Understanding Membership Shares (Anteilscheine) in Swiss Rental Housing Cooperatives

April 11, 2025, 8:58 a.m.

Finding affordable housing in Switzerland can be frustrating. Rents are rising, and many families, couples, and individuals struggle to find long-term, affordable housing. This is exactly where housing cooperatives offer an attractive alternative: they provide their members with reasonably priced apartments, often secured for the long term. However, anyone new to searching for cooperative housing quickly encounters a central theme – membership shares, also known as Anteilscheine. These shares raise many questions: What exactly are they? Why do you have to buy them? How much does it cost? Do I get the money back? In this post, we explain empathetically and clearly what these Anteilscheine in Swiss rental housing cooperatives are all about. The aim is to help newcomers as well as existing cooperative members looking for housing to fully understand this concept.

What are Anteilscheine?

Anteilscheine are membership shares in a housing cooperative. If you want to rent an apartment from a cooperative, you usually first need to become a member. This happens by purchasing Anteilscheine, which means making a financial contribution to the cooperative's capital. Think of it as a mix between a rental deposit and a company share: you invest a certain amount in the cooperative, which establishes your membership and gives you the right to occupy a cooperative apartment. Unlike a normal rental deposit held in an escrow account, this money flows directly into the cooperative. You become a co-owner (member) of the cooperative and usually have a say in certain matters (more on this later). Each member has one vote in the general assembly, regardless of the amount invested – the one member, one vote principle applies (Recht - Zeitschrift WOHNEN). This means that even if some contribute more shares (e.g., for larger apartments), no one has more voting power than another member. The cooperative often issues a confirmation or certificate for the subscribed shares (previously printed share certificates, now mostly electronic). These membership shares officially document that you are part of the cooperative.

Important: Anteilscheine are not ownership of an individual apartment. You do not acquire condominium ownership (Stockwerkeigentum) or similar, but rather a share in the cooperative's overall property (How do cooperative shares work? - ImmoZins AG). You still rent the apartment, but from your own cooperative, of which you are a co-owner. The goal of a housing cooperative is to provide its members with secure and affordable housing – not to maximize profits. Therefore, apartments are managed according to the cost-rent principle (rents primarily cover costs like maintenance and interest, but contain no speculative profits).

Why are Anteilscheine a Prerequisite for a Cooperative Apartment?

The requirement to subscribe to Anteilscheine might initially seem like an additional hurdle, but there are good reasons for it. Housing cooperatives are partly financed by their members' money. This cooperative capital – the sum of all Anteilscheine – serves as the cooperative's equity capital to build new housing or renovate existing buildings. Banks require equity for construction projects; the more the cooperative can contribute through its members, the better the financing conditions. Your contribution thus helps to enable affordable rents. The WBG Turgi housing cooperative explains that thanks to member contributions, they can keep their apartment prices very low compared to the market.

At the same time, Anteilscheine in cooperatives often replace the rental deposit (Mietzinsdepot). In normal rental agreements, you usually have to pay up to three months' rent as a deposit into a blocked account. With cooperatives, the contribution in Anteilscheine is required instead. Important to know: This amount is often higher than a normal deposit. While a rental deposit is legally limited to usually three months' rent, the amount for Anteilscheine can be higher – e.g., 4-6 months' rent or a percentage of the construction costs, depending on the cooperative. In return, however, you get not only an apartment but also membership rights and significantly higher housing security. As a member of a cooperative, termination by the landlord for personal use is practically excluded, and rental conditions are stable and fair. You are part of a community that often plans for the long term – the cooperative won't simply sell your apartment for profit. This social security and stability is a major advantage of cooperative living.

Besides the financial participation, there are often also idealistic duties and rights: You agree to the cooperative's values (e.g., communal living, sustainable building, fostering neighborhood spirit, etc.) and ideally contribute to the community. The Anteilscheine thus also symbolize the responsibility members take for their housing community and the cooperative. Without the Anteilschein, you cannot move into an apartment – it's essentially the entry ticket to the cooperative housing model.

How High are the Anteilscheine? Typical Contributions and Examples

The amount of required Anteilscheine varies from cooperative to cooperative and often depends on the apartment size or the housing project. There can be two components:

• Membership Share: A fixed basic amount to become a cooperative member (independent of a specific apartment).
• Apartment-Related Share: An additional contribution that depends on the size or cost of the rented apartment.

