If I remember correctly, the calculation is exactly the same for real estate in another canton. You pay taxes on real estate to the canton/municipality it’s located in but the tax rate is calculated based on the total income/wealth.
This seems perfectly fair to me within Switzerland - it wouldn’t make any sense to pay less taxes in total just because your second property is in a different canton (with identical tax rates). And it doesn’t seem any less fair to generalize this when multiple countries are involved. One can argue about what tax brackets make most sense but I see no reason at all to complain about the general approach.
Debt and interest are allocated based on your assets for the purposes of Swiss taxation. You can use this in your favour if you an investor in overseas real estate
Example: You have 900k taxable assets in Switzerland and you own a property overseas worth 100k. 90% of any mortgage debt and interest could be deducted from your Swiss wealth and income. The interest may even be fully deductible in the country where the property is located.
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