Switzerland CRS: Switzerland reported on over three million financial accounts under the automatic exchange of information in 2019

Emelie Mahler
Emelie Mahler
Senior Manager, Head of Regulatory
Switzerland CRS: Switzerland reported on over three million financial accounts under the automatic exchange of information in 2019

In a press release on 7 October 2019, the Swiss Federal Tax Administration (FTA) announced that Switzerland has exchanged information on financial accounts with over 60 countries in 2019 under the Common Reporting Standard (CRS).

In a press release on 7 October 2019, the Swiss Federal Tax Administration (FTA) announced that Switzerland has exchanged information on financial accounts with over 60 countries in 2019 under the Common Reporting Standard (CRS).

In the first year of exchange (2018), the FTA announced that Switzerland were to exchange information under CRS with the 28 EU member states as well as with Australia, Canada, Guernsey, Iceland, Isle of Man, Japan, Jersey, Norway and South Korea by the end of September 2018. No information was transmitted to Cyprus and Romania as these states did not meet the international requirements on confidentiality and data security. Transmission from Australia, Croatia, Estonia, France and Poland was delayed. Around 7’000 Swiss Financial Institutions were registered with the FTA, and around two million financial accounts were reported to the partner states.  

In 2019, the automatic exchange of information network had extended to 75 countries. A reciprocal and timely exchange has taken place with 63 of these countries. From the remainder of the countries, Switzerland received information but did not provide any, either because the countries in question do not yet meet the international requirements on confidentiality and data security (Belize, Bulgaria, Costa Rica, Curaçao, Montserrat, Romania, Saint Vincent and the Grenadines and Cyprus) or because they have chosen not to receive information (Bermuda, British Virgin Islands, Cayman Islands and Turks and Caicos Islands). This year around 7’500 Swiss Financial Institutions are registered with the FTA. Over three million financial accounts were subject to reporting to the different partner states. The largest exchange – in both directions – took place with Germany.

For 2020, Switzerland is intending to expand its network of partner states to around 90 countries.

Information about the current stand of exchange agreements with partnership states, as well as any reservations, can be found on the homepage of the Swiss State Secretariat for International Finance (SIF).

If you have any questions or are interested in CRS reporting services, please do not hesitate to reach out to our  CRS and FATCA experts, or email crs@kendris.com

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