With 78.3%, the Swiss population clearly rejected the Inheritance Tax Initiative on 30 November 2025.
The popular initiative "For a social climate policy – fairly financed by taxes (Initiative for a Future)", or in short: Inheritance Tax Initiative, called for an estate and gift tax of 50% on estates over CHF 50 million.
The initiative provided for the introduction of a gift and inheritance tax on all estates, after deduction of an allowance of CHF 50 million, from the date of adoption of the initiative. The number of people or institutions that receive donations from this estate should not play a role. In addition, the initiative to prevent tax avoidance provided for exit taxation.
Since the initiative came into being at the beginning of 2024, we have made the following observations:
Study on the Inheritance Tax Initiative
What family businesses think of the inheritance tax initiative and how they’re preparing for possible implications
This initiative threatens the sustainable continuation of family businesses and destabilises the pillars of our economy. To find out the opinions of Swiss family businesses on the ‘Initiative for a Future’ and initiate the debate, we surveyed 224 family business entrepreneurs. The findings are clear:
- Clear No: 96% of survey participants would reject the inheritance tax initiative.
- Insufficient liquid assets: 8 out of 10 of the people affected would not have sufficient liquid funds to pay the future tax.
- Threat to Switzerland as a centre of business: 2 out of 3 family businesses would not or only partially remain in family hands following succession.
- Moving abroad: 78% of those affected are already considering moving abroad or transferring assets within the family ahead of time.
Study: Swiss family businesses in danger
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Norbert Kühnis
Roman Leimer
Jacqueline Landmann
Morad Laqtaïbi
Head of Real estate taxes for Romandie region, PwC Switzerland
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Louis Macchi
Florian Fischer
François Burgat
Roman Fallet
Marcel Angehrn
Marcel Wyrsch