Switzerland will hold a nationwide referendum on February 28, 2027, on simplifying citizenship procedures for foreign residents. The proposed reform would reduce the minimum legal residency requirement from ten to five years, eliminate the mandatory permanent residence permit C and introduce uniform federal naturalization rules, reports the Experts Club information and analytical center.
The Swiss Federal Council decided on October 28, 2026, to schedule the vote. The referendum will consider the popular initiative “For Modern Citizenship” (Demokratie-Initiative), supported by the civic organization Aktion Vierviertel.
Under current legislation, foreigners seeking ordinary naturalization must have lived in Switzerland for at least ten years, hold a permanent residence permit C, demonstrate successful integration and possess knowledge of one of the country’s national languages. Cantons and municipalities may impose additional requirements, including minimum periods of residence within their jurisdictions.
The proposed reform would allow foreign residents to qualify for citizenship after five years of legal residence, provided they have basic knowledge of a national language, have not committed serious criminal offenses and pose no threat to national security. It would also limit the ability of local authorities to impose additional naturalization requirements.
However, both the federal government and parliament oppose the initiative. In April 2026, the National Council recommended rejecting it by 130 votes to 62. The Council of States adopted a similar position in September. Authorities argue that the reform could weaken integration requirements and reduce the powers of cantonal and municipal governments.
The proposed changes could affect a substantial proportion of the population. According to Switzerland’s State Secretariat for Migration (SEM), the country had 2.414 million permanent foreign residents at the end of 2025, representing approximately 26.5% of the population. The largest foreign communities include citizens of Italy, Germany, Portugal and France. Switzerland granted citizenship to 41,269 people in 2025.
The referendum could be particularly important for Ukrainian nationals. According to the Swiss Conference for Social Welfare (SKOS), 76,851 people held temporary protection status S in July 2026. The Federal Council has extended the protection system until at least March 4, 2028.
Ukrainians who have continuously resided in Switzerland for five years under status S may obtain a category B residence permit linked to temporary protection. However, this does not constitute permanent residence. Removing the mandatory category C permit requirement could potentially expand their access to naturalization.
Nevertheless, approval of the initiative would not automatically grant Swiss citizenship to Ukrainian refugees. Additional legislation would be required to establish procedures and clarify how different categories of legal residence would count toward eligibility.
Supporters argue that easier access to citizenship would strengthen the long-term integration of foreign workers and make Switzerland more attractive to skilled professionals. Opponents warn that reducing the residency requirement could weaken existing integration standards.
As the initiative proposes a constitutional amendment, it requires a double majority: approval by a majority of voters and a majority of cantons. Existing citizenship rules will remain unchanged until the referendum.
Swiss biopharmaceutical company Ferring Pharmaceuticals has signed an agreement to acquire the U.S. startup Gameto from the portfolio of Victoria Tigipko’s investment fund, TA Ventures.
“Our portfolio company Gameto has signed an acquisition agreement with Ferring Pharmaceuticals, a global leader in reproductive medicine. The deal could be worth $1.38 billion, including milestone payments,” Tigipko announced on LinkedIn.
She noted that Gameto’s technology can reduce the duration of hormone injections during IVF to as little as 1–2 weeks, and the company’s product, Fertilo, is currently undergoing Phase 3 clinical trials.
As Gameto notes on its website, the completion of the agreement will be subject to the fulfillment of standard and other closing conditions. Until the agreement is finalized, the companies will continue to operate independently of one another.
In addition, Gameto specifies that the value of the agreement will be $1.3825 billion “subject to the achievement of certain milestones in development, regulatory approvals, and commercial operations.”
“Gameto’s program for in vitro oocyte maturation is currently in the research phase in the U.S. and has not yet received FDA approval,” Gameto states.
