Direct democracy Switzerland: How To
Your browser is out of date. It has known security flaws and may not display all features of this websites. Learn how to update your browser[Close]

Tax declaration

Cantonal banks opt in to US tax deal

A number of banks announced they do want to be part of the tax programme with the US (Keystone)

A number of banks announced they do want to be part of the tax programme with the US


Several cantonal banks announced on Monday that they will be taking part in the US tax declaration programme aimed at enabling them to escape prosecution for not revealing information regarding possible US tax evaders.

The larger financial institutions – Aargau, St. Gallen, Zug, Graubünden, Lucerne, Vaud, Geneva and Nidwalden - acting upon the advice of Swiss Financial Market Supervisory Authority (FINMA), have opted to place themselves in category two on the grounds that they cannot rule out the possibility that they may have clients who evaded taxes in the US.

The cantonal bank of Schwyz chose category four, stating it did not have US residents as clients and had very few clients with an American passport. Fewer than 2% of all the bank’s customers come from outside of Switzerland or the EU.

The cantonal banks of Basel Country, Appenzell, Glarus and Uri have also joined this category.

Swiss banks have until the end of the year to take part in the deal struck with the US and signed in August.

There are four categories in total; the first group consists of the 14 banks already under investigation, including UBS, Credit Suisse and the Zurich and Basel cantonal banks.

The second category is for banks that know or suspect that they have clients who have committed tax evasion offences in the US. Some banks, such as the Valiant group, have placed themselves in this category on the grounds that they cannot know if individual clients have failed to declare their assets.

The third group is for those who have US customers, but believe they are fully compliant with the tax regulations, and the fourth is for those whose non-local customers make up less than 2% of the total. and agencies

It is only permitted to use a hyperlink to specific SWI content on the website of the party requesting the content or the website of a third party. The framing of content from SWI is only allowed if it is unchanged, without advertising.

Articles can be copied and used if these guidelines are followed:

The article can only be used if it clearly mentions “[author],” For any further use, please send an email to: The editorial content on SWI adheres to the guidelines, rights and duties specified by the Swiss Press Council. If content not adhering to those outlined by the Press Council are found on third-party website displaying SWI content, SWI can demand that all SWI content be removed from the corresponding pages.