Some cooperatives only have the apartment-related share (and assume membership upon signing the lease), while others first require a smaller membership share upon joining, and then further shares when an apartment is allocated.

Here are some real examples from Switzerland showing how varied the amounts can be:

Note: These examples show the range. In rural areas or with older cooperatives, amounts might be in the range of a few thousand francs. In cities like Zurich, Basel, Geneva, contributions can be significantly higher (often five figures) because construction costs, and thus the required equity share, are higher. Usually, Anteilscheine range from 3 to 6 months' rent, sometimes more. However, as mentioned, they replace the deposit and enable the affordable rent in the first place. New cooperative projects (like Kalkbreite) tend to have higher shares because modern buildings are expensive; established cooperatives with older housing stock (e.g., ABZ) often require more moderate amounts so that households with lower incomes can also become members. Many cooperatives try to find a balance, so the contribution is high enough to support financing but low enough not to exclude anyone. Some have internal solidarity funds to help members in financial need afford the Anteilscheine. Often, you can also tap into your pension fund (2nd pillar) for the share capital, similar to purchasing property. Be sure to inquire about such options if the amount poses a hurdle.

What Rights and Obligations are Associated with Anteilscheine?

By acquiring Anteilscheine, you become a cooperative member and thus gain certain rights and obligations:

• Participation: You have the right to attend and vote at the general assembly of the cooperative. Regardless of your share amount, you typically have one vote ("one member, one vote"). This allows you to vote on important decisions – e.g., board elections, statute changes, or major construction projects. Your vote counts just as much as any other member's, ensuring a high degree of democracy and equality.
• Right to Information: Members get insight into the business figures (e.g., annual report) and the opportunity to ask questions. Many cooperatives regularly inform their members via newsletters or meetings about ongoing projects, finances, and news.
• Right of Occupancy: Perhaps the most practically important right is the right to live within the cooperative. Members can apply for vacant apartments, often receiving priority over external applicants. In some cooperatives, apartments are exclusively advertised internally among members. Being a member significantly increases your chances of getting an apartment – though it doesn't guarantee it immediately. Waiting periods and lists are common, especially in cities with tight housing markets.
• Loyalty and Community: As a member, you commit to supporting the cooperative's goals. This means, e.g., adhering to the statutes and house rules, engaging fairly in the housing community, and acting in solidarity. Many cooperatives expect (or at least hope for) a certain level of neighborly engagement. In practice, this varies: Some cooperatives are very community-oriented, others function more like normal landlords. Find out what "spirit" prevails in the respective cooperative.
• Financial Obligations: The core obligation is to pay the Anteilscheine in the prescribed amount. This payment usually needs to be made before moving in. Some cooperatives have additional annual membership fees or, in rare cases, obligations for additional contributions (Nachschusspflicht). However, most housing cooperatives in Switzerland have no obligation for members to make further contributions beyond the subscribed shares – i.e., you are not liable with further private assets.
• Usage Rules: Through membership, you also agree to specific usage rules. Some cooperatives have occupancy rules (e.g., minimum number of people per apartment size), ecological or social rules. These should be known to you upon signing the lease.

In summary, as a shareholder, you are not just a tenant, but a co-creator and co-responsible person in your housing community. This brings rights to participate, but also the obligation to act in the spirit of the community.

Risks and Opportunities of Cooperative Shares

Anteilscheine offer opportunities, but it's important to also be aware of the potential risks or downsides for a realistic picture.

Opportunities/Advantages:

• Long-term Housing Security: As a cooperative member, you generally enjoy strong protection against termination. Evictions for personal use by the owner are practically non-existent.
• Affordable Rents: Cooperative rents are usually significantly below market rates. Apartments are often rented at cost.
• Community and Participation: You live in an environment where neighborliness is encouraged, and you have a say.
• No Money Lost (Usually): Your share capital is not an expense but remains your asset, which you get back when you leave. Some cooperatives even pay a small interest.
• No Rental Deposit Needed: The shares replace the deposit; your money indirectly works for you.

