A trustee licence in Switzerland starts with a paradox: the country has no trust of its own, yet it authorises and supervises the professionals who administer trusts governed by foreign law. As soon as you act on a commercial basis, the Financial Institutions Act (FinIA) requires a licence from FINMA, prior membership of a supervisory organisation, two qualified managers, effective management from Switzerland and CHF 100,000 of capital paid up in cash. The company cannot even be entered in the commercial register before the licence is granted. This guide sets out that sequence.
Contents
- A foreign trust, administered from Switzerland
- When the trustee licence becomes mandatory
- The sequence: supervisory organisation, FINMA, then the commercial register
- Organisation: managers, capital and own funds
- The foreign founder and effective management in Switzerland
- The supervisory organisation, audits and anti-money laundering
- STEP: an international benchmark, not a licence
- Mistakes that stall an application
- FAQ
A foreign trust, administered from Switzerland
Every trustee based in Switzerland administers a trust governed by a foreign law, because Swiss law has no such institution. The Federal Office of Justice states plainly that Switzerland does not, to date, have trust law in the proper sense. What it does have is recognition of foreign trusts.
That recognition rests on the Hague Convention on the Law Applicable to Trusts and on their Recognition, in force for Switzerland since 1 July 2007. Under its Article 6, a trust is governed by the law chosen by the settlor, for instance English or Jersey law. Article 11 adds that the trust assets form a fund separate from the trustee’s personal estate, out of reach of the trustee’s personal creditors. The Private International Law Act (PILA) fills in the domestic side in Articles 149a to 149d: definition, jurisdiction, applicable law and the note of a trust relationship in the land register.
A Swiss trust was on the table for a while. On 15 September 2023, the Federal Council dropped the project because it could not find a political majority, and the two chambers of Parliament closed motion 18.3383 in December 2023 and February 2024. Your business plan should therefore assume foreign trusts, with no domestic alternative in sight.
When the trustee licence in Switzerland becomes mandatory
FinIA targets the professional trustee, and the definition is precise: “A trustee is a person who on a commercial basis manages or holds a separate fund for the benefit of the beneficiaries or for a specified purpose based on the instrument creating a trust within the meaning of the Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition” (Art. 17(2) FinIA). Trustees are among the financial institutions that “require authorisation from FINMA” (Art. 5(1)).
The Financial Institutions Ordinance (FinIO) turns “commercial basis” into figures. Crossing any one of three thresholds is enough:
| Criterion | Threshold | What to watch |
|---|---|---|
| Gross earnings | More than CHF 50,000 per calendar year | Trustee fees invoiced to third parties |
| Lasting business relationships | More than 20 contractual partners per calendar year, or at least 20 relationships maintained | Number of trusts and settlors you look after |
| Power of disposal | Assets belonging to others exceeding CHF 5 million at any given time | For a trustee, the trust fund itself |
Source: FinIO, Art. 19(1) (SR 954.11); FINMA, supervisory notice 01/2024 of 2 February 2024.
The third line deserves attention. In its supervisory notice 01/2024, FINMA explained that a trustee operates on a commercial basis, and needs a licence, once the trust assets exceed CHF 5 million at any time, because those assets are economically separate from the trustee. A single trust worth six million is therefore enough.
Some people fall outside the Act altogether, in particular those who manage solely the assets of persons with whom they have business or family ties (Art. 2(2)(a) FinIA). Lawyers and notaries are excluded only insofar as their activity is covered by professional confidentiality (Art. 2(2)(c)). If your situation sits near one of these lines, have it assessed by a lawyer or ask FINMA before you take on any mandate.
The sequence: supervisory organisation, FINMA, then the commercial register
For an ordinary company, entry in the commercial register comes first. For a trustee, the law reverses the order, and each step has to wait for the previous one.
- Supervisory organisation first. “Portfolio managers and trustees submitting an application for authorisation are required to provide proof that they are subject to supervision by a supervisory organisation” (Art. 7(2) FinIA).
- FINMA licence next. On its page for trustees, FINMA puts it in one sentence: trustees require a licence from FINMA before commencing commercial activities.
- Commercial register afterwards. Financial institutions “may be entered in the commercial register only after authorisation has been granted” (Art. 5(2) FinIA).
- Ombudsman by the first client at the latest. Membership must exist when the activity begins, unless your clients are exclusively institutional or professional (Art. 16 FinIA).
The company’s name follows the same logic. The term “trustee” may be used “in the company name, in the description of its business purpose or in commercial documents only if the corresponding authorisation has been obtained” (Art. 13(2) FinIA). Articles of association, website and letterhead all wait for FINMA’s decision.
Important
No trustee activity for third parties may begin while the application is pending, whether in your own name or through another entity. The transitional regime that applied when FinIA came into force in 2020 is over and benefits no new institution. The exact order between drafting the articles, paying up the capital and registration is settled with a lawyer or directly with FINMA before you file.
