The acquisition of real estate by a person abroad, including a foreign-owned company incorporated in Switzerland in which one-third or more of its share capital is held by a person abroad, is subject to authorisation by the competent cantonal authority if the acquired property is not for business purposes or own residential use. In addition, authorisations for holiday homes are subject to quotas. With some exceptions (e.g. investment by foreign insurance companies), real estate investments of a purely financial nature by foreign investors are not permitted.
"Art. 5 Foreign non-residents
«Foreign non-residents» means:
a. the following persons, unless they are legally and de facto resident in Switzerland:
1. citizens of a member state of the European Union or the European Free Trade Association,
2. citizens of the United Kingdom of Great Britain and Northern Ireland who are covered by Article 22 number 2 of the Agreement of 25 February 201914 between the Swiss Confederation and the United Kingdom of Great Britain and Northern Ireland on Citizens' Rights following the Withdrawal of the United Kingdom from the European Union and the Free Movement of Persons Agreement;
[...]
Art. 7 Other exemptions from authorisation
The following persons do not require authorisation: [...]
j. the following persons, provided they are cross-border commuters and acquire a second home in the region of their place of work:
1. citizens of member states of the European Union or the European Free Trade Association,
2. citizens of the United Kingdom of Great Britain and Northern Ireland, who are covered by Article 22 number 3 of the Agreement of 25 February 201927 between the Swiss Confederation and the United Kingdom of Great Britain and Northern Ireland on Citizens' Rights following the Withdrawal of the United Kingdom from the European Union and the Free Movement of Persons Agreement." (Federal law on the acquisition of real estate by persons abroad (RO 1984 1148, 16 December 1983), last amended on 1 March 2021, Articles 5 and 7 [google translation])
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"Art. 1 Goal
This law restricts the acquisition of real estate by persons abroad in order to prevent foreign influence on Swiss soil.
Art. 2 Authorization regime
1 The acquisition of buildings by persons abroad is subject to authorization from the competent cantonal authority.
2 Authorization is not required:
a. if the building serves as a permanent establishment for trading, operating a factory or carrying out any other industry in commercial form as well as for carrying out a craft activity or a liberal profession;
b. if the building serves as the main residence of the natural person who acquires it, instead of his legal and effective domicile;
c. if there is another exception within the meaning of art. 7.6
3 In the event of the acquisition of a building in accordance with para. 2, let. a, the housing required by the regulations relating to housing quotas, as well as the areas reserved for this purpose, may be acquired simultaneously.
[...]
Art. 4 Acquisition of buildings
1 By acquisition of buildings we mean:
a. the acquisition of a right of ownership, surface, habitation or usufruct on a building;
b. participation in a company without legal personality but having the capacity to acquire and whose real purpose is the acquisition of real estate;
c. the acquisition of a right of ownership or of usufruct on a part of a real estate fund when this is not the subject of a regular market, or on a part of a similar heritage;
cbis. the acquisition of a right of ownership or of usufruct on a share of a real estate SICAV whose shares are not the subject of a regular market, or on a share of a similar heritage.
d. ...
e. the acquisition of a right of ownership or usufruct on a part of a legal person whose real purpose is the acquisition of buildings, if the shares of this legal person are not listed on a stock exchange in Swiss;
f. the constitution and exercise of a right of purchase, pre-emption or repurchase on a building or a share within the meaning of let. b, c and e;
g. the acquisition of other rights, which give their holder a position similar to that of the owner of a building.
2 The fact, for a legal person or a company without legal personality but having the capacity to acquire, to retain, during the transfer abroad of its registered or real seat, is considered to be an acquisition of real estate. a building whose acquisition is not exempt from the authorization regime under art. 2, al. 2, let. a.
Art. 5 People abroad
1 By persons abroad we mean:
a. nationals of member states of the European Community or of the European Free Trade Association who do not have their legally constituted and effective domicile in Switzerland;
abis. nationals of other foreign states who do not have the right to settle in Switzerland;
b. legal persons or companies without legal personality, but having the capacity to acquire, which have their registered or real seat abroad;
c. legal persons or companies without legal personality, but having the capacity to acquire, which have their registered and real seat in Switzerland, and in which persons abroad have a dominant position;
d. natural persons as well as, legal persons or companies without legal personality, but having the capacity to acquire, who are not persons abroad within the meaning of let. a, abis and c, when they acquire real estate on behalf of persons abroad.
Art. 6 Dominant position
1 A person abroad has a dominant position when, because of the importance of his financial participation, the extent of his voting rights or for other reasons, he can exercise, alone or with others people abroad, a preponderant influence on the administration or management.
2 A legal person is presumed to be dominated by persons abroad when they:
a. own more than a third of the share capital or the share capital;
b. have more than one third of the votes that may be cast at the general meeting or at the shareholders' meeting;
c. constitute the majority of board members or beneficiaries of a private law foundation;
d. have made repayable funds available to the legal person, the sum of which exceeds half of the difference between all the assets of the legal person and all the debts contracted by the latter with persons not subject to the authorization.
[...]