Risks/Disadvantages:

• Capital Tied Up: You must tie up a significant amount of capital, which is not freely available to you.
• No Return: The share typically yields no profit or interest. The "return" lies in the saved rent.
• Limited Liquidity in Emergencies: Shares are not tradable on the market. Repayment is only possible by leaving the cooperative.
• Waiting Time for Apartment: Often there are waiting lists. You pay the membership fee and might wait a long time for an apartment.
• Community Obligation: Community can be seen as an advantage or an obligation (e.g., attending meetings).

Overall, for most people, the advantages outweigh the disadvantages: affordable housing and security. The risk of losing the money is very low, as Swiss housing cooperatives are considered very safe.

How Does Repayment Work – What Happens When You Move Out?

What happens if you want or need to give up your cooperative apartment? Basically: When you move out and leave the cooperative, you get your Anteilscheine repaid. Repayment is made at the nominal value, meaning exactly what you paid in (without profit). The prerequisite is that all your obligations are fulfilled (apartment returned properly, rent paid, etc.). If there are outstanding claims, the cooperative can legally offset them against your share capital.

Terminating the membership often needs to be done separately. Many statutes specify notice periods. Practically, however, terminating the lease usually automatically ends the membership. The cooperative will then release your shares and transfer the amount back.

An important point: Some cooperatives repay the share capital only after the next general assembly. In many cases, however, you receive the money shortly after moving out. Repayment is always at nominal value maximum – there is no premium.

Can the cooperative refuse repayment? Normally no. In extreme situations, repayment could be postponed, but this is unusual. There are practically never obligations for additional contributions. Even if you leave after a short time, you generally get your money back, sometimes minus a small administrative fee.

If you move *within the same cooperative*, the share capital is usually adjusted (increased or partially refunded) rather than fully repaid.

Legal Basis

Housing cooperatives are legally cooperatives under Swiss law, governed by the **Swiss Code of Obligations (OR)**, Articles 828 ff. Key points:

• According to the OR, each member must subscribe to at least one share if shares are provided for.
• The statutes regulate the amount, rights, obligations, and whether there's an obligation for additional contributions (usually no).
• Voting Rights: Legally, each member has one vote (one member, one vote principle).
• Liability: The cooperative is liable with its assets. Your personal liability is usually excluded.
• Share as Proof: It proves your membership and participation.
• Termination of Membership: Leaving must be possible ("open door principle"); conditions are in the statutes.
• Foreigner Law Specificity: Acquiring shares counts as real estate acquisition under the BewG (Lex Koller). Persons abroad cannot acquire them, but it is permitted for everyone residing in Switzerland (with B/C permit or Swiss citizens).

It's worthwhile to look at the specific cooperative's statutes.

Tax Aspects for Tenants

Do tenants need to declare Anteilscheine in their tax return? The short answer: Yes, cooperative shares belong to your assets and must be listed in the securities or wealth schedule of your tax return.

Specifically: You declare the nominal value of your shares as if it were a credit balance. The cooperative usually provides a certificate.

Wealth Tax: Your shares are taxed together with your other assets. The burden is usually low.

Income Tax: If your shares earn interest, this interest is taxable as income from capital assets. You must declare it (no withholding tax usually applies). If interest is 0%, there's no income tax impact.

Not Deductible: Paying for Anteilscheine is not tax-deductible.

No Imputed Rental Value: As a tenant, you are not subject to imputed rental value (Eigenmietwert).

Pension Fund Withdrawal: If you used pension funds, ensure correct tax treatment. Seek advice if needed.

In everyday life, taxation is straightforward: Anteilscheine are assets. The Tenants' Association also confirms this.

Conclusion

Housing cooperatives and their Anteilscheine may seem complicated at first, but they are a key to permanently affordable housing. By becoming a member and making a financial contribution, you invest in your own housing future – a secure roof over your head, fair rent, and community. The Anteilscheine are not lost costs but a deposit that the cooperative returns to you in the end. In the meantime, you benefit from advantages rarely found on the open housing market: *stability, participation, and neighborliness*. Of course, you need to raise the capital, but support options exist.

We hope this overview has made the concept clear. Don't be deterred by the Anteilscheine! Find out the specific conditions from the cooperatives. Good luck with your housing search, and perhaps soon, Welcome to the cooperative!