Swiss francs, stability, some of Europe's strongest multinationals: Switzerland tempts many French savers. But is it actually legal from France, what taxes apply, and how do you actually get started? This guide covers the legal framework (form 3916, automatic information exchange), Franco-Swiss taxation, and the four major platform families—from brokerage accounts to crowdlending.
Note: this article is educational and does not constitute investment advice or personalized tax advice. Your personal situation (tax residency, income, amounts and objectives) may change the applicable rules. For substantial amounts, consult a professional and verify official sources.
Before "how," let us ask "why." Three reasons come up almost always.
First is the Swiss franc. Historically, the CHF plays the role of a safe haven: when markets shake, it tends to strengthen. Switzerland does cultivate enviable fundamentals—a very low public debt (less than 20% of GDP) and contained inflation. Holding a pocket in Swiss francs is already a form of currency diversification.
Second is the strength of the financial center and legal framework. Swiss markets are supervised by FINMA, the Swiss equivalent of France's AMF. And the Swiss exchange is home to global heavyweights: Nestlé, Roche, Novartis, Richemont, UBS—profitable companies that are often defensive.
Third is diversification, plain and simple: moving a portion of your assets out of the French sphere and into a country with a reputation for stability.
The flip side
Swiss francs mean currency risk. If you invest in euros and the CHF falls against the euro, your returns suffer (and vice versa). Swiss stability does not eliminate this risk; it shifts it. Think of Switzerland as one brick in your diversification (typically 10% to 20% of a portfolio), not a strategy by itself.
One last word to settle a persistent misconception: investing in Switzerland is not a tax dodge. We will see why in a moment.
Rest assured: nothing prevents you, as a French resident, from opening an account, buying securities, or investing money in Switzerland. It is legal and fairly commonplace among seasoned investors.
There is, however, one golden rule to keep in mind: as long as your tax residence is in France (Article 4 B of the French Tax Code), you are taxable in France on your worldwide income.
Your Swiss gains do not therefore disappear from the French tax authority's radar: they simply add to what you declare here.
The famous "Swiss banking secrecy" is a thing of the past for a French resident. Since 2017–2018, Switzerland participates in automatic information exchange (EAR): each year it transmits to the French tax authority the balances and income from accounts you hold there.
In other words, transparency is complete. Any temptation to hide Swiss assets would not only be illegal but also pointless, and above all severely penalized. The good news is that playing by the rules is very simple: just one formality.
As soon as you hold an account in Switzerland (brokerage, bank, or investment platform account), you must declare it each year via form 3916 / 3916-bis, attached to your tax return. This applies to every account opened, used, or closed during the year, even if its balance is zero.
The information required is basic: institution or platform name, country, account number, and opening date. Nothing complicated.
Do not overlook this
Forgetting this declaration is costly: the penalty is €1,500 per undeclared account (and can reach €10,000 in some cases). Develop the habit from your first year: it is two minutes of work to avoid a real headache if audited.
We now reach the heart of the matter: how do you actually do it? There is no single right answer. The best platform depends on your amount, profile, and fee tolerance.
Here are the main types, from most traditional to most recent.
This is the most direct route to buying Swiss stocks listed on the Zurich Stock Exchange (SIX Swiss Exchange). Brokers like Interactive Brokers, Saxo, Swissquote, and Trade Republic give you access, with modest order fees plus, of course, EUR/CHF currency conversion costs.
This is the option for those who want to pick their own holdings (a Nestlé, a Roche, etc.).
Rather than selecting stock by stock, an ETF (or tracker) exposes you all at once to an entire basket of Swiss stocks. It is simple, low-cost, and diversified.
You will often encounter four indices: the SMI (the 20 largest cap stocks), the SLI (30 stocks, better capped), the SPI (over 200 stocks), and the MSCI Switzerland IMI.
The essential point to know
These Swiss ETFs are not eligible for the PEA, because Switzerland is not part of the European Economic Area. We will come back to this below, but keep it in mind: for Switzerland, you go through a brokerage account, not the PEA.
Opening an account at a Swiss bank is possible, but rarely relevant for a French individual: banks often require high entry tickets (100,000 to 500,000 CHF, or even more for private banking), maintenance fees are substantial, and the return on cash holdings is close to zero.
It only truly makes sense in a broader wealth-management context or a relocation project.
For larger portfolios, Luxembourg life insurance offers an elegant alternative: a very broad investment universe (including vehicles exposed to Switzerland), while retaining French life-insurance taxation. It becomes worthwhile from a few hundred thousand euros.
Here is a newer category, often absent from traditional guides: crowdlending (peer-to-peer lending).
The principle is straightforward: via a platform based in Switzerland, you lend money to businesses and, in return, receive interest, usually paid monthly. At maturity, your capital is repaid to you—provided the borrower honors their commitment.
