In theory yes, BUT tax authorities thought of that before you... Sale of sares of a company that holds mainly real estate is assimilated to the sale of the real estate itself and therefore, subject to real estate capital gain tax. Nevertheless, as this is a cantonal regulation, this highly depends on where the individual is resident, where the company is registered and where the real estate is located. In some cantons, sale of shares in a so-called "real estate company" are also subject to the real estate transfer tax...