Published on and written by Cyril Jarnias
Buying an apartment in Switzerland fascinates many French people: quality of life, political stability, strong Swiss franc, legal security… but the reality is more complex than the postcard image. Between the Lex Koller law, very strict financing rules, exchange rate risks for cross-border workers, and the announced tightening of rules for foreigners, an ill-prepared purchase can quickly turn into a costly trap.
This chronological guide covers all the steps for French people wishing to buy in Switzerland: verifying the right to buy, choosing financing, managing exchange rate risk, comparing with buying on the French side, and signing at the notary’s office.
1. Do you have the right to buy an apartment in Switzerland?
Before talking about budgets or banks, one key point must be clarified: in Switzerland, the right to buy a home depends on your status under Lex Koller, the federal law that governs real estate acquisition by persons abroad.
Understanding Lex Koller in simple terms
Lex Koller is not based solely on nationality, but primarily on the concept of a “person abroad”. For a French person, there are three main situations.
– 1. French person domiciled in Switzerland with a B or C permit (EU/EFTA)
– With a B or C permit, you are generally not treated as a “person abroad”.
– You can buy a main residence almost like a Swiss person.
– With a C permit (settlement), you can also acquire income properties or a secondary residence without special authorization.
If a French person domiciled in Switzerland does not have a valid permit (B/C/L) due to irregular stay, they are treated as a person abroad. This severely limits their options; only a few vacation apartments in tourist areas under quotas are accessible.
– 3. French person domiciled in France (non-Swiss resident)
– You are a “person abroad” under Lex Koller.
– You cannot freely buy an apartment in the city for occasional visits.
– Your options are practically limited to:
– vacation apartments in certain tourist municipalities,
– under national quotas (approximately 1,500 authorizations per year) and cantonal quotas,
– with size limits, often around 200 m² of living space,
– and the need to obtain cantonal authorization.
In all cases, Lex Koller can also apply to indirect arrangements (purchase through a company, preemptive rights, very long-term leases, etc.). Swiss authorities check all transactions that effectively give economic control over a residential property.
Announced tightening of rules by 2027
The Federal Council launched a consultation in April 2026 to significantly tighten Lex Koller, in a context of housing shortages and the popular initiative “Stop the 10 Million Switzerland!” Several major changes are on the table:
Nationals from non-EU/EFTA countries will in the future need authorization even for a main residence (instead of a simple permit), and must resell it within two years if they leave Switzerland or move. Vacation residence quotas are reduced, all sales between foreigners count against them, the purchase of commercial premises is limited to use linked to their activity, and the acquisition of shares in residential real estate companies or shares of Swiss real estate funds is prohibited for them.
Entry into force is expected around 2027, but this prospect must be integrated now into any purchase project, especially if you are a French person residing outside Switzerland and were counting on an investment structure or purchasing commercial premises.
Residence in Switzerland: no “golden visa” through real estate
Another often misunderstood point: buying an apartment in Switzerland grants no right of residence. Unlike certain European countries, there is no golden visa linked to real estate investment, nor a fast track to citizenship.
Some Swiss cantons require foreign retirees to have annual income of this magnitude to obtain a residence permit.
In short: if you dream of living year-round in your Swiss apartment, the first step is not the property viewing, but the residence permit application.
2. Define your profile: cross-border worker, Swiss resident, or non-resident investor?
For a French person, the purchase strategy varies greatly depending on your living and work situation.
French resident in Switzerland: the simplest path
If you are French with a B or C permit, Switzerland largely treats you as a national resident for the purchase of your main home.
– You can buy an apartment to live in year-round without Lex Koller authorization.
– Swiss banks consider you a standard resident borrower, with access to the same interest rate conditions (subject to your creditworthiness).
With a C permit, you can also invest in rental apartments, without facing the same limits as non-residents.
French cross-border worker: income in CHF, living in France, buying in Switzerland?
The most common case remains that of the cross-border worker who works in Geneva, Vaud, Basel, or Zurich and resides in France. For a purchase in Switzerland, the game changes:
If you remain domiciled in France, you are considered a “person abroad” and cannot freely buy a standard apartment in Zurich or Geneva. However, you can target a vacation apartment in a tourist area, within the quotas set by Lex Koller.
