Share certificates in housing cooperatives: all about cooperative capital
Key points
- By buying share certificates (Anteilscheine) you become a member and provide the cooperative with equity.
- The amount usually depends on the size of the apartment and, depending on the cooperative, ranges from a few thousand to several tens of thousands of francs.
- You can finance it from savings and in many cases also with an advance withdrawal from your pension fund – you need to clarify this with your pension provider.
- Whether you get the capital back when you leave, and how much, is determined by the articles of association; payment can be deferred by up to three years. Check the articles of association before you join.
- Unlike a rental deposit, the money is not held in a blocked account but is equity of the cooperative.
If you are offered a cooperative apartment, you usually have to pay in money first: the share capital (Anteilscheinkapital). For many people this is the biggest financial hurdle when moving in – and at the same time one of the most frequently misunderstood points. Is it a deposit? Will I get the money back? Can I use my pension fund for it? This guide answers the key questions about the amount, financing, interest, repayment and taxes.
What is a share certificate?
A share certificate (Anteilschein) is a slice of a cooperative's capital. By buying share certificates you become a member of the cooperative and provide it with equity. With this money – together with mortgages and any loans – the cooperative finances the construction, purchase and renovation of its buildings.
The property belongs to the cooperative. By buying share certificates you take a stake in the cooperative and, as a member, have a say in its decisions; you do not acquire ownership of your apartment. At the general meeting (Generalversammlung), like every other member, you usually have one vote – regardless of how much capital you have paid in. For your apartment itself, you sign a normal tenancy agreement.
Most housing cooperatives have two kinds of shares:
- Membership share (Mitgliedschafts- or Beitrittsanteil): a fixed, usually fairly small amount that every member subscribes – including members without an apartment.
- Apartment shares (Wohnungsanteile, compulsory shares): an additional amount tied to the apartment you rent, usually based on its size or its investment costs.
How much share capital do you need?
There is no uniform rule – each cooperative sets the amount in its articles of association (Statuten) or in separate regulations. Listings and regulations do, however, reveal typical ranges – you will find current figures from the listings on Laos.io further down:
| Situation | Typical range (depends on the cooperative) |
|---|---|
| Membership share | a few hundred to a few thousand francs |
| Apartment in an older estate | often a few thousand francs |
| Larger or newer apartment | considerably more than for small apartments, sometimes over 10,000 francs |
| New-build apartment with a younger cooperative | sometimes several tens of thousands of francs |
The range is wide. Older cooperatives whose properties are paid off often ask for little capital; young cooperatives with new buildings need more equity and ask for correspondingly higher shares. You will almost always find the exact amount in the listing or in the letting regulations (Vermietungsreglement). On Laos.io it is shown directly with the listing – provided the cooperative states it.
Compare properly: A lower rent with high share capital can work out cheaper than a higher rent with little capital – or the other way round. Work out what the tied-up money costs you (lost interest) and then compare the housing costs over several years.
Share capital in practice – data from Laos.io
How much do cooperatives actually ask for? We analysed the share capital figures in the listings that Laos.io has collected over the last 24 months. Only some of the listings state an amount (19%). The median of the stated share capital is CHF 6,000 (n = 1,653 listings from 118 cooperatives); the middle half of the listings state an amount between CHF 3,600 and CHF 8,500, and one in ten more than CHF 14,300. Relative to the rent, the median is around 3.9 months' gross rent (middle half: 2.7 to 5.4; n = 1,644). This is not an average across all cooperative apartments: cooperatives that advertise frequently shape the figure.