Art. 7 Other exceptions [to the application of the authorization regime]
Are not subject to the authorization regime:
a. legal heirs, within the meaning of Swiss law, in the devolution of an estate;
b. the parents in the ascending or descending line of the alienator as well as his spouse or registered partner;
c. the purchaser, when he is already a co-owner or common owner of the building;
d. holders of a multi-storey property right for the exchange, in the same building, of their shares of ownership;
e. the purchaser of a replacement building during an expropriation, consolidation or reorganization of plots under federal or cantonal law;
f. the purchaser of an immovable acquired as a replacement for that which he has alienated to a corporation or to an establishment governed by public law;
g. the purchaser of a small area due to a boundary rectification or, in the case of multi-storey ownership, an increase in the value of the quota;
h. the purchaser when the best interests of the Confederation so require; however, the area should not be greater than what is required by the use of the building;
i. natural persons who acquire housing following the liquidation of a legal person whose real purpose is the acquisition of buildings and which was founded before 1 February 1974, if they have acquired, in accordance with the legal provisions which were then in force, shares of the legal person corresponding to this accommodation;
j. nationals of member states of the European Community or of the European Free Trade Association who, as cross-border workers, acquire a second home in the region of their place of work.
Art. 8 General grounds for authorization
1 Authorization is granted when the building must:
a. ...
b. be used for the investment of capital originating from the activity of a foreign insurance institution or under foreign domination authorized to practice in Switzerland, provided that generally accepted investment principles are respected and that the value of all the properties of the purchaser does not exceed the reserves that the insurance supervisory authority deems technically necessary for Swiss activities;
c. be used for a provident purpose in favor of the staff of permanent establishments in Switzerland or exclusively for purposes of public interest, when the purchaser is exempt, for the property in question, from direct federal tax;
d. be assigned to the coverage of debts, guaranteed by pledge, of foreign banks or insurance institutions or under foreign domination authorized to practice in Switzerland, during forced executions or debt restructuring liquidations.
2 The heir subject to the authorization regime, who cannot invoke any reason for obtaining it, is however authorized to acquire the immovable, on condition that he alienate it within two years. If he can prove that he has close and worthy protection links with the building, the authorization can be granted without this charge.
3 In case of hardship, a natural person who has no reason for authorization, for lack of cantonal provisions or following a local blocking of authorizations, is authorized to acquire from another natural person a principal residence, a second or vacation home, or an apartment in an aparthotel. There is a case of hardship when the alienator finds himself in an after-the-fact and unforeseeable situation of distress, which can only be ruled out by the alienation of the building to a person abroad.
Art. 9 Grounds for authorization in the cantons
1 The cantons may provide, by law, that the authorization is granted when the building:
a. is intended for the construction, without federal aid, of social housing within the meaning of cantonal legislation in places where there is a housing shortage, or includes such housing if they are of recent construction;
b. ...
c. serves as a secondary residence for a natural person in a place with which he maintains extremely close relations and worthy of protection, as long as they subsist.
2 The cantons may also provide, by law, that the authorization may be granted, within the limits of their quota, to a natural person who acquires a building as vacation accommodation or as an apartment in an aparthotel.
3 The cantons determine the places where the acquisition of holiday accommodation or apartments in aparthotels by people abroad is necessary for the development of tourism.
4 The authorization is not charged against the quota:
a. when the alienator has already been granted an authorization to acquire holiday accommodation or an apartment in an aparthotel;
b. when granted under art. 8, al. 3;
c. in the event of the acquisition of a part of the co-ownership of a holiday accommodation or of an apartment in an aparthotel when the acquisition of another part of the co-ownership of the same accommodation or apartment in an aparthotel has already been charged to the quota.
Art. 10 Aparthotels
The aparthotel is a new hotel or a hotel to be renovated subject to multi-storey ownership and belonging to the hotelier, to persons abroad and, where applicable, to third parties, when the following conditions are met:
a. the facilities necessary for hotel operations and the apartments are owned by the hotelier at least 51% of the total;
b. the sustainable use of at least 65% of the quotas relating to accommodation, including those belonging to the hotelier, is ensured in the hotel form;
c. the provision of services, the appropriate hotel construction and operation as well as the probable profitability of the hotel are confirmed by an expert report from the Swiss Hotel Credit Society.
Art. 11 Authorization quotas
1 The Federal Council sets, within the limits of a maximum number provided for the whole country, the annual cantonal quotas for authorizations relating to the acquisition of holiday accommodation and apartments in aparthotels; in doing so, it takes into account the best interests of the country and its economic interests.
2 The maximum number set in para. 1 must not exceed 1500 contingency units.
3 The Federal Council fixes the quotas of the cantons taking into account their tourist vocation, their tourist development program and the part of land ownership which, on their territory, is in foreign hands.
4 The cantons establish the rules relating to the distribution of their quota.
Art. 12 Mandatory grounds for refusal
The authorization to acquire is refused in any event, when:
a. the building is used for an investment of capital that this law does not authorize;
b. the area of the building is larger than required for its allocation;
c. the purchaser attempted to evade the law;
d. the purchaser of a second home within the meaning of art. 9, al. 1, let. c, a holiday accommodation or an apartment in an aparthotel, his spouse, registered partner or children under the age of 18 already own such a building in Switzerland;
e. ...
f. the acquisition is against the best interests of the country.[...]" (Federal law on the acquisition of real estate by persons abroad (RO 1984 1148, 16 December 1983), last amended on 1 March 2013, Articles 1, 2, 4 to 12 [google translation])
Federal law on the acquisition of real estate by persons abroad (RO 1984 1148, 16 December 1983), last amended on 1 March 2021, Articles 5 and 7 
Federal law on the acquisition of real estate by persons abroad (RO 1984 1148, 16 December 1983), last amended on 1 March 2013, Articles 1, 2, 4-12
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