DE | EN
Back to overview

Cryptocurrencies: Tax values 2020 for Swiss net wealth tax purposes

The Swiss Federal Tax Administration (SFTA) has published the list of exchange rates of foreign currencies and cryptocurrencies as per December 31, 2020. The exchange rates are used to determine the tax values of foreign currencies and cryptocurrencies in CHF which individuals have to declare in their private tax declarations for net wealth tax purposes.

| Christian Maeder, Benno Hinni

The list of the SFTA includes the year-end exchange rates of 20 well-known cryptocurrencies such as Bitcoin (BTC) (CHF 25,476.03), Ethereum (ETH) (CHF 650.93) or Litecoin (LTC) (CHF 110.45). These so-called native-coins have to be valued in accordance with this list and to be declared in the private tax declaration accordingly. However, native-coins that qualify as business assets of an individual are subject to wealth tax according to their book values. Consequently, a taxpayer should, in a first step, analyse whether his/her native-coins are considered business assets or private assets. 

Asset-backed-tokens, such as debt-, equity- or participation tokens, and utility tokens are usually valued according to their year-end exchange rates on crypto exchanges (in case of a listing) or – if no such exchange rates are available – according to the respective original purchase prices.  The complete list of the year-end exchange rates 2020 published by the Swiss Federal Tax Administration is available here:

Christian Maeder
Attorney at Law, Certified Tax Expert
[email protected]
Benno Hinni
Attorney at law, Certified Tax Expert
[email protected]

More news & Articles

Initiative for a new inheritance and gift tax by the Juso party

The party Juso (young socialists) managed to collect sufficient signatures for a popular initiative to implement a new inheritance and gift tax on the federal level. This means that the Swiss citizens can decide on a popular vote about the implementation of this initiative, probably in 2026 at the earliest. If the initiative will be accepted, estates from deceased persons and gifts exceeding CHF 50 million will be subject to a tax of 50%. At this time, it can be assumed that the initiative will not be accepted. Most of the political parties reject it. However, there is no 100% guarantee for this and affected individuals should consider measures for the avoidance or reduction of such new tax.
Continue reading

Federal Transparency Register

In response to international pressure, a federal register of beneficial owners of companies is to be set up to combat white-collar crime. The following article provides a summary overview of the new provisions with a focus on the obligations of corporate bodies, shareholders and beneficial owners of Swiss companies.
Continue reading

Taxation of individuals in the canton of Zug

Individuals with domicile in Switzerland are subject to taxation on a federal, cantonal and communal level. The tax burden can significantly vary between the cantons and also between municipalities within the same canton. Compared to other cantons, income tax and wealth tax is considerably low in the canton of Zug. The changes in the cantonal tax law which entered into force at the beginning of 2024 and planned changes will further reduce the tax burden in the canton of Zug.
Continue reading

Taxation of Asset Tokens in Switzerland

There is a well-established practice in Switzerland regarding the taxation of cryptographic tokens in general and asset tokens in particular. The Swiss Federal Tax Authorities SFTA and cantonal tax authorities published this practice in several working papers, fact sheets, information sheets and otherwise. The basic principles of the taxation of asset tokens in Switzerland are summarised below.
Continue reading

Relocation of the debtor to a neighbouring country: Cross-border enforcement of claims in the relationship between Switzerland and Germany

Invoices that are not being paid, or failure to comply with payment reminders, is extremely frustrating for creditors in both Switzerland and Germany. For this reason, both the Swiss and German legal systems offer creditors a simple and efficient way of enforcing their claims: in Switzerland through debt enforcement and in Germany through dunning procedures.
Continue reading

Foreign Nationals Living in Switzerland

Immigration to Switzerland from abroad, especially from our neighbouring countries; Germany, Italy and France, remains high. It is unlikely that this trend will abate in the near future, not least because of the high demand of skilled workers. As a result, the need for advice on matrimonial and inheritance matters having an international dimension - whether due to bi-national marriages, the death of a foreigner living in Switzerland or having assets abroad - is constantly increasing.
Continue reading