The Cost of Owning a Ski Property in Switzerland: A Valais Example

A clear guide to the annual costs of owning a Swiss ski property.

Prospective buyers of Swiss alpine property frequently ask what a second home costs to own on an annual basis. General guidance is often limited to the observation that costs vary by canton. This guide provides specific figures.

As a working assumption, owners should budget approximately 1.2% of the property's value per year. For a CHF 1,000,000 apartment in the Val d'Anniviers, this equates to approximately CHF 12,000 per year, covering income, wealth and property taxes, the holiday tax, water, waste collection and utilities. Service charges for a managed residence are additional.

The figures below relate to the canton of Valais, which includes Grimentz, Zinal, Verbier. Readers should note that Switzerland approved a reform of second-home taxation in September 2025, with changes expected to take effect around 2028. The affected areas are identified below.

Acquisition costs: Approximately 2.5% to 3%

Purchase costs in Switzerland are low by comparison with neighbouring France, where fees on a resale property typically amount to 7% to 8% of the price.

In Valais, the buyer pays the following:

• Transfer duty (droits de mutation): approximately 1.5% of the purchase price

• Land registry fees: approximately 0.2%

• Notary's fees: approximately 0.5% to 0.7%

Total acquisition costs therefore amount to approximately 2.5% to 3%. The notary in Switzerland is a neutral public official acting for both parties. The notary drafts the deed of sale, confirms that the property is free of prior charges, and registers the buyer as owner in the Land Register, at which point the purchase is legally complete. A step-by-step description is set out in our guide to the Swiss property purchase process.

Where a mortgage is used, the notary must also draw up a mortgage bond document (cédule hypothécaire), which typically costs approximately 1% of the mortgage amount. This is payable in addition to the standard acquisition costs. Buyers requiring finance should expect Swiss banks to lend 50% to 65% of the property's value to non-residents, requiring a deposit of at least 35% to 50%. Swiss franc mortgage rates remain among the lowest in Europe. Further details are available in our guide to Swiss property mortgages.

Annual taxation

Swiss taxes are levied at three levels: federal, cantonal and municipal. A single tax return covers all three. A second-home owner in Valais becomes a limited Swiss taxpayer, taxed in Switzerland on the property while worldwide income remains taxable in the owner's country of residence. Double-taxation treaties prevent the same income being taxed twice. An overview of the system is provided in our guide to Swiss property taxation.

The annual liability comprises four elements.

1. Income tax on the rental value

Switzerland currently taxes property owners on a notional income known as the valeur locative: the theoretical rent the property could generate, payable even where the owner does not let the property. In Valais, the rental value is set at 60% of market rent, one of the lowest assessments in Switzerland. Where the property is let, actual rental income is taxed instead. In both cases, mortgage interest and maintenance costs are deductible.

Owners should note one practical point. Worldwide income may be disclosed to the Valais tax office in order to determine the applicable rate; the income itself is not taxed in Switzerland. Where no disclosure is made, the tax office applies its maximum rate to the Swiss income. Disclosure is therefore generally advantageous. A tax adviser can confirm the appropriate approach in each case.

This element of the system is due to change. On 28 September 2025, Swiss voters approved the abolition of the rental-value tax by a majority of 57.7% (Swiss Federal Chancellery). The change is expected to take effect around 2028. From that point, owner-occupiers will no longer be taxed on notional rent. However, mortgage-interest deductions will be substantially restricted, and cantons will be granted the power to levy a new property tax specifically on second homes. Valais, which has the largest stock of second homes in Switzerland, is widely expected to exercise this power. The overall effect for holiday-home owners is likely to be a broadly similar liability under a different structure. This guide will be updated as the cantonal rules are published.

2. Wealth tax

The cantons levy a tax on net wealth, and Swiss property forms part of an owner's Swiss taxable wealth. The taxable value is set by the tax authorities and is often significantly below the current market value. For older properties, it may still reflect a historic valuation dating from when the property was built. Chalet Armailli, for example, is being marketed at CHF 2.25 million but, having been built in the 1980s, has a taxable value of around CHF 278,000. Newer properties may be assessed closer to a percentage of current market value. The cantonal scale is progressive, from 1‰ to 3‰, and each commune applies a multiplier of between 1.0 and 1.5. Mortgage debt is deductible, so a leveraged buyer pays wealth tax on equity only.

3. Property tax

Property tax is a flat annual charge on the property's taxable value. For individuals in Valais, it is a communal tax of 1‰: CHF 600 per year on a taxable value of CHF 600,000 (Federal Tax Administration). Companies owning property pay higher rates (1.25‰ communal plus 0.8‰ cantonal), which is one of several reasons why private ownership is usually the more efficient structure for a holiday home; the considerations are set out in our guide to buying Swiss property in a company name.

