# Investment dilemma \>\> Real Estate vs ETF?

**URL:** https://forum.mustachianpost.com/t/investment-dilemma-real-estate-vs-etf/12323
**Category:** Share your story
**Created:** [March 29, 2024, 1:18pm UTC](https://forum.mustachianpost.com/t/investment-dilemma-real-estate-vs-etf/12323 "2024-03-29T13:18:55Z")
**Posts on this page:** 1
**Showing post:** 37

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### Author: ![Abs\_max](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/abs_max/32/12379_2.png) [@Abs\_max](https://forum.mustachianpost.com/u/Abs_max)
#### Post date: [August 3, 2024, 9:47am UTC](https://forum.mustachianpost.com/t/investment-dilemma-real-estate-vs-etf/12323/37 "2024-08-03T09:47:55Z")

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**For ISINs tracking S&P 500**

Ticker - VOO ( US9229083632)  
Most tax efficient and cost efficient ISIN for Swiss residents for exposure to S&P 500.  
Assumption - you are able to claim full DA-1 refund. Some tax payers due to their mortage etc cannot get full refund and hence advantage reduces.  
This option has higher tax efficiency for dividends but it subject to [US Estate tax jurisdiction](https://forum.mustachianpost.com/t/estate-tax-treaty-us-switzerland-2024/12362).

If you seek UCITS version in order to avoid jurisdiction of US Estate taxes or for other reasons.  
Ticker - SPY5 (IE00B6YX5C33)  
This option has lower tax efficiency for dividends but it is not subject to US Estate tax jurisdiction. Comparison for dividend tax efficiency for Swiss residents below

| | VOO | SPY5 |
| --- | --- | --- |
| TER | 0.03% | 0.03% |
| Dividend yield | 1.35% | 1.35% |
| Dividend yield after US WHT | 1.15% | 1.15% |
| DA-1 refund | 0.20% | |
| Effective Taxable yield | 1.35% | 1.15% |
| | | |
| _ **Post Tax dividend yield** _ | | |
| Case 1 -: 30% Marginal Tax | 0.95% | 0.80% |
| Case 2 -: 40% Marginal Tax | 0.81% | 0.69% |

_Two comments_

- I am assuming your decision to invest in S&P 500 **is not** driven by historical returns and are driven by your conviction about future returns. If not, then consider regional diversification. [Ben Felix S&P 500](https://youtu.be/RR7e1Y-HJxQ?feature=shared)
- Brokerage -: Saxo does not allow buying US domicile ETFs for standard investors, you would need to sign a waiver. Please check upfront with them. IBKR & Swissquote allow US ETFs to standard clients. IBKR, Swissquote, Degiro, Saxo and more brokers allow UCITS ETFs

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