According to the information provided the test may be summarized as follows :

The information included in the present tool is intended as general guidance and is not represented to be comprehensive or advisory in nature. Please contact your professional tax adviser for detailed information regarding the topic contained herein


The person receiving the income is a Swiss resident company


The ultimate beneficial owners are not qualified persons in the aggregate of a predominant interest in the form of participation or otherwise


The principal class of shares is not listed or is not regularly and primarly traded on one or more recognized stock exchanges

The ultimate beneficial owners of a predominant interest in the company are not one or more companies which meet the direct stock exchange test


95% or more of all the shares (of the aggregate vote and value) are ultimately owned by seven or fewers persons that are qualified persons of a member state of the EU or of the EEA or a party to the NAFTA

Less than 50% of the gross income is used to make deductible payments to persons which are neither qualified persons nor US citizens

The company has outstanding a class of shares that entitle its holders to a portion of the income derived from USA that is larger than a portion such holders would receive in absent of such a class of shares

Less than 50% of the value (or vote, if relevant) of the above-mentioned class of shares is held by not qualified persons


The Swiss resident company derives income from USA which is attributable to a permanent establishment in a third jurisdiction

The total tax liability in CH and the third jurisdiction is 60% or more of the tax liability that would have been payable in CH, if the income was earned in CH by the enterprise and were not attributable to the permanent establishment in the third jurisdiction

Under these circumstances treaty protection is granted