Conversely, buying in neighboring France remains much simpler, and often significantly cheaper, while keeping a Swiss salary. The figures show that:
| Indicator (Geneva / Greater Geneva area) | Switzerland (Geneva) | Neighboring France (average) |
|---|---|---|
| Share of homeowner households | approx. 18% of housing stock | approx. 59% |
| Average new home price (2018) | ~8,490 €/m² | ~4,100 €/m² |
| Rent for a studio in central Geneva (2026) | 1,800–2,500 CHF / month | 700–950 € on French side |
| Annual rent savings for an equivalent studio | — | ~15,000 CHF savings/year |
The consequence is clear: thousands of Geneva workers already live in France, and approximately 40% of Geneva’s active workforce crosses the border morning and evening. To become a homeowner, the most rational solution is often to buy an apartment in France, while securing financing from a French or Swiss bank, rather than forcing a highly regulated vacation purchase in Switzerland.
French non-resident investor: a very restricted path
If you live in France, are not a cross-border worker, and simply wish to invest in an apartment in Switzerland:
You will be subject to Lex Koller. Your options are limited to a few tourist municipalities with 1,500 authorizations per year for all of Switzerland. The apartment’s surface area is generally capped at 200 m², the plot at 1,000 m². The purchase of rental housing, residential buildings, or shares in real estate companies is strictly regulated, even prohibited for a person abroad.
In this configuration, real estate investment in Switzerland remains possible, but very segmented and competitive, with, moreover, a tightening expected from 2027.
3. How much can you actually borrow in Switzerland?
Switzerland applies particularly stringent financing criteria, whether you are a French resident or not.
The golden rule: at least 20% down payment, including 10% in “real cash”
Swiss banks typically finance up to 80% of the property’s value. The remainder must come from your own funds. Of this 20% down payment:
– At least 10% of the purchase price must come from liquid assets:
– savings,
– bank accounts,
– easily marketable securities.
– The remaining 10% can be supplemented by pension assets (2nd pillar) or 3a savings, if the bank accepts them.
For an apartment worth 1,000,000 CHF, a resident will generally need to put down 200,000 CHF in equity, including at least 100,000 CHF in cash.
Amount of equity a French non-resident often must inject to finance a property worth 1,000,000 CHF in Switzerland, i.e., a 35 to 50% down payment.
The expense ceiling: no more than one third of your income
Borrowing capacity is not just about the down payment. Switzerland applies a very conservative “affordability” test:
– Your housing costs (theoretical interest, amortization, charges) must not exceed approximately 33% of your gross income.
– Banks do not use the current rate but a theoretical interest rate, often around 4.5–5%, to simulate a rate hike scenario.
– They add approximately 1% of the property’s value in annual charges (maintenance, common fees) and the amortization portion needed to reduce debt from 80% to about 66% over 15 years.
This calculation method leads to prudent decisions: even with current very low rates (in 2025–2026, best 10-year fixed rates are around 1.2–1.5%), the bank reasons as if you were paying a much higher interest rate, to check if you could absorb a rate shock.
Resident vs. non-resident: same rule, but interpreted more harshly if you live in France
For a French resident in Switzerland with a Swiss franc salary, the test is based on your gross Swiss income. For a cross-border worker or non-resident:
– Swiss banks often apply currency haircuts to your euro income, around 10 to 15%, to account for long-term exchange rate risk.
– Your income considered in the capacity calculation is therefore reduced before applying the 33% ceiling.
Concrete consequence: at identical gross income, a French person paid in euros will be able to borrow less than an employee paid in Swiss francs.
4. Choosing your mortgage in Switzerland: fixed rates, SARON, and banks
In 2025–2026, Switzerland is evolving in an environment of key interest rates at 0%, with inflation below 1%. Major market analyses converge: mortgage rates should remain low and broadly stable at least until 2027.
Rate levels in 2025–2026: what are we talking about?
The various observers of the Swiss mortgage market describe a converging landscape:
– The Swiss National Bank (SNB) policy rate is at 0% and is expected to remain there throughout 2026.
