Photo: Pexels
Switzerland has decided to stop taxing the imputed rental value (Eigenmietwert, valeur locative) of homes their owners use themselves. For an owner who lets an apartment on Airbnb, the question is not whether this is good news. It is which side of the line the apartment falls on, because the reform removes deductions at the same time as it removes the tax.
What was decided, and when
On 28 September 2025 voters approved the federal decree on cantonal property taxes on second homes with 57.73% yes, which, because the two texts are legally linked, also confirmed the end of the imputed-rental-value system.[3] On 1 April 2026 the Federal Council set the date: the reform enters into force on 1 January 2029.[1] Until then the current rules apply.
The reform covers first and second homes alike, and it takes the related deductions with it. For owners of a let property the headline is reassuring; for owners who also stay in the apartment themselves it is less so.
Three situations, three outcomes
The federal finance department sorts owners into three cases. The table follows its wording.[2]
| Use of the property | Debt-interest deduction | Cantonal object tax |
|---|---|---|
| Fully self-used | No | A canton may levy it |
| Mostly self-used, partly let | Only for the let part; the law does not define the method clearly | A canton may levy it |
| Fully let | Yes | May not be levied; rent is taxed as income |
That last row is the one that matters for a rental business: the department states that a fully let property qualifies for the debt-interest deduction, that no object tax may be charged on it, and that the rent is instead taxed as income.[2]
What a let apartment keeps
When the reform takes effect, the deduction for maintenance costs disappears for owner-occupied homes at federal, cantonal and communal level, but for let or leased homes the maintenance deduction is kept.[1] Debt interest remains deductible only in proportion to the value of the let properties compared with total assets.[1] The logic is simple: rent stays taxable, so the costs of earning it stay deductible.
One more change affects renovations. For the direct federal tax, the deductions for energy-saving and environmental investments are dropped; cantons may keep them for a limited time.[1] If you plan a heat-pump or window project, ask your cantonal tax office what it intends to do.
In one sentence: from 1 January 2029 a second home you use yourself loses its maintenance and most of its interest deductions and may face a cantonal object tax, while an apartment that is genuinely let keeps its maintenance deduction, its pro-rata interest deduction and escapes the object tax.
Where short-term rental sits: the grey zone
The federal texts above speak of “let” and “leased” property. They do not say how many nights of Airbnb use make a property “fully let”, and for mixed use the department itself notes that the law does not regulate the case clearly and that several calculation methods are possible, for example by rental days or by income.[2] Whether a cantonal tax office treats a furnished apartment let by the night, with a few owner stays, as let or as mostly self-used is therefore not settled in the sources we reviewed [unverified].
The object tax is the canton's choice. Whether a canton introduces it, and how, is decided by the canton.[2] We have not verified the position of Vaud or Valais [unverified]; check with the cantonal tax administration before relying on any figure.
What to do before 2029
- Keep a clean usage log. If the treatment turns on rental days, a booking record and a record of your own stays will be your evidence. Platform statements and your manager's owner statements already provide most of it.
- Separate invoices by purpose. Maintenance on a let apartment stays deductible; keep invoices tied to the unit and to the rental activity.
- Re-run your numbers with the interest rate in mind. The federal department notes that the outcome for owners depends strongly on the mortgage interest level.[2]
- Decide how much you really use the apartment. The more of the year it is let, the cleaner your position.
For the taxes you already owe today, read Airbnb tax & VAT in Montreux. If you live abroad, Non-resident owner of a Swiss rental covers the annual return, and second home vs primary residence explains how the status of the property affects letting. More in the owner guides hub. This is general information, not tax advice.
What should your apartment actually earn?
Send us the address and the floor plan. You get a free, data-backed revenue estimate for your apartment — occupancy, rate and projected annual income for the Montreux–Riviera market — with no commitment on either side.
Get a free revenue estimate
10+ years in hospitality. BBA Hospitality (Glion), MSc Tourism (FHGR), MSc Data Science (HSLU).
Frequently asked questions
When is the imputed rental value abolished in Switzerland?
On 1 January 2029. The Federal Council set that date on 1 April 2026, after voters approved the linked federal decree on 28 September 2025 with 57.73% yes. Until then the current rules continue to apply.
Do I still deduct maintenance costs on an Airbnb apartment after 2029?
For let or leased homes, the federal finance department says the maintenance deduction is kept, because the rent remains taxable. It disappears for homes the owner uses personally. How a mixed-use short-term rental is classified is not clearly regulated [unverified].
Will my canton charge a tax on my second home?
Cantons may, but do not have to, levy a special tax on mostly self-used second homes. The federal department states that a fully let property may not be charged this tax. Check your canton's decision before 2029.
What happens to my mortgage interest deduction?
It remains only in proportion to the value of the let properties compared with total assets. For a fully self-used home there is no interest deduction. The overall effect depends strongly on the mortgage rate level.
Sources (official pages in German): [1] Federal Council press release, 1 April 2026, efd.admin.ch. [2] Federal Department of Finance, Reform der Wohneigentumsbesteuerung. [3] Canton of Bern, TaxInfo, Systemwechsel bei der Wohneigentumsbesteuerung (vote result of 28 September 2025). General information, not tax advice. Items marked [unverified] could not be confirmed in these sources.
Base yourself in Montreux
RivieraHost’s apartments sit steps from the lake — with kitchens, more space and better value than a hotel for families and groups. Every one is right on this guide’s doorstep.