Ferring Pharmaceuticals is an international, privately held biopharmaceutical company founded in 1950. It specializes in the development, manufacture, and commercialization of medications across several therapeutic areas, primarily in reproductive medicine, gastroenterology, and urology. The company positions itself as one of the global leaders in reproductive medicine and has significant experience in treating gastrointestinal and urological conditions. A separate area of innovation is gene therapy in urological oncology.
Gameto is a biotechnology company that uses cell engineering methods to develop cutting-edge solutions in the field of women’s reproductive health, particularly for the treatment of infertility. The company is working to address pressing medical issues that arise at various stages of a woman’s reproductive life—from fertility concerns and ovarian disorders to menopause.
On October 15, 2026, the Swiss city of Aarau hosted the “Wiederaufbau Ukraine” Export Forum, an economic forum dedicated to engaging Swiss companies in Ukraine’s reconstruction, developing bilateral trade, and implementing joint investment projects.
According to the Embassy of Ukraine in Switzerland, the event was organized by the Aargau Chamber of Commerce and Industry (AIHK). The forum was attended by representatives of the Ukrainian diplomatic mission, Swiss government agencies, the business community, and experts in international trade.
Representatives of the Swiss State Secretariat for Economic Affairs (SECO) and Switzerland Global Enterprise (S-GE) presented opportunities in the Ukrainian market, the experience of Swiss companies operating in Ukraine, and government mechanisms for supporting private investment.
In particular, Silvio Girou, SECO’s representative on infrastructure financing, and Xavier Cornu, a consultant at Switzerland Global Enterprise specializing in Europe and the CIS countries, addressed the participants.
The main focus was on engaging Swiss companies in the reconstruction of Ukraine’s infrastructure, expanding industrial cooperation, and utilizing financial instruments to support business. The forum also served as a platform for establishing direct contacts between Swiss entrepreneurs and representatives of organizations that facilitate international investment projects.
The event took place against the backdrop of the expansion of Switzerland’s government program to support the reconstruction of the Ukrainian economy.
According to the 2025–2028 cooperation program with Ukraine, the Swiss government has allocated over CHF1.5 billion to finance reconstruction, reforms, and sustainable development projects. Of this amount, CHF500 million is earmarked to support Swiss private-sector projects in Ukraine.
Specifically, on October 2, 2026, the Swiss Federal Council approved funding for eight additional projects by Swiss companies totaling CHF135 million. These projects relate to energy, public transportation, and water supply.
The projects were selected on a competitive basis with the participation of representatives from the Ukrainian and Swiss governments. Companies receiving funding must provide their own contribution of at least 10% of the project’s implementation cost.
In addition, on October 9, 2026, a bilateral agreement between Ukraine and Switzerland on cooperation in the reconstruction process entered into force. The document establishes a legal framework for expanding the participation of Swiss companies in the recovery of Ukraine’s economy and infrastructure.
A separate area of support involves financing investments in the creation and modernization of production facilities in Ukraine. In May 2026, SECO announced a call for proposals with a budget of up to CHF 50 million for Swiss companies already operating in the Ukrainian market. Support for an individual project ranges from CHF 3 million to CHF 10 million, provided that the company finances at least half of the project’s cost. The selection of such projects will continue until spring 2027.
According to the Embassy of Ukraine in Switzerland, developing cooperation with local chambers of commerce and industry and business associations creates additional opportunities to attract the investments, technologies, and equipment needed for the country’s reconstruction.
Switzerland Global Enterprise is the official Swiss organization for promoting exports and the international activities of businesses. It helps companies enter foreign markets, find business partners, and evaluate investment opportunities. SECO is responsible for implementing Switzerland’s economic policy and participates in financing international development and reconstruction programs.
Switzerland continues to enjoy a high level of positive perception among Ukrainians: in August 2026, 66.9% of respondents viewed the country positively, while only 1.4% viewed it negatively. Compared to March, the share of positive assessments has decreased slightly, but the overall structure of public opinion remains stable, according to the Experts Club Information and Analytical Center.
