Axion Swiss Bank SA | Viale S. Franscini 22| CH 6901 Lugano | Switzerland
Automatic Exchange of Information
1. What is the Automatic Exchange of Information?
First of all: what do we mean when we talk about “Automatic Exchange of Information” (AEOI)? On the back of the recent financial and debt crisis, the battle against tax evasion has aroused widespread interest in the international community and by mid-2014 the Organization of Economic Cooperation and Development (OECD) developed a new Standard for Automatic Exchange of Financial Account Information in Tax Matters, based on the United States Foreign Account Taxpayer Compliance Act (FATCA). Approximately 100 countries – among them Switzerland - have already declared their intention to adopt the standard. To enact the AEOI, bilateral agreements between participating countries will have to be signed.
2. How does it work
3. Information and documentation
Axion SWISS Bank SA at the end of October 2016 provided a first communication to its customers regarding the AEOI. Below you can find this communication:
4. Countries that committed with the OECD to signing agreements for the automatic exchange of information
5. Partner States that agreed to the AEOI with Switzerland
The situation is constantly evolving. Visiting the specific page on the Federal Administration website (click here) you can access an up to date list of partner states that agreed to the AEOI with Switzerland or that have planned to enter into negotiations.
6. Timeline to implement the AEOI
7. Useful information for clients
On the website of the OECD it is possible to find more information about the AEOI standards. Amongst the information available, we would like to point out the following two that are of practical use: