Country Note Switzerland 2026
By Phil Baumann, CELIS Country Reporter for Switzerland, and Laszlo Csonka, CELIS Assistant Country Reporter for Switzerland.
Switzerland has traditionally maintained an open stance towards foreign direct investment (FDI) and, to date, has relied on a patchwork of sector-specific restrictions rather than a comprehensive cross-sector screening regime. Against a backdrop of heightened economic security concerns and international trends, Switzerland has now decided to introduce its first horizontal foreign investment screening framework. On 19 December 2025 the Swiss Parliament adopted the Federal Act on the Screening of Foreign Investments (ISA). The Act is not yet in force and remains subject to an optional referendum and implementing measures; entry into force is expected no earlier than 2027.
This Country Note explains the political and constitutional context shaping Swiss investment policy (economic freedom, neutrality, federalism, and international obligations), maps the current domestic framework (including Lex Koller, financial market entry rules, and cross-sector controls such as merger control and sanctions), and analyses the ISA’s key features.
The new mechanism is deliberately narrow by international standards: it focuses on acquisitions by foreign state-controlled investors in sensitive sectors, applies a two-stage review process led by SECO with potential Federal Council involvement, and provides for remedies, enforcement measures and significant sanctions. The Note concludes with developments to follow, notably implementation guidance on “state control” and institutional capacity-building.
