Automatic Exchange of Information (AEoI)
On January 1 2017, the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEI Act) entered into effect in Switzerland. The AEI Act implements the OECD’s Common Reporting Standard (CRS), which has become a standard for the international exchange of information on financial accounts. To date, more than 100 countries have committed to implement the CRS. The AEI Act obliges Swiss banks to document the tax residence of their clients. Accounts of clients who are tax resident in a reportable jurisdiction and who do not act as financial institution by themselves must be reported by Swiss banks to the competent authorities. Please find a list of the current reportable jurisdictions on the website of the Swiss Secretariat for International Financial Matters SIF.