Automatic Exchange of Information
From 2018, Switzerland will on an annual basis automatically send information about financial accounts held by foreign taxpayers with Swiss banks to the corresponding foreign countries of residence. The information sent in this respect (name, address, account balance, etc.) often forms the basis for a specific request for administrative assistance placed with Switzerland by a foreign government. The account holder’s country of residence will place such a request for administrative assistance with Switzerland in order to be able to perform a proper tax assessment on the taxpayer, provided that the Swiss financial account was not properly declared abroad, of course. In this respect, it is irrelevant whether it is an existing financial account or a new one. All financial accounts will in future be reported to the foreign states.
In this context, we also refer to our article on international tax collection in Switzerland. If you have not declared taxable financial accounts in your country of residence, Switzerland will not only exchange information in future but also be able to enforce foreign tax claims in Switzerland on behalf of the foreign tax authority concerned.
Are you potentially affected by such a request for administrative assistance? Or do you fear tax collection in Switzerland? We will be happy to assist you and help you to protect your interests.