Facts
X. AG, a 100% subsidiary of AX. S.A. based in France, as the fund management of the real estate fund [A.], acquired several residential properties in the cantons of Zurich, Basel-Land, and Aargau. The Federal Office of Justice filed a complaint against the granting of the permit for the acquisition of these properties by the District Council of Bülach. The Appeals Commission for Real Estate Acquisition of the Canton of Zurich dismissed the complaint and granted the permit with conditions.
The Federal Supreme Court dismissed the complaint of the Federal Office of Justice. It stated that the requirements for the granting of the permit under Art. 8 para. 1 lit. c of the Federal Act on the Acquisition of Real Estate by Persons Abroad were met. The properties served the occupational pension provision of domestic business establishments, as the group of investors of the real estate fund [A.] was limited to tax-exempt Swiss pension institutions. Furthermore, the fund itself was exempt from direct taxes, which was sufficient under the legal provision.
Considerations
The Federal Supreme Court stated that Art. 8 para. 1 lit. c of the Real Estate Acquisition Act mentions two requirements for the granting of the permit: on the one hand, the real estate must serve the occupational pension provision of domestic business establishments, and on the other hand, the acquirer must be exempt from direct federal tax. These conditions were met here, as the real estate fund [A.] was limited to Swiss pension institutions as investors and was itself exempt from taxes.
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