SUMMARY RESIDENT PERSON PREDOMINANT INTEREST TEST The ultimate beneficial owners are not qualified persons in the aggregate of a predominant interest in the form of participation or otherwise STOCK EXCHANGE TEST 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% SHAREHOLDER TEST Less than 95% 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 ACTIVE TRADE OR BUSINESS TEST The person is engaged in the active conduct of a trade or business in CH The income derived by this person from USA is not derived in connection with the business activities carried on in CH The income derived from USA is not incidental to the trade or business in Switzerland HEADQUARTER TEST The person receiving the income is a Swiss resident company and it is a recognized headquarters company for a multinational corporate group The headquarters company does not carry out a substantial part of the overall supervision and administration of a multinational group of companies or these activities are not carried out in Switzerland Under these circumstances treaty protection is not granted
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