Switzerland’s Plan to Abolish Bank SecrecyApril 16, 2015
Switzerland plans to lift their veil of bank secrecy in order to adhere to tax information requests.
Switzerland has proposed two drafts of legislation that will end their veil of bank secrecy that has been going on for decades. As of now, the country reveals information about foreigners holding offshore accounts in the nation only if it receives a request from a foreign tax authority. Currently, Swiss banks hold $2 trillion of foreigners’ secret funds, more than any other country in the world.
What will happen if legislation is passed?
The Swiss government has launched a three month consultation on both pieces of legislation and if the proposals are accepted:
- Switzerland will automatically exchange (with certain foreign tax officials) information like foreign account holders’ names and bank balances.
Read our article, “Swiss Plan to Lift Banks’ Veil of Secrecy” to learn more about what will happen if legislation is approved.
Questions? Contact any member of our Global Tax Services Team.