The Alpine nation shared financial account details with 66 partner countries this year as part of a global automatic exchange of information (AEOI) treaty.  

On Friday, the Swiss Federal Tax Administration revealed that it had provided details of around 3.1 million bank accounts held by foreigners (or those with a fiscal residence abroad) to their countries of origin or residence. Around 8,500 financial institutions like banks, trusts and insurers participated. This is part of an annual exercise since 2017 when Switzerland decided to implement a global agreement aimed at preventing tax evasion.  

“Identification, account and financial information is exchanged, including name, address, country of residence and tax identification number, as well information concerning the reporting financial institution, account balance and capital income,” said the Federal Tax Administration in a statementExternal link on Friday. 

In return, the Alpine nation received information on the banking details of around 815,000 accounts held by Swiss citizens/residents in 86 partner countries. This is much lower than the previous year when it received data on 2.4 million accounts in 75 partner countries. This is because 38 countries have postponed the sharing of data with Switzerland due to technical difficulties caused by the Covid-19 pandemic. They will supply the data by the end of year. 

Switzerland received information from 20 countries but did not reciprocate “either because those countries do not yet meet the international requirements on confidentiality and data security (nine countries) or because they chose not to receive data (11 countries)”. 

Countries that shared data with Switzerland for the first time include Anguilla, Aruba, Bahamas, Bahrain, Grenada, Israel, Kuwait, the Marshall Islands, Nauru, Panama and the United Arab Emirates.