| Size | Median | Middle half | Months' rent | Listings |
|---|---|---|---|---|
| 1–1.5 rooms | CHF 3,500 | 2,500–7,000 | 3.6 | 94 |
| 2–2.5 rooms | CHF 5,000 | 3,000–9,000 | 3.9 | 271 |
| 3–3.5 rooms | CHF 5,800 | 3,600–7,500 | 3.9 | 711 |
| 4–4.5 rooms | CHF 7,000 | 5,000–9,500 | 4.1 | 486 |
| 5+ rooms | CHF 9,000 | 6,000–15,000 | 3.7 | 88 |
| Canton | Median | Middle half | Listings | Cooperatives |
|---|---|---|---|---|
| Aargau | CHF 5,000 | 3,000–5,000 | 110 | 5 |
| Basel-Landschaft | CHF 7,000 | 4,500–8,000 | 115 | 11 |
| Basel-Stadt | CHF 4,000 | 3,000–6,000 | 209 | 17 |
| Bern | CHF 2,500 | 2,000–5,000 | 159 | 15 |
| Solothurn | CHF 3,900 | 3,000–4,000 | 41 | 5 |
| Thurgau | CHF 10,000 | 7,000–12,000 | 44 | 6 |
| Zürich | CHF 7,000 | 5,000–10,000 | 848 | 57 |
Based on 1,653 listings from 118 cooperatives, first seen since 2 Oct 2024. Only some of the listings state an amount (19% of the listings in this period); amounts below CHF 1,000 (membership share only) and rental deposits are not counted. In 8% of the listings with share capital information, it is stated explicitly that it replaces the rental deposit. A few large cooperatives strongly shape the figures of their canton. As of 3 Oct 2026. More figures in the market report.
How do I finance the share certificates?
From your own savings
The simplest way. Some cooperatives let you pay the capital in instalments or offer individual solutions if money is tight. Ask before you decide against an apartment.
With money from your pension fund (2nd pillar)
Federal law on the promotion of home ownership (Wohneigentumsförderung, WEF) allows you to use pension fund (Pensionskasse) money for share certificates in a housing cooperative – provided you live in the apartment yourself. Key points:
- The minimum amount of 20,000 francs that otherwise applies to an advance withdrawal (Vorbezug) does not apply to share certificates in housing cooperatives.
- The pension fund usually pays directly to the cooperative; the share certificates are marked as tied to your pension or deposited.
- If the capital is repaid when you leave, it does not go to your private account but back into your pension provision (pension fund or vested benefits account).
- The advance withdrawal is taxed as a capital benefit, and your pension benefits are reduced accordingly. Check whether you should take out additional cover for risk benefits (disability, death).
The exact procedures and deadlines are set by your pension fund. Look into the advance withdrawal early, as processing can take several weeks – and the capital is usually due before you move in.
With money from pillar 3a
Savings in tied private pension provision (pillar 3a, Säule 3a) can in principle also be withdrawn for owner-occupied residential property, which includes share certificates for a cooperative apartment you live in yourself. The details are set by the bank or insurer that holds your 3a account – ask them which documents are required.
Other options
Some cities, foundations or the cooperatives themselves help low-income households with financing, for example with interest-free loans. You can find out whether such support exists from the cooperative or from your municipality's social counselling service.
Share certificate or rental deposit: the difference
Share capital is often confused with a rental deposit (Mietkaution). But the two work in fundamentally different ways:
| Rental deposit | Share capital | |
|---|---|---|
| Legal basis | Tenancy law (Art. 257e of the Code of Obligations, OR) | Cooperative law and the articles of association |
| Amount | for apartments, at most three months' rent | set by the cooperative, no statutory upper limit |
| Where is the money held? | in a blocked account at a bank, in your name | with the cooperative, as equity in its buildings |
| Purpose | security for rent and damage | financing the cooperative, basis of membership |
| Repayment | after you move out, if there are no outstanding claims | whether and how much is determined by the articles of association; payment can be deferred by up to three years |
Because of the share certificates, some cooperatives do not ask for a deposit; others require both. This is stated in the listing or the tenancy agreement.
Can you lose the money?
Because share capital is equity, it shares in the cooperative's business risk – unlike a deposit in a blocked account. If a cooperative gets into serious financial difficulties, the capital can in the worst case be lost in whole or in part. With sound non-profit cooperatives whose properties are financed for the long term, this risk is low; still, it does no harm to look at the annual report, especially with very young cooperatives that have large building projects.
Do share certificates earn interest?
That depends on the cooperative. Non-profit housing cooperatives may only pay limited interest on share capital – making a profit for members is, after all, precisely not the goal. Many pay low interest or none at all; some only pay interest on voluntary shares. The general meeting decides each time, within the framework of the articles of association.
In addition to share certificates, some cooperatives offer a savings deposit scheme (Depositenkasse) or loans, where members can invest extra money at a fixed interest rate. This is voluntary and independent of your apartment.