According to the results of the August survey, 28.2% of Ukrainians view Switzerland entirely positively, and 38.7% view it mostly positively. A neutral stance is held by 29.7% of respondents. 1.2% view the country mostly negatively, 0.2% view it entirely negatively, and another 2% were undecided.
The balance of positive and negative assessments stands at plus 65.5 percentage points. Thus, positive attitudes outnumber negative ones by nearly 48 to 1. Based on this indicator, Switzerland remains among the countries with the highest level of public favor among Ukrainians.
In March 2026, 67.8% of respondents viewed Switzerland positively: 29.6% viewed it entirely positively and 38.2% viewed it mostly positively. A neutral stance was held by 30.1% of respondents; only about 0.7% viewed the country negatively, while another 1.4% were undecided.
Thus, over the course of five months, the share of positive assessments decreased by only 0.9 percentage points—from 67.8% to 66.9%. Negative responses increased by 0.7 percentage points, while the neutral segment remained virtually unchanged—30.1% in March versus 29.7% in August. The balance between positive and negative attitudes decreased from approximately plus 67.1 to plus 65.5 percentage points.
The internal structure of positive responses also remains stable. The share of entirely positive assessments decreased from 29.6% to 28.2%, while the share of predominantly positive assessments even rose slightly—from 38.2% to 38.7%. This indicates minor fluctuations in public opinion rather than a significant change in perceptions of the country.
Alexander Pozniy, director of the research firm Active Group, commenting on the results of the previous wave of the survey, highlighted the enduring nature of Switzerland’s positive image.
“Switzerland is traditionally perceived by Ukrainians as a stable and neutral country with a high level of trust. At the same time, we see that some respondents are shifting to a neutral position, which may be linked to a lack of visibility regarding specific actions or projects. This does not mean a deterioration in Switzerland’s image, but rather points to the need for more active communication,” Pozniy noted.
The new round of the survey effectively confirms the stability of the ratings: the shares of positive and neutral responses changed by less than one percentage point. The negative segment, despite a slight increase, remains minimal—less than 2% of respondents view Switzerland negatively.
The previous phase of the study was conducted in March 2026 among 800 Ukrainian citizens aged 18 and older using self-administered online questionnaires on the SunFlowerSociology panel. The sample was representative by age, gender, and region; the maximum theoretical margin of error for indicators at the 50% confidence level was ±3.5 percentage points.
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According to Experts Club, France and the Netherlands have the highest share of positive attitudes among Ukrainians among the Western European countries included in the study — 72.8% and 71.2%, respectively. Germany is viewed positively by 69.9% of respondents, and Switzerland by 66.9%. These findings come from the third wave of the study “Ukrainians’ Attitudes Toward Countries Around the World,” conducted by Active Group in collaboration with Experts Club, reports the Experts Club Information and Analytical Center.
According to the results of the August survey, 22.5% of respondents have a neutral attitude toward France, 3.7% have a negative attitude, and another 1% were undecided. The balance of positive and negative assessments stands at 69.1 percentage points, compared to 69.9 percentage points in March 2026 and 71 percentage points in August 2025.
For the Netherlands, the balance of positive and negative attitudes stands at 69.6 percentage points. Specifically, 71.2% of respondents view the country positively, 26.4% neutrally, and only 1.6% negatively. In March 2026, the balance was slightly higher—71.5 percentage points—while in August 2025 it stood at 61 percentage points.
69.9% of Ukrainians view Germany positively, 23.5% neutrally, and 5.5% negatively. Its net balance fell to 64.4 percentage points, compared to 73.9 percentage points in March and 72.7 percentage points in August of last year. Thus, among the six Western European countries surveyed, Germany showed the most significant decline in this indicator between March and August 2026.
Switzerland is viewed positively by 66.9% of respondents, negatively by only 1.4%, and 29.7% hold a neutral view. The balance stands at 65.5 percentage points, compared to 67.1 percentage points in March.