– Swiss government bond yields are low and stable, which pulls fixed rates downward.
Indicative mortgage rates observed at the end of 2025–beginning of 2026 look like this:
| Loan type | Indicative level (best profiles) | Comment |
|---|---|---|
| SARON mortgage (variable) | ~0.7–1.2% (margin included) | Generally the cheapest |
| 5-year fixed | ~1.1–1.5% | Very attractive, varies by canton |
| 10-year fixed | ~1.3–1.8% | Market between 1.4 and 2% depending on banks |
| 15-year fixed | ~1.6–1.9% | More expensive but maximum visibility |
Players like UBS key4, Comparis/HypoPlus, or other platforms see floor rates around 1.1–1.25% for a 10-year fixed on the best profiles, with averages closer to 1.6–1.8% across the market.
For a non-resident, a risk premium of around 0.5 to 1.5 points must be added, placing a 10-year fixed more in a 2–3.5% range, depending on your profile, banking relationship, and down payment level.
SARON or fixed: how to decide in 2026?
SARON is the Swiss money market reference rate. SARON mortgages consist of:
– a base rate close to 0%,
– to which the bank adds a fixed margin (often 0.8 to 1.3%),
– all reviewed regularly.
In 2026, forecasts converge:
Economic forecasts 2026
– The SNB is expected to maintain its rate at 0% all year.
– SARON mortgages should therefore move sideways, without major change.
– Medium/long-term fixed rates should remain low, with possibly slight fluctuations linked to bond markets but no major shock anticipated.
In this context, the projected overall cost difference between a SARON and a 10-year fixed is small, which some players estimate at about 1% cumulative cost over the decade. The choice then becomes mainly a matter of risk profile:
– You prioritize absolute visibility of your monthly payments: a 10-year fixed remains ideal.
– You have a very stable situation and accept the risk of a moderate rate increase: a SARON can remain advantageous.
Which banks for a French person?
Most large banks and many cantonal banks finance foreigners in compliance with Lex Koller:
Internal policies vary according to residency status (residents, cross-border workers, non-residents)
French people holding a B or C permit: easier access to accounts and services, but conditions specific to each bank.
Specific treatment for cross-border workers: adapted accounts, but rules distinct from residents.
More restrictive welcome, with increased requirements and limited offers from most institutions.
UBS, Raiffeisen, cantonal banks (BCGE, BCV, ZKB): internal policies vary greatly by institution.
Typical criteria include:
– A high down payment (at least 20% for a resident, often 35–50% for a non-resident).
– Sufficient income in CHF for some institutions, or strong capacity in euros with exchange rate risk coverage.
– A global relationship with the bank (assets under management) can improve conditions, especially with private banks.
Note that an institution like Crédit Agricole next bank positions itself specifically for the Franco-Swiss clientele, highlighting:
– a comprehensive mortgage offering at competitive rates,
– in-depth support on Swiss and French real estate markets, which is valuable for comparing buying on the Swiss or French side when you are a cross-border worker.
5. Step by step: the process of buying an apartment in Switzerland
Even once eligibility and financing are clarified, the Swiss procedure follows a precise pattern, with a central role for the notary and the land registry.
Step 1: Set your budget and get a financing pre-approval
Before viewing any apartment, it is essential to:
– List your equity:
– liquid assets,
– mobilizable 2nd pillar capital,
– 3a savings,
– not forgetting ancillary costs (2.5 to 5% of the price).
– Simulate your borrowing capacity according to the one-third income rule.
Most banks offer a pre-qualification or mortgage pre-approval meeting. This document, which broadly confirms a theoretical maximum budget, is very useful for:
– calibrating your search,
– strengthening your credibility when you make an offer.
Step 2: Target the right area and pre-select properties
In Switzerland, not all cantons have the same taxation or the same acquisition costs. For example:
| Canton | Property transfer tax | Estimated total costs (notary, registry, taxes) |
|---|---|---|
| Zurich | 0% | ~2.5% of price |
| Bern | ~1.8% transfer tax | ~3% of price |
| Vaud | ~3% tax (or more) | ~5% of price |
| Geneva | ~3–3.3% tax | ~4–5% of price |
| Valais | high tax + notary fees | ~2.5–3.8% of price |
In cantons like Zurich or Schwyz, a purchase costs significantly less in duties and fees than in Vaud or Geneva.
