CH - FATCA Switzerland and United States agree on Reciprocal Exchange of Financial Data

Switzerland is currently implementing the FATCA agreement according to Model 2. This means that Swiss financial institutions must pass on the data of US customers directly to the US tax authorities with their consent.

The Federal Council decided to introduce the automatic exchange of information. He then instructed the Federal Department of Finance to start negotiations with the United States with a view to switching from model 2 to model 1. The latter provides that the tax authorities of the two countries concerned exchange information on financial accounts reciprocally.

The implementation of the FATCA agreement requires a change in national law. In Switzerland, this is the responsibility of the Federal Chambers. The current timetable provides that the model change will come into effect on January 1, 2027.