Automatic information exchange

2017 bank account information will be exchanged with 100 countries starting 01 January 2018

The Federal Assembly has adopted the Federal Act on Automatic Information Exchange to become effective on 01 January 2017. Consequently, the bank account information of 2017 will be exchanged with more than 100 other countries in 2018.

Automatic information exchange The account holder’s name and address as well as their fiscal jurisdiction is exchanged. For natural persons, the date and place of birth are also included in the exchange. Furthermore, the account-managing bank and account number are forwarded. The account information contains the balance, earnings and possible disposal proceeds. People with their fiscal domicile in Switzerland are obligated to declare their entire global income and assets in their Swiss tax return. A non-punishable voluntary disclosure is recommended for any untaxed money. Upon a non-punishable voluntary disclosure, the taxes of the last ten years and the default interest are charged.

When the Swiss fiscal authorities learn of the existence of a foreign bank account through AEOI, they will initiate supplementary tax proceedings on their own initiative. This would be grounds for a fine in addition to the taxes of the last ten years and the default interest. The amount of the fine is usually the same as the tax amount itself.