The tax situation also obviously depends on the investors' tax residence. For example in Switzerland, private investors don't have to pay taxes on capital gains

The tax situation also obviously depends on the investors' tax residence. For example in Switzerland, private investors don't have to pay taxes on capital gains. And many countries have a flat tax for dividends and don't consider them income. But then dividends are often additionally taxed at the source, even though you can reclaim it in some cases.