The search is then done via:
– Swiss real estate portals,
– agencies,
– banks that sometimes market exclusive properties,
– local contacts.
Step 3: Viewings and technical due diligence
During viewings, it’s not just about seeing if you like the apartment:
Before acquiring a property, check the building’s condition (roof, windows, heating, insulation). For a condominium, request the minutes of meetings to learn about approved works, charges, and tensions between co-owners. For older buildings, consult a building expert, as major renovations can impact your budget and financing possibilities (some banks penalize very energy-intensive or dilapidated properties).
Step 4: Purchase offer and reservation contract
Once you have found your apartment:
– You submit a written offer, often with support from your broker or banker.
– The seller can accept, reject, or negotiate.
If an agreement is reached, we generally move to a reservation contract or promise to sell:
– This document sets the price, conditions, and timeline.
– You pay a deposit of around 1 to 3% of the price (e.g., 10% in some schemes), into the notarial office account.
– It is crucial to check the conditions for refunding this deposit if the sale falls through (credit refusal, Lex Koller issue, etc.).
Step 5: Complete bank file and firm financing commitment
In parallel with the reservation, you submit to the bank:
Prepare all supporting documents and property-related materials to build your financing application.
Provide your ID, B/C permit if you are a resident, your pay slips, latest tax returns, bank statements for 2 to 3 years, proof of your equity, and pension details if you are mobilizing it.
Include the land registry extract, the apartment plan, the condominium (PPE) regulations, and the market value appraisal, often established via the bank’s hedonic model.
The bank then assesses the property and may issue an irrevocable payment commitment to the notary: this is the key that allows the notary to set the final signing date.
Step 6: Draft deed and legal review
The notary, generally appointed according to cantonal practices (sometimes by the seller, sometimes by the buyer), drafts a draft deed of sale. This document must specify:
– the property being transferred, condominium shares, easements,
– the price, source of funds,
– the cost sharing (notary, registry, transfer tax),
– the date of transfer of possession, enjoyment, risks, and benefits,
– the responsibility for the real estate gains tax by the seller (with escrow mechanisms to avoid you being affected in case of non-payment).
It is recommended to seek independent legal advice, especially if you are a non-resident or if the deed includes particularities such as conditions precedent or works to be completed.
Step 7: Signing at the notary’s office and registration with the land registry
Signing the authentic deed is the key moment:
– The notary reads the deed, ensures understanding by all parties.
– Buyer and seller sign, often in the presence of the bank via a mandate.
Afterwards:
– The notary proceeds to register with the land registry.
– Only upon final registration do you become legal owner.
In parallel, the bank pays the purchase price to the notary, who distributes the funds (transfers to the seller, payment of taxes and fees, repayment of an old mortgage, etc.).
Step 8: Insurance and handover of keys
Before the key handover, several points are mandatory or highly recommended:
– In Switzerland, building insurance is mandatory in most cantons:
– Proof of this insurance must often be provided to the lender before funds are released.
– You update or take out your household insurance (contents, liability).
– A detailed inventory with photos establishes the condition of the property at key handover.
Only from the date agreed in the deed do you bear the condominium charges, local property tax, and can you actually move in or rent it out.
6. How much do notary fees and taxes actually cost?
In Switzerland, ancillary purchase costs vary greatly from one canton to another, but overall remain lower than in France for the buyer… except in a few highly taxed cantons.
Overview of typical ancillary costs
The main items are:
– Notary fees:
– often between 0.1% and 1% of the price,
– set by cantonal tariffs or freely (in some cantons).
– Land registry fees:
– generally 0.1% to 0.3% of the price.
– Property transfer tax (depending on canton):
– from 0% (Zurich, Zug, Aargau…)
– up to 3–3.3% (Vaud, Geneva).
– Costs related to the mortgage:
– creation or registration of the mortgage deed (pledge promise): approximately 0.1–0.3% of the loan amount, sometimes more if certain registration duties are included.
