What is Swiss stamp duty (Stempelsteuer) on securities transactions?

Switzerland levies a federal securities transfer tax (Umsatzabgabe), commonly called Stempelsteuer, on the purchase and sale of Swiss and foreign securities when a Swiss securities dealer acts as a counterparty or intermediary. The rate is 0.075% per counterparty (0.15% total) on Swiss securities and 0.15% per counterparty (0.30% total) on foreign securities.

The tax applies when you buy or sell shares, bonds, or fund units through a Swiss bank or broker. It is typically included in the transaction costs shown on your contract note. If you trade directly on a foreign exchange via a non-Swiss broker without a Swiss intermediary, the tax generally does not apply. ETFs listed in Switzerland but physically holding foreign securities are taxed at the foreign rate.

Money market instruments with maturity under 12 months, shares in Swiss investment funds, and new issuances are exempt. The stamp duty is separate from the Verrechnungssteuer and is not recoverable on your tax return — it is a permanent transaction cost. Investors who trade frequently should factor it into their cost calculations alongside brokerage commissions.

This is general information only, not professional tax advice. Consult a qualified tax professional for your specific situation.