On Tuesday, the Senate followed the House of Representative’s lead and approved a new batch of countries for automatic exchange of financial information (AEOI). This means Switzerland will provide details of bank accounts held by their citizens (or those with a fiscal residence in Switzerland).
In return, Switzerland will receive information on banking details of accounts held by Swiss citizens/residents in these partner countries.
The 18 countries are Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, Saint Martin, Trinidad and Tobago and Vanuatu.
Turkey was also up for consideration, but the Senate decided it was not yet ready for automatic exchange. The country’s recent incursion into Syria created doubts on its ability to guarantee data protection.
So far, Switzerland receives financial data from 75 countriesExternal link and shares data with 63. This is because they did not either meet data security and confidentiality requirements (Belize, Bulgaria, Costa Rica, Curaçao, Montserrat, Romania, Saint Vincent and the Grenadines, Cyprus) or chose not to receive Swiss data (Bermuda, British Virgin Islands, Cayman Islands, Turks and Caicos Islands).
Recently the Swiss authorities revealed that they 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. In return, it received information on banking details of around 2.4 million accounts held by Swiss citizens/residents in 75 partner countries.
More
More
Swiss Politics
Switzerland in the age of automatic exchange of banking information
This content was published on
A year ago, Switzerland began to pass on data on the bank accounts held by foreigners in Swiss banks to around 30 countries.
Switzerland could produce up to 5Mt of emissions annually by 2050
This content was published on
Two to five megatonnes of CO2 equivalents per year: this is the amount of greenhouse gas emissions that Switzerland is still expected to produce annually in 2050, a new study shows.
US tariffs putting 100,000 jobs at risk in Switzerland
This content was published on
US tariffs of 39% on Swiss imports will directly affect 100,000 jobs, mainly in the watchmaking, machinery, metals, and food industries, economiesuisse warns.
This content was published on
Switzerland has released CHF4 million (nearly $5 million) to help Sudan, which has been severely affected by famine and cholera.
Switzerland rejects new Israeli settlements in Palestinian territory
This content was published on
Switzerland says it rejects the announced construction of thousands of housing units in the Israeli-occupied Palestinian West Bank.
Larry Finck and André Hoffmann named interim co-chairs of WEF board
This content was published on
The WEF also revealed an investigation commissioned by the board has cleared its founder Klaus Schwab and his wife of accusations made by anonymous whistleblowers.
Vice-president of German parliament in favour of Switzerland joining EU
This content was published on
The vice-president of the Bundestag says his country should support closer ties between Switzerland and the European Union given the customs conflict with the United States.
Lindt & Sprüngli reportedly considering shifting Easter bunny production to US
This content was published on
Swiss chocolate manufacturer Lindt & Sprüngli could relocate the production of its gold-wrapped Easter bunnies to the US in order to circumvent the import tariffs imposed by the Trump administration.
Swiss petition launched against curbing 30km/h speed limit
This content was published on
The Traffic Club of Switzerland (TCS) has submitted a petition to the Federal Chancellery, challenging the 30km/h speed limit on local roads.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.