In the most expensive cantons like Vaud and Geneva, property acquisition costs can reach 5% of the price.
Here is an indicative summary:
| Canton (purchase of an apartment for 1,000,000 CHF) | Estimated total costs for the buyer |
|---|---|
| Zurich | ~2.5% (approx. 25,000 CHF) |
| Bern | ~3% (approx. 30,000 CHF) |
| Valais | ~2.5–3.8% |
| Vaud | ~5% (approx. 50,000 CHF) |
| Geneva | ~4–5% (approx. 40–50,000 CHF) |
| Fribourg | ~4.5% |
To this is sometimes added, in some cantons, a reduction scheme for modest primary residences (like “Casatax” in Geneva), subject to price and occupancy conditions.
Important: these costs must be paid from equity
Swiss banks require that acquisition costs (notary, registry, taxes, mortgage deed) be paid in cash, not financed by the mortgage, and even not covered by the 2nd pillar.
Concretely, for an apartment worth 1,000,000 CHF, a French resident in Switzerland will generally need to budget:
– 200,000 CHF down payment (20%),
– 25,000 to 50,000 CHF in ancillary costs,
– i.e., 225,000 to 250,000 CHF in available cash at minimum.
For a non-resident for whom the bank requires 35–50% down payment, the cash envelope quickly rises beyond 400,000–550,000 CHF.
7. Exchange rate risk: the silent trap for French buyers
Buying in Switzerland when you are French also means exposure to euro/CHF exchange rate risk. This risk is not theoretical: since 2008, the euro has depreciated significantly against the Swiss franc, considerably increasing the real cost of debt denominated in CHF for borrowers paid in euros.
Lessons from Swiss franc loans for buying in France
For over 25 years, thousands of borrowers took out mortgages in CHF to buy in France, without always being informed of the risk:
The funds for the purchase were disbursed in euros, but the debt remained in Swiss francs. The sustained decline of the euro against the franc caused the real cost of the loans to explode, and in many cases, the outstanding amount in CHF became higher than the initial purchase price of the property.
From 2014, the Court of Justice of the EU and then national courts tightened banks’ transparency requirements on this risk, and since 2025, decisions sometimes allow obtaining cancellation of certain loans and restitution of interest paid, including for loans already repaid.
This episode illustrates one thing: a loan in a strong currency (CHF) on income in euros can become extremely costly if the local currency weakens.
For a French person buying in Switzerland: do not underestimate the currency
If you are:
If you are a cross-border worker paid in CHF and living on the French side, the risk is on your euro expenses. If you are a non-resident paid in euros with a property in Switzerland, your debt in CHF and your income in EUR expose you to higher monthly payments if the euro falls.
Some strategies to limit this risk:
– Align the currency of income and debt as much as possible: if you are a cross-border worker paid in CHF, finance in CHF (in Switzerland or France).
– Avoid, if possible, a structure where you repay in CHF with a salary in euros without hedging.
– On significant flows, compare exchange rates and avoid excessive conversion margins: the bank’s margin (“spread”) on currency exchange can cost up to 1.5% of the amount converted, e.g., 1,500 CHF of real estate purchasing power lost on 100,000 CHF exchanged.
For significant amounts (down payment, early repayments), comparing several banks, exchange offices, or even multi-currency cards can mean several thousand francs gained or lost.
8. Switzerland or neighboring France: what should a French person choose in 2026?
When working in Switzerland, the temptation is great to buy on-site, closest to the workplace. Yet, the Switzerland vs. France trade-off depends on a combination of parameters.
Real estate costs and access to homeownership
Data on the Geneva / Greater Geneva region is telling:
Only 18% of households are homeowners in the canton of Geneva, compared to 59% on the French side in the same living area.
The housing shortage in Geneva remains structural:
– Vacancy rate below 1% (0.4% in 2023).
– Strong job creation but little new housing construction (at one point, barely 1,500 homes/year in the canton, compared to 4,500 on the French side).
Consequently, for a French cross-border worker employed in Geneva, buying:
– a large apartment or house in Switzerland is often prohibitive,
– whereas an equivalent property in neighboring France costs 30 to 50% less, with a more comfortable size.
