Automatic exchange of information

Automatic exchange of information in tax matters

The global promotion of tax transparency has become an important matter for the global community as a result of the financial and debt crisis.

The OECD has enacted a new global standard for the international automatic exchange of information in tax matters (AEOI). Switzerland is also committed to its implementation.

From January 01, 2017, Swiss financial institutes must clarify the tax residency of their customers. If the customer is an international tax resident, or unrefuted evidence exists in this regard, financial institutes are obliged to report this to the Swiss Federal Tax Administration (SFTA), if Switzerland has concluded an AEOI agreement with the respective state. From 2018, the SFTA shall exchange information on financial accounts and life insurance contracts with tax authorities in the AEOI partner states.

It is the responsibility of the policyholder or beneficiary of the policy/account to clarify independently whether and/or to what extent the assets or the resulting income are liable for tax. Zurich does not provide tax advice. Thank you very much for your understanding.

The Swiss State Secretariat for International Financial Matters (SIF) offers more information on this subject as well as on the current situation of the agreements concluded with the AIA partner states.

What information will be exchanged?

Information on the taxpayer

  • Name
  • Address
  • Date of birth
  • Tax residency
  • Tax identification number

Information on the financial account/life insurance contract

  • Account and policy number
  • Account balance or value
  • Account interest/earnings and capital redemption transactions
  • Surrender value of redeemable life and annuity insurance contracts as well as capital redemption transactions
  • Payments, e.g. in the event of expiration, surrender, annuities or benefit cases

When will the tax data first be exchanged?

Zurich is obliged to collect the relevant data from January 01, 2017 and report to the SFTA by the end of June the following year. The first notification for the values for 2017 will take place at the end of June 2018.

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