Der neue Limited Qualified Investor Fund (LQIF) - mit besonderem Fokus auf Immobilienanlagen

GesKR, 1/2025 Journal

The Swiss fund market holds significant importance in asset management and the distribution of collective investment schemes. However, as a product location, Switzerland lags behind other jurisdictions like Luxembourg due to restricted EU market access, Swiss withholding tax, and the extensive costs and time required for fund approval. These competitive disadvantages prompted the amendment process of the Collective Investment Schemes Act (CISA) and its associated ordinance, effective March 1, 2024. The introduction of the Limited Qualified Investor Fund (L-QIF), inspired by foreign models like the Luxembourg RAIF, aims to create a new product category within existing legal forms, exempt from approval, authorization, prospectus, and supervision, and subject to more flexible investment regulations. This deregulation seeks to significantly reduce the costs and time involved in setting up an L-QIF. Despite ongoing challenges like EU market access and withholding tax, the L-QIF presents new opportunities, particularly in real estate investments. This article delves into the L-QIF's features, its implications for real estate investments, its analysis under Lex Koller, and relevant tax considerations.