{"id":21840,"date":"2025-07-09T08:12:16","date_gmt":"2025-07-09T07:12:16","guid":{"rendered":"https:\/\/lindemannlaw.ch\/?p=21840"},"modified":"2025-07-09T09:27:50","modified_gmt":"2025-07-09T08:27:50","slug":"actively-managed-certificates-et-pieges-fiscaux-suisses","status":"publish","type":"post","link":"https:\/\/lindemannlaw.ch\/fr\/insights\/actively-managed-certificates-et-pieges-fiscaux-suisses\/","title":{"rendered":"Actively Managed Certificates et pi\u00e8ges fiscaux suisses"},"content":{"rendered":"<h2>Que sont les Actively Managed Certificates et pourquoi sont-ils une forme d\u2019investissement populaire ?<\/h2>\n<p>Les Actively Managed Certificates (AMCs) sont des instruments financiers structur\u00e9s qui permettent aux investisseurs d\u2019acc\u00e9der \u00e0 un portefeuille g\u00e9r\u00e9 de mani\u00e8re professionnelle et ajust\u00e9 dynamiquement, via un seul titre n\u00e9gociable. Ils combinent des caract\u00e9ristiques de produits structur\u00e9s et de placements collectifs g\u00e9r\u00e9s activement, permettant aux gestionnaires d\u2019actifs de r\u00e9\u00e9quilibrer les actifs sous-jacents en fonction de l\u2019\u00e9volution du march\u00e9 ou de mandats strat\u00e9giques. Les AMCs peuvent avoir diverses classes d\u2019actifs sous-jacents et permettre des formules d\u2019investissement flexibles, couvrant un large \u00e9ventail d\u2019actifs tels que des actions, des obligations, des mati\u00e8res premi\u00e8res, des biens immobiliers, des monnaies num\u00e9riques et m\u00eame des march\u00e9s priv\u00e9s dans un seul instrument.<\/p>\n<p>Si les investissements dans des AMCs offrent des avantages similaires \u00e0 ceux des placements collectifs, les AMCs pr\u00e9sentent plusieurs atouts par rapport aux placements collectifs traditionnels. Une fois \u00e9mis, les AMCs re\u00e7oivent un code ISIN et peuvent \u00eatre n\u00e9goci\u00e9s sur les march\u00e9s secondaires, offrant ainsi de la liquidit\u00e9 aux investisseurs. Ils simplifient la gestion de portefeuille en r\u00e9duisant le nombre de transactions et la charge administrative. Enfin, les AMCs permettent d\u2019acc\u00e9der \u00e0 des strat\u00e9gies d\u2019investissement et \u00e0 des classes d\u2019actifs souvent r\u00e9serv\u00e9es aux investisseurs institutionnels, avec des montants d\u2019investissement minimums relativement faibles.<\/p>\n<h2>Comment les AMCs avec des actions et des mati\u00e8res premi\u00e8res comme sous-jacents sont-ils trait\u00e9s fiscalement ?<\/h2>\n<p>L\u2019Administration f\u00e9d\u00e9rale des contributions traite les AMCs comme des placements collectifs du point de vue de l\u2019imp\u00f4t sur le revenu. Par cons\u00e9quent, toutes les distributions, paiements ou disagios ainsi que les montants r\u00e9investis sont consid\u00e9r\u00e9s comme des revenus imposables. Si l\u2019\u00e9metteur de l\u2019AMC \u00e9tablit un rapport fiscal suisse s\u00e9parant les gains en capital, ces gains sont exon\u00e9r\u00e9s d\u2019imp\u00f4t pour les investisseurs priv\u00e9s r\u00e9sidents suisses.<br \/>\nIl existe toutefois un traitement particulier pour les AMCs qui remplissent les conditions suivantes :<\/p>\n<ul>\n<li>les actions incluses dans l\u2019indice ou le panier sont s\u00e9lectionn\u00e9es et g\u00e9r\u00e9es pendant la dur\u00e9e du certificat selon des crit\u00e8res objectifs pr\u00e9cis\u00e9ment d\u00e9finis et pr\u00e9d\u00e9termin\u00e9s (tels que capitalisation boursi\u00e8re, liquidit\u00e9, ratio cours\/b\u00e9n\u00e9fice, etc.),<\/li>\n<li>et ces crit\u00e8res sont sp\u00e9cifi\u00e9s dans le termsheet et restent inchang\u00e9s pendant la dur\u00e9e du certificat.<\/li>\n<\/ul>\n<p>Si ces deux conditions sont remplies, les AMCs sont trait\u00e9s comme des certificats passifs (basket ou index) sur le plan fiscal, ce qui signifie que les gains li\u00e9s aux certificats sont consid\u00e9r\u00e9s comme des gains en capital priv\u00e9s et sont exon\u00e9r\u00e9s d\u2019imp\u00f4t pour les investisseurs priv\u00e9s suisses. Seuls les paiements compensatoires et le disagio d\u2019\u00e9mission initial sont consid\u00e9r\u00e9s comme des revenus imposables. Les gains en capital n\u2019ont donc pas besoin d\u2019\u00eatre report\u00e9s s\u00e9par\u00e9ment par l\u2019\u00e9metteur.<\/p>\n<h2>Comment les AMCs avec des instruments \u00e0 revenu fixe comme sous-jacents sont-ils trait\u00e9s fiscalement ?