Quality of life, transport, and the Léman Express
However, the issue is not just price. Living in France also means:
A Swiss salary can be up to twice as high as a French salary, allowing you to benefit from a lower overall cost of living.
The drawbacks mainly lie in: high costs, complex procedures, and negative environmental impacts.
– commute time and the risk of traffic jams,
– dependence on infrastructure like the Léman Express, which has profoundly changed travel times between Annemasse and Geneva (about 20 minutes).
Again, a numerical comparison helps to situate oneself:
| Scenario | Central Geneva (studio) | Neighboring France (studio) |
|---|---|---|
| Estimated monthly rent | ~2,000 CHF | ~800 € (~750 CHF) |
| Annual savings if equivalent housing | — | ≈ 15,000 CHF / year |
| Access to homeownership | very difficult, high prices | more accessible |
| Rental market | ultra tight, vacancy < 1% | tight near the border, but more fluid |
For a French person, buying an apartment in France while working in Switzerland and, possibly, financing in CHF, often remains the optimal compromise in 2026, especially in a context where Switzerland is further tightening access to property for foreigners.
9. Practical checklist for a French person wanting to buy in Switzerland
To conclude this journey, here is an operational framework, not detailing every point like a manual, but as a guiding thread to follow in 2026.
Clarify your status and rights
– Are you domiciled in Switzerland (B or C permit) or in France?
– Is your project a primary residence, a secondary residence, or rental investment?
– Do you fall under Lex Koller and, if so, to what extent (cantonal authorization required, vacation residence quota, etc.)?
Secure the financing side before falling in love with a property
– Assess your equity: 20% of the price for a resident, 35–50% for a non-resident.
– Add 2.5 to 5% in acquisition costs, in cash.
– Obtain a Swiss bank pre-approval, paying attention to conditions for euro income (currency haircut, etc.).
– Compare fixed rate and SARON options considering your risk tolerance.
Anticipate exchange rate risk
– If your income is in euros and debt in CHF, measure the impact of a euro depreciation.
– Avoid taking on CHF amounts disconnected from your ability to absorb a exchange rate shock.
– Pay attention to exchange rate margins charged by banks when transferring between euro and franc accounts.
Surround yourself with the right advisors
– A banker capable of operating on the Swiss and French markets (like Crédit Agricole next bank, which claims bilateral expertise) can help you compare, for example, buying an apartment in Geneva versus one in Annemasse.
– A Swiss notary experienced with non-resident cases and the implications of Lex Koller.
– Tax advice if you plan a specific structure (company, cross-border joint ownership, etc.) or if you already have investments on the French side (SCIs, furnished rentals…).
Do not underestimate the time and complexity
– The overall timeline from the first bank meeting to key handover is often between 6 and 12 weeks, or even longer for a non-resident who needs to obtain Lex Koller authorization.
– Any documentation gap (income, assets, authorization) can block the process, or even render the transaction void if Lex Koller is violated, with risk of criminal penalties in case of manifest circumvention.
—
In 2026, Switzerland is a very attractive market with low mortgage rates, but highly regulated for non-residents. You must take into account Lex Koller, the euro-Swiss franc exchange rate risk, and the rising acquisition costs in some cantons.
For many French employees in Switzerland, the best strategy remains to compete two scenarios: buying in Switzerland (if you are a resident) or buying in neighboring France with optimized financing in Swiss francs. A cross-border institution, precise simulations, and a cautious approach to currencies are then indispensable allies to transform an apartment project in Switzerland into a truly controlled wealth decision.
A wealth project or a question? Contact us now to speak with a wealth management expert.
Disclaimer: The information provided on this website is for informational purposes only and does not constitute financial, legal, or professional advice. We encourage you to consult qualified experts before making any investment, real estate, or expatriation decisions. Although we strive to maintain up-to-date and accurate information, we do not guarantee the completeness, accuracy, or timeliness of the proposed content. As investment and expatriation involve risks, we disclaim any liability for potential losses or damages arising from the use of this site. Your use of this site confirms your acceptance of these terms and your understanding of the associated risks.
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