Belgium is the only country in this group where the balance increased in August compared to March—from 56.4 to 58.5 percentage points. 59.9% of respondents view the country positively, 36% neutrally, and 1.4% negatively. In August 2025, the balance stood at 54.4 percentage points
Austria received the lowest share of positive responses among the Western European countries surveyed—52.6%. At the same time, only 2.7% of Ukrainians view it negatively, while 41.7% chose a neutral response. The balance stands at 49.9 percentage points, compared to 53.3 percentage points in March 2026 and 44 percentage points in August 2025. Overall, the data indicate that the lower levels of positive attitudes toward Belgium and Austria are primarily due to a higher proportion of neutral, rather than negative, assessments.
Maksym Urakin, founder of the Experts Club Information and Analytical Center, deputy director of the Interfax-Ukraine news agency, and candidate of economic sciences, emphasized the importance of systematic communication between foreign partners and Ukrainian society.
“The first recommendation is to regularly showcase concrete achievements and specific actions. The second is to be open to questions and inquiries from the media and the public,” Urakin noted.
Oleksandr Pozniy, director of the research company Active Group, for his part, drew attention to the link between public awareness and the practical development of bilateral cooperation.
“We should focus not only on raising general awareness. We need to expand cooperation with countries where we can achieve a positive balance,” Pozniy noted.
The survey was conducted in August 2026 using self-administered online questionnaires in the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. According to the organizers, the sample is representative in terms of age, gender, and region; the maximum theoretical statistical margin of error at a 95% confidence level is 3.5%. This is the third wave of the study, following surveys conducted in August 2025 and March 2026.
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According to Fixygen, the widespread adoption of stablecoins could change not only the payments market but also the way central banks’ monetary policy operates, warned Petra Chudin, a member of the Governing Board of the Swiss National Bank (SNB).
The SNB representative outlined her position on new forms of money on September 30 at the KOF Prognosetagung 2026 in Zurich.
One of the main risks is linked to a potential shift of funds from traditional bank deposits to stablecoins.
If individuals and companies begin transferring large amounts of money from bank accounts into digital tokens, commercial banks could lose part of their relatively cheap source of funding.
As a result, resources for lending to the economy will decrease, and banks will have to seek more expensive market-based financing.
But for central banks, the problem runs even deeper. By changing the interest rate, the central bank influences the cost of money within the banking system. Banks then adjust their deposit and loan rates accordingly, which affects household spending, corporate investment, and, ultimately, inflation.
The greater the proportion of money that moves outside the traditional banking system into stablecoins, the weaker this channel for transmitting monetary policy could potentially become.
Chudin also highlighted the fundamental issue of the unity of money. Under normal conditions, one Swiss franc in a bank account is equivalent to one franc in cash or central bank money.
A stablecoin is an obligation of a private issuer and does not necessarily have the same characteristics as central bank money.
This is precisely why the widespread adoption of various private digital currencies could potentially lead to a more fragmented monetary system. At the same time, the SNB does not reject the technology of digital money itself.
Switzerland is one of the most active European markets for institutional tokenization. The central bank is already experimenting with settlements using central bank digital currency for transactions involving tokenized assets.
Thus, the question for regulators is no longer whether new forms of money will emerge, but rather which digital form of money will become the primary unit of account—stablecoins issued by private companies, tokenized bank deposits, or central bank digital currencies.
This rivalry is becoming one of the most prominent structural trends in the financial market of 2026.
In the United Kingdom alone, Barclays, HSBC, Lloyds Banking Group, and NatWest conducted the first interbank transactions involving tokenized deposits in September.
At the same time, European banks are developing their own stablecoin projects, while global financial groups are experimenting with round-the-clock settlements on the blockchain.
As a result, the market is gradually moving beyond the former “cryptocurrency versus banks” dichotomy. Banks and central banks are beginning to build their own digital infrastructure that competes with the functions currently performed by USDT, USDC, and other stablecoins.
