (fully or partially) controlled by UK nationals.
<h3>Preservation of Pre-Brexit Temporary Residency</h3>
UK citizens who lawfully established (temporary) main residence in Switzerland before January 1, 2021, remain exempt from Lex Koller. According to official communication by the Swiss Federal Office of Justice, this also applies to UK nationals who (at least) applied for a temporary residency permit before then.
Grandfathering however only applies if pre-Brexit main residency persists at the time of acquisition and thus ceases to apply in case that Swiss residency is interrupted. UK nationals that intend to benefit from the AACR should thus make sure to maintain uninterrupted legal and factual main residence in Switzerland.
We believe that grandfathering of temporary main residence also applies to determine foreign control or ownership of Swiss legal entities or investment vehicles. Hence, the involvement of UK nationals cannot be considered foreign involvement and trigger Lex Koller restrictions for future investments of such entities for as long as grandfathering applies.
<h3>Protection of Cross-Border Commuting</h3>
UK citizens who were cross-border commuters between the UK and Switzerland or who applied for such permission prior to January 1, 2021, and who have retained their status will continue to benefit from the exemption under the Lex Koller and remain entitled to acquire a secondary home in the region of their Swiss workplace. Again, grandfathering only applies for as long as the migration status is maintained.

RZ_Preview_Brexit_LK_final

Impact of Brexit on UK Real Estate Investments in Switzerland

Gesellschaftsrecht / M&A

Immobilien

Finanzierungen und Anlageprodukte

Australian-Super-web-640x140

Homburger News

Homburger and AustralianSuper Pty Ltd.

On September 12, 2023, AustralianSuper Pty Ltd. (AustralianSuper) announced the signing of a EUR 1.5 bn deal with DigitalBridge Group to acquire a significant minority stake in Vantage Data Centers Europe, Middle East and Africa (Vantage EMEA).
AustralianSuper will join DigitalBridge as key shareholder in Vantage EMEA, one of the fastest growing hyperscale data center platforms in the region. The deal will support Vantage EMEA’s ambitious growth plans and enable the expansion and development of hyperscale data centers across EMEA to meet the growing demand from global big data and cloud computing companies.
Homburger AG acted as Swiss legal counsel to AustralianSuper on this transaction. The Homburger team was led by Dieter Gericke (Corporate / M&amp;A) and included Claudine Schär and Giulia Meier (both Corporate / M&amp;A), Stefan Gäumann and Dominique Burà (both Real Estate) and Stefan Bindschedler (Financing and Investment Products).
Herbert Smith Freehills acted as lead counsel to AustralianSuper.

Homburger advised AustralianSuper Pty Ltd. on its EUR 1.5 bn investment in Vantage Data Centers Europe

Steuern

Arbeitsrecht und Vergütung für Führungskräfte

IP / IT

Healthcare / Life Sciences

Wettbewerb

Regulierung

Novartis

Homburger and Novartis

On August 22, 2023, Novartis (SIX: NOVN) announced that it had agreed to transfer its real estate and certain infrastructure-related assets and services pertaining to the Life Science Park Rhine Valley in Stein, Canton of Aargau, Switzerland, to the industrial park operator Getec. Currently, almost 2,000 employees work in pharmaceutical and biotechnology companies on the Life Science Park Rhine Valley.
Upon completion of the transaction, the management and further development of the life science park will be taken over by Getec. The transfer is expected to be completed by the end of 2023 and 25 employees will move from Novartis to Getec.
Homburger advises Novartis alongside Freshfields Bruckhaus Deringer on the Swiss law and tax aspects of the transaction. The Homburger team is led by Daniel Häusermann (Corporate / M&amp;A, Real Estate) and includes Olivier Bühlmann, Daniel Kuhn (both Corporate / M&amp;A, Real Estate), Stefan Gäumann (Real Estate), Oriana Schöni (Corporate / M&amp;A), Reto Heuberger, Peter Müller and Philippe Weber (all Tax), Jürg Frick (Financing and Investment Products), Gregor Bühler and Marc Bircher (both Employment), Andri Hess (IP / IT, Healthcare / Life Sciences), Allegra Arnold and Katharina Bratvogel (both Competition, Regulatory), as well as other professionals.

Homburger advises Novartis on the transfer of the Life Science Park Rhine Valley to Getec

Homburger for Aequita

Homburger and AEQUITA

AEQUITA entered into an agreement to acquire the Swiss Glassolutions business from Saint-Gobain. The acquisition that is expected to close in May 2023 will further strengthen AEQUITA&#8217;s specialty glass division vandaglas.
AEQUITA is a Munich-based, privately held German industrial group, investing in special situations such as corporate carve-outs, successions and recovery situations across Europe.
Homburger acts as transactional counsel to AEQUITA. The team included Andreas Müller and Stefan Luginbühl (both Corporate/M&amp;A), Reto Heuberger and Philippe Weber (both Tax), Richard Stäuber (Competition) as well as Stefan Gäumann (Real Estate).

Stefan
Gäumann

Homburger advised AustralianSuper Pty Ltd. on its EUR 1.5 bn investment in Vantage Data Centers Europe

Homburger advises Novartis on the transfer of the Life Science Park Rhine Valley to Getec

Homburger advises AEQUITA on its acquisition of Saint-Gobain's Swiss Glassolutions Business

Erhöhung des hypothekarischen Referenzzinssatzes

No support for COVID-19 restrictions on foreign investments in Swiss commercial real estate

Impact of Brexit on UK Real Estate Investments in Switzerland

Das Verfahren der dringlichen Feststellung gemäss SIA-Norm 150

Vernehmlassung Änderung BewG

Die Querfinanzierung von strukturierten Beherbergungsbetrieben gemäss Zweitwohnungsgesetz

Join the Team

Stefan Gäumann

Karriere

Sprachen

Zulassung

Teams

StefanGäumann

Homburger advised AustralianSuper Pty Ltd. on its EUR 1.5 bn investment in Vantage Data Centers Europe

Homburger advises Novartis on the transfer of the Life Science Park Rhine Valley to Getec

Homburger advises AEQUITA on its acquisition of Saint-Gobain's Swiss Glassolutions Business

Erhöhung des hypothekarischen Referenzzinssatzes

No support for COVID-19 restrictions on foreign investments in Swiss commercial real estate

Impact of Brexit on UK Real Estate Investments in Switzerland

Das Verfahren der dringlichen Feststellung gemäss SIA-Norm 150

Vernehmlassung Änderung BewG

Die Querfinanzierung von strukturierten Beherbergungsbetrieben gemäss Zweitwohnungsgesetz

Join the Team

Stefan Gäumann

Karriere

Sprachen

Zulassung

Teams

Stefan
Gäumann