Case studies, detailed solutions, and all slides by Oliver Hulliger from his workshop “Refunds in International Contexts” at the 2026 Withholding Tax Seminar. Get the complete package, featuring a total of 7 real-world cases.
Note: This language version is an automatically generated translation. The text may therefore contain linguistic and terminological errors.
view in original language (German)An individual residing in Switzerland indirectly holds an equity interest in a domestic corporation (SwissCo) through a Luxembourg corporation (LuxCo).
LuxCo has no employees, holds SwissCo as its sole investment, and has an equity ratio of 1%.
Is this a case of treaty abuse?
A corporation (USCo) listed on the New York Stock Exchange (NYSE) and eligible for tax treaty benefits under the DTA with the U.S. indirectly holds an interest in a domestic corporation (SwissCo) through a Luxembourg corporation (LuxCo).
LuxCo has no employees, holds SwissCo as its sole investment, and has an equity ratio of 30%.
A natural person residing in Monaco indirectly holds an interest in a domestic corporation (SwissCo) through a Dutch corporation (DutchCo).
DutchCo employs no staff, holds SwissCo as its sole investment, and has an equity ratio of 30%.
An individual resident in Germany indirectly holds an interest in a domestic corporation (SwissCo) through a German corporation (GermanCo).
GermanCo has no employees, has an equity ratio of 10%, and, in addition to SwissCo, holds another stake in a corporation in France (FrenchCo).
While SwissCo has a market value of CHF 10 million, FrenchCo is a “dormant” company with a market value equivalent to CHF 100,000.
An individual residing in Dubai indirectly holds an interest in a domestic corporation (SwissCo) through a Luxembourg corporation (LuxCo).
LuxCo has no employees, has an equity ratio of 30%, and, in addition to its stake in SwissCo, also holds a stake in a corporation in Germany (GermanCo).
While SwissCo has a market value of CHF 10 million, the market value of GermanCo amounts to the equivalent of CHF 15 million.
A natural person residing in Monaco indirectly holds an interest in a domestic corporation (SwissCo) through a Dutch corporation (DutchCo).
DutchCo engages in operational activities with its own staff at its own premises in the Netherlands and has an equity ratio of 10%.
Does DutchCo have the necessary substance to claim a full exemption from withholding tax on the dividends from SwissCo?
A corporation incorporated in the British Virgin Islands (BVICo) holds a 51% equity interest in a Luxembourg corporation (LuxCo). The remaining 49% is held by an operating corporation incorporated in the Netherlands (DutchCo). LuxCo, in turn, holds an equity interest in a Swiss corporation (SwissCo).
LuxCo has no employees, holds SwissCo as its sole investment, and has an equity ratio of 30%.
Can LuxCo claim a full exemption from withholding tax on the dividends from SwissCo?
