2023 CRS Reporting - Switzerland
A brief update and list of Switzerland's partner jurisdictions (status per 24 April 2023).
Each Swiss reporting Financial Institution (FI) – including a Trustee-Documented Trust (TDT), albeit through its trustee – is required to submit its annual report to the Federal Tax Administration (FTA) by 30 June to comply with its obligations under the Common Reporting Standard (CRS) for Automatic Exchange of Information (AOEI). If the FI did not maintain any reportable accounts during the relevant reporting period, it is still required to submit a nil return to this effect.
The State Secretariat for Finance (SIF) maintains a complete and up-to-date list of Switzerland's partner states. For the reporting period 2022, subject to reporting by June 2023, Switzerland has three new partner states: Kazakhstan, Maldives and Oman. Below listed are all Switzerland's partner jurisdictions (status per 24 April 2023):
As from reporting period 2017
- Australia
- Austria
- Belgium
- Bulgaria2
- Canada
- Croatia
- Cyprus
- Czechia
- Denmark
- Estonia
- Finland3
- France3
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Japan
- Jersey
- Latvia
- Lithuania
- Luxembourg
- Malta
- Netherlands3
- Norway
- Poland
- Portugal3
- Romania2
- Slovakia
- Slovenia
- South Korea
- Spain3
- Sweden
- United Kingdom
As from reporting period 2018
- Andorra
- Argentina
- Barbados
- Belize2
- Bermuda1
- Brazil
- British Virgin Islands1
- Cayman Islands1
- Chile
- China
- Colombia
- Cook Islands
- Costa Rica2
- Curaçao
- Faroe Islands
- Greenland
- Hong Kong
- India
- Indonesia
- Liechtenstein
- Malaysia
- Mauritius
- Mexico
- Monaco
- Montserrat2
- New Zealand
- Russia5
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines2
- San Marino
- Saudi Arabia
- Seychelles
- Singapore
- South Africa
- Turks and Caicos Islands1
- Uruguay
As from reporting period 2019
- Anguilla1
- Antigua and Barbuda
- Aruba2
- Bahamas1
- Bahrain1
- Grenada
- Israel
- Kuwait1
- Marshall Islands1
- Nauru1
- Overseas municipalities of the NL (Bonaire, Saint Eustatius, Saba)
- Panama
- Qatar1
- United Arab Emirates1
As from reporting period 2020
- Azerbaijan
- Dominica2
- Ghana
- Lebanon5
- Macao2
- Pakistan
- Samoa2
- Vanuatu2
As from reporting period 2021
- Albania
- Brunei Darussalam2
- Nigeria
- Peru
- Turkey
As from reporting period 2022
- Kazakhstan
- Maldives
- Oman2
As from reporting period 2023
- Ecuador
- Jamaica
- New Caledonia1
- Sint Maarten2
Still open4
- Niue2
- Trinidad and Tobago2
1 These jurisdictions have declared themselves to be "permanent non-reciprocal jurisdictions", i. e. they supply account information to the partner jurisdictions on a permanent basis but do not receive such data.
2 These states and territories have declared themselves as "temporary non-reciprocal jurisdictions", i.e. they will initially provide information on financial accounts but will not receive such information until they meet the requirements of the AEOI standard in the area of confidentiality and data safeguard. Reporting Swiss financial institutions must collect the relevant data from the time of activation of AEOI and forward them to the Federal Tax Administration within the specified period. However, the Federal Tax Administration will only forward this data to the partner states if they fulfil the conditions for reciprocal data exchange and if an updated audit by the Global Forum confirms this.
3 The bilateral AEOI agreement with the EU applies for all 27 EU member states and is also applicable for the Åland Islands, the Azores, French Guiana, Guadeloupe, the Canary Islands, Madeira, Martinique, Mayotte, La Réunion and Saint Martin.
4 These states and territories do not yet fulfil the conditions for activating the AEOI. The rights and obligations arising from the agreements are therefore not effective. In particular, there is no obligation on the reporting financial institutions to collect financial account information and transmit it to the competent authority. Switzerland will only notify these states and territories as AEOI partners once they meet the requirements of the global AEOI standard and declare their interest in introducing the AEOI with Switzerland. The AEOI is always activated on 1 January of each year.
5 Data transmission to Russia is currently suspended. The other rights and obligations arising from the relevant agreements remain unaffected by the Federal Council's decision, such as in particular the obligation of reporting financial institutions to collect and transmit to the FTA the financial account data of tax residents in Russia.
Do not hesitate to get in touch if you need have questions or need assistance in fulfilling your CRS duties. Our expert team offer the full range of advisory and reporting services to ensure compliance with your due diligence, reporting and other obligations.