4. Holiday tax (taxe de séjour)

Throughout Switzerland, visitors who are not resident in the commune generally pay a holiday tax on overnight stays. In the Commune of Anniviers (Grimentz, Zinal, St-Luc, Chandolin and Vissoie), second-home owners pay a fixed annual charge based on the size of the property rather than paying for their own stays night by night (Commune d'Anniviers). Owners may still charge the taxe de séjour to paying guests and retain the amount collected. This is designed to encourage owners to rent their properties and, with sufficient lettings, the guest tax received can offset the annual flat-rate payment.

Property size	Annual holiday tax
1–2 rooms	CHF 400
3 rooms	CHF 600
4 rooms	CHF 800
5 rooms	CHF 1,000
6+ rooms	CHF 1,200

The flat rate is CHF 200 per unit, derived from the commune's CHF 4 per-night tax and an assumed occupancy of 50 nights. Swiss room counts include the living room; a three-room apartment is therefore a two-bedroom apartment.

A worked example: a CHF 1,000,000 apartment in the Val d'Anniviers

The following figures are illustrative. They assume a married couple with one child, non-resident in Switzerland, and are based on the cantonal tax administration's calculator and current rates. The example uses a taxable value equal to 60% of market value; as noted above, the taxable value of an older property may be substantially lower.

Item	Annual amount
Market value of property	CHF 1,000,000
Illustrative taxable value (60%)	CHF 600,000
Estimated net rental value/income	CHF 20,000
Municipal income tax	CHF 2,300
Cantonal income tax	CHF 2,600
Federal income tax	CHF 0*
Municipal wealth tax	CHF 2,000
Cantonal wealth tax	CHF 1,400
Municipal property tax (1‰)	CHF 600
Total taxes	≈ CHF 8,900

*No direct federal tax arises in this example owing to the modest taxable income and the family circumstances. Individual figures will differ; the example indicates the general shape of the liability rather than a quotation. Buyers may model their own position using the canton's official tax calculator.

Adding the holiday tax (CHF 800 for a four-room apartment), municipal charges for water and waste, and heating and electricity brings the total close to the guideline figure of 1.2% of value per year: approximately CHF 12,000 on a CHF 1,000,000 property.

In a managed residence, co-ownership service charges are payable in addition. A typical rate is approximately CHF 50 per m² per year, as at Résidence Adelaide, covering maintenance, insurance and shared areas. Charges can rise to around CHF 100 per m² in developments with extensive facilities; at Guernérés, for example, this higher rate includes the operation of the spa and swimming pool. A property that is let can offset a substantial part of these costs. Developments sold under tourist-residence rules typically require approximately six weeks of letting per year, which generates income against the annual charges; our guide to Swiss rental and property management explains the arrangements. Current availability in the valley is listed on our Val d'Anniviers property page.

Supply restrictions and their effect on value

Two federal laws restrict the purchase of property in Swiss resorts.

• Lex Weber (2012) caps second homes at 20% of the housing stock in each commune. Nearly every ski resort exceeds the cap, so new second-home construction is effectively prohibited. New-build supply is now limited almost entirely to projects with pre-2012 permissions or those structured as tourist residences. Such projects sell quickly, and the restriction supports the value of existing stock.

• Lex Koller limits non-resident foreign buyers to one holiday home each, with a maximum of 200 m² of living area, purchased under a cantonal authorisation drawn from a national quota of approximately 1,500 per year. Valais holds 330 of these authorisations, the largest allocation in Switzerland. The notary obtains the authorisation as part of the purchase process; the buyer signs a declaration confirming that neither the buyer, the buyer's spouse nor the buyer's minor children already own Swiss property. Our guide to foreign property ownership in Switzerland covers the rules in full.

These restrictions limit access to the market. They are also the principal reason for the long-term resilience of Swiss alpine property values.

Summary

Cost	Guideline
One-off acquisition costs	2.5% to 3% of price, plus approximately 1% of the mortgage amount for a mortgage bond where financed
Annual taxes, municipal charges and utilities	approximately 1.2% of value per year
Managed-residence service charges	typically around CHF 50/m² per year; up to around CHF 100/m² with spa or pool facilities
Non-resident mortgage	50% to 65% loan-to-value

Annual running costs of approximately 1.2%, acquisition costs at roughly one third of the French level, additional mortgage-bond costs only where finance is used, Swiss franc financing at low rates, and statutory limits on supply together explain the continued strength of the Swiss alpine market.

Related

• Property in Grimentz 2025: everything you need to know

• Swiss property capital gains tax in Valais: what buyers should know

• What are the property tax differences on homes in the French and Swiss Alps?

The figures in this guide relate to the canton of Valais and the Commune of Anniviers as at July 2026 and are provided for general information only. Rates vary by commune and by personal circumstances, and the taxation of second homes will change when the 2025 rental-value reform takes effect, expected around 2028. Buyers should take advice from a Swiss notary and tax adviser before purchasing. For guidance on a specific property in Grimentz or the Val d'Anniviers, please contact us.