Starting Position
The Hartmann-Walker family (anonymised) is a bi-national German-British family in its second generation. The senior partner (58) has led the London private-equity division of a top-15 global fund for 18 years — cumulative carried interest CHF 140M, family-office capital CHF 80M (real estate UK, US equity, FoF). Four NextGen children (24, 27, 29, 32) — three in banking in London/New York, one in academia at Cambridge.
The trigger for engaging Beherzig: the UK non-dom abolition 2025, combined with the planned carried-interest reform 2026 (shift from 28% CGT to income tax of up to 45%). The Hartmann-Walkers were seeking:
- Lump-sum taxation in the Canton of Grisons (St. Moritz/Pontresina) for a year-round residence
- A heritage chalet on the Suvretta plateau as a multi-generational anchor
- A Liechtenstein foundation to structure carried-interest advance gains
- An ESG retrofit component (an upmarket Engadine heritage chalet without loss of character)
- Access to Suvretta House hotel membership as a cultural anchoring element
Beherzig Solution: 4-Phase Mandate with ESG Component
Phase 1: Pre-migration London + carried-interest structuring (months 1–3)
- Preliminary lump-sum taxation opinion for the Canton of Grisons with BDO Chur (assessment base CHF 850,000)
- UK carried-interest pre-reform payout optimisation with Macfarlanes London (Q3 2025 window)
- Liechtenstein foundation preparation with Marxer & Partner (Vaduz) — carried-interest vehicle CH
- Beherzig off-market search profile: Suvretta plateau / Champfèr / Pontresina, ≥CHF 28M, heritage chalet, mountain-panorama view, ESG-retrofit capable
Phase 2: Property sourcing Engadine (months 3–6)
- Beherzig Confidential Pool: 6 NDA-protected Suvretta/Champfèr/Salastrains candidates identified
- 4 private viewings with the senior partner + wife (winter Q4 2025 + summer Q2 2025)
- Preference for the Suvretta plateau chalet (built 1908, 1,150 m² living space, 5,200 m² of land, Piz Bernina view)
- Off-market negotiation with the vendor family (heirs of a Milanese industrialist, 5 generations of Suvretta ties)
- Final price: CHF 32M (+22% relative to the public level of the Suvretta plateau Q4 2025)
Phase 3: Closing + foundation set-up (months 6–9)
- Liechtenstein foundation established (foundation board: 2 Marxer partner lawyers + Hartmann-Walker senior partner)
- Chalet acquisition directly through the foundation (Lex Koller authorisation GR granted — Suvretta as a recognised premium tourism location)
- Lump-sum taxation ruling for the Canton of Grisons signed (CHF 850,000 assessment base)
- UK pre-reform carried-interest payout Q3 2025: CHF 28M settled at 28% CGT (ahead of the reform cut-off date)
- The Hartmann-Walker family officially relocates to Suvretta-St. Moritz (Q4 2025)
Phase 4: ESG retrofit + Suvretta membership + NextGen (months 9–11)
- Heritage chalet Minergie-A retrofit: CHF 5.8M investment, 16 months of construction, UNESCO-certified (no loss of heritage character)
- Heating-energy reduction -81%, heat recovery + geothermal probe 280m, Engadine larch restoration
- Suvretta House hotel member status registered (family membership, multi-generational)
- NextGen sub-allocation: CHF 8M per child in a Liechtenstein foundation sub-fund, annual family council
Outcome 14 Months Post-Closing (Q1 2026)
Tax Optimisation
- UK pre-reform 2025: ~CHF 6.8M income tax + CGT (carried interest @ 28%) + full tax on family-office income
- UK post-reform 2026 (hypothetical): ~CHF 11.4M (carried interest @ 45% income tax, non-dom abolition fully in effect)
- Switzerland lump-sum Grisons post-2026: ~CHF 380,000/year (assessment base CHF 850,000 × 32% effective)
- Saving vs. UK 2025: ~CHF 6.4M per year (-94%)
- Multi-generational effect: ~CHF 32M in tax savings 2026–2030 + CHF 28M pre-reform carried interest secured
ESG Retrofit + Heritage Protection
- The Suvretta plateau chalet operates post-retrofit as Minergie-A — heating energy -81%
- UNESCO Engadine conservation-compliant: larch façade, wooden-shingle roof, original parlours — restored following the Q1 2026 construction handover
- Geothermal probe at 280m depth covers 92% of the heat demand (Grisons energy-concept standard)
Generational Handover + Suvretta Heritage
- The Suvretta plateau chalet becomes a 7-generation anchor — summer family council in August + Christmas in the Engadine
- Suvretta House membership opens up a cultural network (Engadin Festival, Cresta Run, St. Moritz Polo)
- The NextGen sub-allocation gives the 4 children CHF 8M of investment autonomy each + a mentoring path with the senior partner
- The Hartmann-Walker Engadine Heritage Foundation (CHF 4M seed funding) finances apprenticeships in heritage renovation
Key Learnings for UK PE Partner Clientele
1. The 2025 carried-interest reform window was critical. UK PE partners with pre-reform carry pots settled substantial volumes at 28% CGT in Q3 2025 — ahead of the reform taking effect in Q1 2026. Beherzig coordinated with Macfarlanes London for a 47-day early closing sequence.
2. St. Moritz as a year-round residence is a premium location advantage. Lump-sum taxation in Grisons at a CHF 850,000 assessment base + Engadine quality of life + a direct connection to Zurich (3h15) is optimal for UK PE partners with a global travel pattern.
3. An ESG retrofit for heritage chalets is value protection. Suvretta plateau chalets without Minergie-A status will lose up to -25% in value from 2030 (Grisons energy concept). A CHF 5.8M retrofit investment is not a cost — it is asset protection.
4. Suvretta House membership is a social anchor. Heritage chalets alone do not create a sense of belonging — membership in local institutions (Suvretta House, Cresta Run, Engadin Polo) creates the emotional multi-generational bond. Beherzig guides clients through the membership application process.