Your trustee company in Switzerland
A structure ready for FINMA’s review
Legal form and canton, articles of association without the protected term, capital paid up in cash, commercial register entry once the licence is granted, then the accounting from which your own funds are calculated: My Swiss Company SA incorporates and administers your company from Geneva, Lucerne or Zug, working alongside your legal advisers.
Scope your project
Swiss Corporate Services Provider in Geneva, Lucerne and Zug, serving clients in more than 20 countries.
Organisation: managers, capital and own funds
FINMA reviews a whole organisation, not a founder on their own.
Two qualified managers
“The management body of a portfolio manager or trustee entity must consist of at least two qualified persons” (Art. 20(1) FinIA). Each must show five years of professional experience within the framework of trusts and at least 40 hours of training in the same field (Art. 25(1) FinIO). One qualified person may be enough if continuation of business operations is guaranteed (Art. 20(2) FinIA), and FINMA may grant exemptions on training or experience where there are legitimate grounds (Art. 25(2) FinIO). Both routes are discussed with FINMA, with evidence.
Capital and own funds
“The minimum capital of portfolio managers and trustees must amount to CHF 100,000 and be paid up in cash. The minimum capital requirement must be complied with at all times” (Art. 22(1) FinIA). For an AG (SA in French), that means CHF 100,000 fully paid up, where ordinary company law accepts CHF 50,000; for a GmbH (Sàrl), nominal capital of CHF 100,000 (Art. 27(1) FinIO). On top of that, own funds must amount to at least one quarter of the fixed costs in the most recent annual financial statement, up to CHF 10 million (Art. 23(2) FinIA).
Collateral or insurance
The company needs adequate collateral or professional liability insurance (Art. 22(2) FinIA). If the policy covers the risks of the business model, it may count for half of the own funds (Art. 31(2) FinIO).
Risk, compliance and signatures
Risk management and an effective internal control system are compulsory (Art. 21 FinIA), and the people who perform them may not take part in the activities they supervise. Two authorised signatories sign jointly (Art. 23(1) FinIO). If you also want to manage portfolios outside any trust, you need an additional portfolio manager licence (Art. 20(2) FinIO), a second framework with its own conditions.
The foreign founder and effective management in Switzerland
A trustee company cannot be run from abroad. “The financial institution must effectively be managed from Switzerland” (Art. 10(1) FinIA), and the persons entrusted with management “must be resident in a place from which they may effectively exercise such management” (Art. 10(2)).
The Code of Obligations already requires every company to be represented by a person resident in Switzerland: a board member or an executive officer in an AG (Art. 718(4) CO), a managing director or a manager in a GmbH (Art. 814(3) CO). For a trustee, that person must also sit on the management body or on the body responsible for governance, supervision and control (Art. 23(2) FinIO).
The manager’s residence permit depends on nationality. An EU or EFTA national who settles in Switzerland to work on a self-employed basis receives a residence permit valid for at least five years, provided they prove that they are established, or intend to establish themselves, for that purpose (Agreement on the Free Movement of Persons, Annex I, Art. 12). A national of any other country is admitted only if, among the other conditions of Art. 19 FNIA, the admission serves the economic interests of Switzerland. Without a qualified manager living in the country, there is no effective management.
The supervisory organisation, audits and anti-money laundering
Trustees are supervised by FINMA together with a supervisory organisation (Art. 61(1) FinIA), and it is the supervisory organisation (SO) that carries out ongoing supervision. On 29 October 2026, FINMA’s list showed four authorised SOs:
| Supervisory organisation | Seat |
|---|---|
| AOOS | Zurich |
| OSIF | Geneva |
| OSFINcontrol AG | Zug |
| SO-FIT, Organisme de Surveillance pour Intermédiaires Financiers & Trustees | Geneva |
Source: FINMA, list of authorised supervisory organisations, as at 29 October 2026.
Pick your SO carefully. According to FINMA, a change of SO is possible only at the end of the year, and the related licence change request must reach FINMA by 15 November at the latest. The audit is annual in principle (Art. 62(1) FinIA); depending on your activity and its risks, the SO may space it out to once every four years at most, with a compliance report in the years in between.
A licensed trustee is also a financial intermediary under the Anti-Money Laundering Act (Art. 2(2)(abis) AMLA). Identifying the settlor, the beneficiaries and the beneficial owner is part of what the SO checks.
My Swiss Company’s view
Budget for own funds, not only for the share capital. Own funds are calculated on the fixed costs of the latest annual accounts, so set up the books from day one to isolate personnel and operating costs. That is how you avoid discovering a shortfall at the first year-end closing.
STEP: an international benchmark, not a licence
The Society of Trust and Estate Practitioners (STEP) is the worldwide professional body for trust and estate practitioners. Full membership, the TEP designation, comes with a code of professional conduct, continuing professional development and professional liability insurance. In Switzerland, its branches in Geneva, Lausanne, Basel, Zurich, Lugano and Lucerne-Zug have been federated with Vaduz since 2016.