Its big advantage over private banking: accessibility. Where a Swiss bank account demands six figures and a whole battery of compliance checks, a crowdlending platform gives you access to a Switzerland-based investment for just a few dozen euros.
For example, Maclear, a Swiss peer-to-peer lending platform for businesses. Maclear AG operates as a non-bank financial intermediary and is a member of the self-regulatory authority PolyReg SRO.
On the regulatory side, these platforms operate under Swiss supervision (often via affiliation with a recognized self-regulatory body) and offer risk-mitigation mechanisms such as a Provision Fund or collateral on projects. One caveat, though: a Provision Fund is a discretionary reserve—it is neither a deposit guarantee nor a buyback guarantee. And let's be honest: higher returns always come with higher risk. Capital invested is not guaranteed.
My take: I never put all my eggs in one basket—I spread across many projects rather than betting big on a single one. I look at how long the platform has been operating and how regularly it reports its financials. And I only invest money I do not need in the short term. P2P is a good diversification tool, provided you treat it as one.
The right tool also depends on your situation. Three scenarios come up most often.
The key rule in one sentence: the PEA is closed to Swiss securities (Switzerland is outside the EEA). Your tools are therefore the ordinary brokerage account, life insurance (French or Luxembourg for large portfolios), and for peer-to-peer lending, crowdlending platforms.
Hybrid situation: you live in France but earn income in Switzerland, with contributions to the 1st and 2nd pension pillars. Depending on your canton of employment, withholding tax may apply to your salary. For your personal savings, French wrappers (brokerage account, life insurance) remain the base.
If you live in Switzerland, you switch into Swiss tax law and have seamless access to the local exchange. If you are preparing a move, one caution: the French exit tax may apply to large portfolios. Better to anticipate these arbitrages before you move.
This is the chapter that worries people most, even though everything becomes clear once you break it down by revenue type.
When a Swiss company pays you a dividend, Switzerland first withholds an "anticipated tax" of 35% at source. Impressive on paper, but it is not the end of the story. The 1966 Franco-Swiss tax treaty caps final Swiss taxation at 15%: the remaining 20% is recoverable via a refund request with the Swiss Federal Tax Administration.
On the France side, the gross dividend is restored and taxed under the PFU (flat tax), at 31.4% from January 1, 2026 (12.8% income tax + 18.6% social contributions). A 15% tax credit neutralizes the Swiss portion and prevents double taxation.
Concrete example
On €1,000 in Swiss dividends, Switzerland first withholds €350. You recover €200 via the treaty (leaving a 15% Swiss charge, or €150). In France, your €314 flat tax is reduced by a €150 tax credit. Overall, if you handle the mechanism correctly, you are not taxed twice: France collects the bulk of it.
For interest, it is generally lighter. Interest from peer-to-peer loans paid by a Swiss crowdlending platform is usually exempt from the 35% Swiss anticipated tax (unlike interest from Swiss bank accounts or bonds).
You declare them in France, at the flat tax of 31.4%, in box 2TT, and report the account on form 3916.
This is detailed (anticipated tax, recovery, box-by-box declaration, loss deduction) in our dedicated crowdlending taxation guide.
Good news on capital gains: Switzerland does not tax capital gains on securities realized by a non-resident. Everything is therefore settled in France, at the 31.4% flat tax (with the option for the progressive scale if your tax bracket is low). Nothing specifically Swiss to manage here.
To make this clear, here is the taxation by income type and vehicle:
The essentials
No. Switzerland is not part of the European Economic Area, a requirement for PEA eligibility. This exclusion also applies to ETFs tracking a Swiss index: the tax authority looks at the underlying. Use a brokerage account or life insurance instead.
Not necessarily. A brokerage account with a European broker is enough to buy Swiss stocks or ETFs. Opening a Swiss bank account only makes sense above high minimums or for specific wealth planning. For peer-to-peer lending, a crowdlending platform account is enough.
By filing a refund request with the Swiss Federal Tax Administration, with proof of French tax residency. You recover 20%, Switzerland keeps 15% under the treaty. On the France side, a 15% tax credit applies against your flat tax.
Yes. As a French resident, your interest is taxable in France at the flat tax of 31.4%, regardless of platform location. You declare it in box 2TT and report the account on form 3916, even if the balance is zero.
No. There is no loophole: your Swiss income is taxed in France like any other investment income. Switzerland brings diversification and strength, not a tax advantage. Any promise to the contrary should raise a red flag.
The content of this article is provided for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice. P2P lending and crowdlending investments carry a risk of partial or total capital loss. Past performance is not indicative of future results. Liquidity on a secondary market is not guaranteed. Readers should conduct independent research and consult qualified advisors before making any financial decisions. Availability of products and services may be restricted in certain jurisdictions.