<\/h2>\n<p>Ces AMCs sont trait\u00e9s fiscalement en Suisse comme des investissements obligataires. Cela signifie que tout paiement, tel qu\u2019un int\u00e9r\u00eat ou un agio, est consid\u00e9r\u00e9 comme un revenu imposable. Les gains en capital priv\u00e9s r\u00e9alis\u00e9s lors de la vente de tels certificats sont g\u00e9n\u00e9ralement exon\u00e9r\u00e9s d\u2019imp\u00f4t.<\/p>\n<h2>Y a-t-il des r\u00e8gles fiscales sp\u00e9ciales pour les AMC dont les actifs sous-jacents sont des placements collectifs ?<\/h2>\n<p>Oui, il existe des r\u00e8gles fiscales sp\u00e9cifiques pour les AMCs ayant des placements collectifs comme sous-jacents. Ces AMCs sont consid\u00e9r\u00e9s comme des investissements fiscalement transparents en Suisse, ce qui signifie que tout revenu imposable g\u00e9n\u00e9r\u00e9 au niveau du placement collectif sous-jacent \u2014 qu\u2019il soit distribu\u00e9 ou accumul\u00e9 \u2014 est directement attribu\u00e9 \u00e0 l\u2019investisseur et impos\u00e9 comme revenu. Les gains en capital r\u00e9alis\u00e9s par le placement collectif sous-jacent sont en g\u00e9n\u00e9ral exon\u00e9r\u00e9s d\u2019imp\u00f4t pour les investisseurs priv\u00e9s, \u00e0 condition qu\u2019ils soient d\u00e9clar\u00e9s s\u00e9par\u00e9ment ou distribu\u00e9s avec un coupon s\u00e9par\u00e9. Ce traitement s\u2019applique qu\u2019il s\u2019agisse d\u2019un placement collectif suisse ou \u00e9tranger et garantit que les cons\u00e9quences fiscales pour l\u2019investisseur refl\u00e8tent les revenus et gains r\u00e9els g\u00e9n\u00e9r\u00e9s par le placement collectif sous-jacent.<\/p>\n<h2>Comment les AMCs sont-ils trait\u00e9s du point de vue de l\u2019imp\u00f4t anticip\u00e9 et du droit de timbre ?<\/h2>\n<p>L\u2019imp\u00f4t anticip\u00e9 suisse est pr\u00e9lev\u00e9 \u00e0 un taux de 35 % sur les paiements imposables et peut consid\u00e9rablement r\u00e9duire le rendement d\u2019un investissement. Cependant, les AMCs \u00e9mis par des \u00e9metteurs suisses ne sont en g\u00e9n\u00e9ral pas soumis \u00e0 l\u2019imp\u00f4t anticip\u00e9 suisse sur les distributions, paiements ou disagios, sauf dans le cas des AMCs avec des instruments \u00e0 revenu fixe (obligations) comme sous-jacents ou en cas d\u2019\u00e9vasion fiscale.<\/p>\n<p>Pour les AMCs avec des obligations comme sous-jacents, si un tel AMC est \u00e9mis par un \u00e9metteur suisse, les paiements sont soumis \u00e0 l\u2019imp\u00f4t anticip\u00e9 suisse.<\/p>\n<p>En ce qui concerne le droit de timbre suisse, les AMCs sur obligations sont soumis au droit de timbre s\u2019ils ont une dur\u00e9e d\u2019au moins un an. Les certificats d\u2019une dur\u00e9e plus courte (moins d\u2019un an) sont consid\u00e9r\u00e9s comme des instruments du march\u00e9 mon\u00e9taire et sont exon\u00e9r\u00e9s de droit de timbre. Pour les AMCs avec actions, mati\u00e8res premi\u00e8res ou placements collectifs comme sous-jacents, le traitement au regard du droit de timbre d\u00e9pend de l\u2019\u00e9metteur : si l\u2019AMC est \u00e9mis par un \u00e9metteur suisse, il est en g\u00e9n\u00e9ral exon\u00e9r\u00e9 de droit de timbre. S\u2019il est \u00e9mis par un \u00e9metteur \u00e9tranger, un droit de timbre suisse de 0,15 % par contrepartie s\u2019applique lorsqu\u2019il est n\u00e9goci\u00e9 via un n\u00e9gociant en valeurs mobili\u00e8res suisse (par ex. une banque suisse).<\/p>\n<p>L\u2019\u00e9quipe exp\u00e9riment\u00e9e de LINDEMANNLAW est \u00e0 votre disposition pour vous aider concernant les Actively Managed Certificates, la fiscalit\u00e9 suisse et les questions r\u00e9glementaires. Contactez-nous d\u00e8s aujourd\u2019hui pour des conseils juridiques clairs et pratiques adapt\u00e9s \u00e0 votre situation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Que sont les Actively Managed Certificates et pourquoi sont-ils une forme d\u2019investissement populaire ? Les Actively Managed Certificates (AMCs) sont des instruments financiers structur\u00e9s qui permettent aux investisseurs d\u2019acc\u00e9der \u00e0 un portefeuille g\u00e9r\u00e9 de mani\u00e8re professionnelle et ajust\u00e9 dynamiquement, via un seul titre n\u00e9gociable. Ils combinent des caract\u00e9ristiques de produits structur\u00e9s et de placements collectifs [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":21834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Actively Managed Certificates","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"D\u00e9couvrez le traitement fiscal suisse des Actively Managed Certificates (AMCs) et les pi\u00e8ges \u00e0 \u00e9viter pour les investisseurs 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