Repayment when you move out
Whether you get share capital back when you leave, and how much, is set out in the articles of association (Art. 864 OR, in German). Payment can be deferred by up to three years; entrance fees are excluded from repayment. Check the articles of association before you join. Common arrangements are:
- At most the nominal value: Non-profit cooperatives usually provide in their articles of association for repayment of no more than the amount paid in, even if the buildings have gained in value. By law, the cooperative's reserves are not paid out.
- Timing: Many cooperatives pay out after the annual accounts have been approved, so often a few months after you move out. Others pay faster.
- Deferral: The articles of association can defer repayment for up to three years after you leave. Even without such a provision, the cooperative may wait up to three years if paying would cause it considerable damage or jeopardise its continued existence.
- Loss possible: If the articles of association do not provide for repayment, or if the capital has been used up by losses, you get back less or nothing.
- Offsetting: Outstanding claims, for example from the handover inspection of the apartment, can be offset against the capital.
- Pension money: If the capital was financed from your pension fund, it goes back to the pension institution.
If you move within the same cooperative, the shares are usually just adjusted to the new apartment: you pay a little extra for a larger apartment or get the difference back for a smaller one.
Share certificates in your tax return
- Wealth: Share certificates belong in the list of securities and count towards your taxable wealth, usually at nominal value.
- Income: Any interest on the share certificates is taxable income.
- Withholding tax: Withholding tax (Verrechnungssteuer) of 35 per cent is usually deducted from interest paid out. You get it back if you declare the share certificates and the interest correctly.
- Statement: Most cooperatives send you a confirmation of capital and interest at the beginning of the year.
Cantonal practice may differ in the details. If in doubt, your municipality's tax office can advise you.
Checklist before you accept
- How much share capital is required for this particular apartment – and when is it due?
- Is there also a membership share or a deposit?
- Does the capital earn interest?
- What do the articles of association say about repayment when you leave – whether, how much and when?
- Can you finance it with pension fund or 3a money, and how long does the advance withdrawal take?
Read more about the path to an apartment in the guides How to get a cooperative apartment and Applying for a cooperative apartment. The basics of the cooperative model are explained in the guide What is a cooperative apartment? You can find vacant apartments in the overview, for example in the canton of Zurich or in Basel-Stadt.
Frequently asked questions
How much does a share certificate in a housing cooperative cost?
Each cooperative sets this in its articles of association. There is usually a small membership share plus apartment shares that depend on the size or the investment costs of the apartment. Together, depending on the cooperative, this comes to between a few thousand and several tens of thousands of francs. In the listings on Laos.io that state an amount, the median share capital is CHF 6,000; half of the amounts lie between CHF 3,600 and CHF 8,500, a median of about 3.9 months' rent (based on 1,653 listings from 118 cooperatives, as of 3 Oct 2026).
Will I get the money for the share certificates back?
Whether you get share capital back when you leave, and how much, is set out in the articles of association (Art. 864 of the Swiss Code of Obligations). Payment can be deferred by up to three years; entrance fees are excluded. Non-profit cooperatives usually repay at most the nominal value, often only after the annual accounts have been approved. Check the articles of association before you join.
Can I pay for share certificates with money from my pension fund?
Yes, if you live in the apartment yourself: the law on the promotion of home ownership allows an advance withdrawal for share certificates in a housing cooperative. When you leave, repaid capital goes back into your pension provision. The details are set by your pension fund – clarify the advance withdrawal with it early on.
Is a share certificate the same as a rental deposit?
No. A rental deposit is held in a blocked account in your name. Share capital is equity of the cooperative, which it uses to finance its buildings. That is why some cooperatives do not ask for a deposit, while others require both.
Do I have to declare share certificates in my tax return?
Yes. Share certificates belong in the list of securities and count towards your taxable wealth. Any interest is taxable income. The cooperative usually issues you a confirmation for this.
Sources
- Swiss Code of Obligations (CO), Art. 864: claims of departing members (in German)
- Swiss Code of Obligations (CO), Art. 257e: tenant security deposits (in German)
- Ordinance on the Promotion of Home Ownership with Occupational Pension Funds (WEFV, in German)
- Federal Office for Housing (BWO): non-profit housing (in German)
Legal information does not replace advice on your individual case. What counts are the articles of association, the letting regulations and the listing of the landlord concerned.