For individuals resident in Switzerland, Swiss bank confidentiality is not effected by the implementation of the new global standards of the automatic information exchange (AIA). However, tax fraud and serious tax evasion make it possible to repeal bank confidentiality.
All Swiss taxpayers with accounts, real estate, investments or pensions abroad, which have not been declared in Switzerland, should consult a tax expert. In most cases a voluntary declaration (self-denunciation) is advisable, as early as in 2017 to avoid high fines additionally to regular tax payments.
In suspicious cases, it is possible for the tax authorities can to make inquiries, which can result in a voluntary declaration with impunity.
We will gladly assist you in resolving your uncertainties or tax issues regarding undeclared income and/or financial assets.
AUTOMATIC INFORMATION EXCHANGE (AIA)
The Following information is transferred:
- Name and address
- The investor‘s date and place of birth
- Tax identification number (TIN: participant identification number)
- Interest and dividends
- Income from specific insurance contracts
- Account balances and revenue from selling financial assets
The Swiss Tax Administration (EStV) is responsible for the execution of the automatic information exchange (AIA). All the states with major centres for finance have introduced the automatic information exchange.
DOUBLE TAXATION AGREEMENTS (DBA)
The Swiss legislation requires you to declare your universal income and assets in Switzerland. Switzerland has contracted more than 100 double taxation agreements with other countries. .
If foreign income or assets are not declared in Switzerland and this is discovered, the tax authorities will initiate criminal proceedings for tax evasion or tax fraud.