STEP is neither a regulator nor a licence. FinIA, FinIO and FINMA’s pages do not mention it, and a TEP who acts as a trustee on a commercial basis must obtain the FINMA licence like anyone else. With an international clientele, it remains a recognised mark of competence. My Swiss Company is itself a member, as explained on our page My Swiss Company SA, STEP member.
A worked case: a Guernsey trustee opens an AG in Zurich
A trustee based in Guernsey wants to administer trusts governed by Guernsey law from Switzerland. He chooses an AG in Zurich and goes into business with a professional resident in the canton who, like him, can show five years of experience within the framework of trusts and more than 40 hours of training. The management body therefore has two qualified managers, one of whom lives in Switzerland and sits on the board of directors.
He first secures membership of a supervisory organisation, then files the licence application. The draft articles of association do not use the word “trustee”, and the CHF 100,000 of capital is planned in cash, fully paid up. Entry in the commercial register comes only after FINMA’s decision. Until then, he takes on no Swiss mandate, and the first client follows membership of an ombudsman.
Our guide to the incorporation of a company in Switzerland covers the formation steps, from the notarial deed to the commercial register.
Mistakes that stall an application
- Entering the company in the commercial register before the licence, which Art. 5(2) FinIA rules out.
- Using “trustee” in the company name, business purpose or brochure before FINMA has decided.
- Filing without membership of a supervisory organisation: the proof is required at the time of filing.
- Paying up only CHF 50,000 of an AG’s capital, as for an ordinary company.
- Keeping management abroad behind a Swiss director who runs nothing.
- Starting mandates “temporarily” through another entity while the application is pending.
- Presenting STEP membership as a licence to clients.
FAQ: trustee licence in Switzerland
Do you need a licence to be a trustee in Switzerland?
Yes, as soon as the activity is carried out on a commercial basis: FinIA makes trustees subject to a FINMA licence (Art. 5). That is the case above CHF 50,000 of gross earnings a year, more than 20 lasting business relationships or CHF 5 million of trust assets at any time. Managing solely the assets of persons with whom you have family or business ties falls outside the Act.
Is there a Swiss law trust?
No. Switzerland has recognised foreign trusts since 1 July 2007 through the Hague Convention, but it has no trust of its own. The Federal Council abandoned the project on 15 September 2023, and Parliament closed motion 18.3383 in December 2023 and February 2024.
How much capital does a trustee company need?
Minimum capital of CHF 100,000, paid up in cash and maintained at all times (Art. 22 FinIA), fully paid up even for an AG. The company also needs own funds of at least one quarter of its annual fixed costs, up to CHF 10 million, and adequate collateral or professional liability insurance.
What is a supervisory organisation?
A body authorised by FINMA that carries out the ongoing supervision of portfolio managers and trustees (Art. 61 FinIA). On 29 October 2026 there were four: AOOS, OSIF, OSFINcontrol AG and SO-FIT. Membership must be proven when the licence application is filed, and a change of SO is possible only at the end of the year.
What is STEP membership worth?
It is a voluntary professional affiliation, recognised internationally, that binds TEP members to a code of conduct and continuing education. It is not a licence: a STEP member who acts as a professional trustee must obtain FINMA’s.
Can the company be entered in the commercial register before the licence?
No. Under Art. 5(2) FinIA, a trustee may be entered in the commercial register only after FINMA has granted the licence, and the term “trustee” is reserved for licence holders (Art. 13(2)). Check the exact order of the steps with a lawyer or with FINMA before you file.
Sources
- Financial Institutions Act (FinIA), SR 954.1
- Financial Institutions Ordinance (FinIO), SR 954.11
- FINMA, Trustees
- FINMA, supervisory notice 01/2024 of 2 February 2024
- FINMA, Supervisory organisations
- Hague Convention on the Law Applicable to Trusts and on their Recognition, SR 0.221.371 (French)
- Private International Law Act (PILA), SR 291, Art. 149a to 149d (French)
- Federal Office of Justice, Introduction of the trust into Swiss law (French)
- Anti-Money Laundering Act (AMLA), SR 955.0, Art. 2 (French)
- Swiss Code of Obligations (CO), SR 220, Art. 718 and 814
- Agreement on the Free Movement of Persons (AFMP), SR 0.142.112.681, Annex I (French)
- Foreign Nationals and Integration Act (FNIA), SR 142.20, Art. 19
Conclusion
Obtaining a trustee licence in Switzerland means following an order the law does not leave to chance: a supervisory organisation before the application, FINMA’s licence before any activity, the commercial register and the word “trustee” only once the licence is granted. Between those steps, you build the organisation FINMA will examine: two qualified managers, effective management from Switzerland and CHF 100,000 paid up in cash. STEP reassures your clients; only FINMA grants the right to practise. My Swiss Company, a Swiss Corporate Services Provider in Geneva, Lucerne and Zug, incorporates and administers companies for entrepreneurs from more than 20 countries, from the choice of canton to the accounting on which their own funds are calculated.
