FATCA and Switzerland

205 thoughts on “FATCA and Switzerland”

1. “UBS Broaches Swiss Tax Taboo”

   The fallout from the tax disputes with the U.S., Germany and other countries has meant that Swiss banks have demanded proof from customers domiciled abroad that monies received have been properly taxed. …

   UBS is apparently now also targeting persons domiciled in Switzerland, who either have a numbered account with the bank who wish to have their statements retained there, not mailed home, or whose business entitles them to an offshore structure. UBS confirmed the information to the paper without giving further details.

   Thus far hundreds of customers have already been contacted. They are required to provide proof in the form of an extract from their tax return confirmed by a tax consultant.

   https://www.finews.com/news/english-news/31483-tax-transparency-ubs-aeoi-banking-secrecy-sergio-ermotti

2. Saving US Citizenship Act: Should US Expats be forced to renounce
   @IRSMedic video on story of Mark in Switzerland, with John Richardson and Keith Redmond

   http://youtu.be/5Tns2dfWUnw?

3. “US signs off on ‘milestone’ double taxation treaty with Switzerland”

   https://www.thelocal.ch/20190718/us-signs-off-on-milestone-double-taxation-treaty-with-switzerland

   The DTA means exchange of information on tax matters between the two countries will now be easier.
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   Under the new Swiss–US treaty, which will apply to requests for information on financial accounts from September 23rd 1999 onward, tax evasion and tax fraud are now identical.
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   Another feature of the treaty is that dividends paid to individual retirement arrangements – ‘pillar 3a’ in Switzerland – will be exempt from withholding tax from January 1st, 2020, according to the Swiss State Secretariat for International Finance (SIF)
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   In a statement, the SIF also noted a mandatory arbitration clause “ensures that double taxation is avoided even in cases where the competent authorities cannot reach an agreement in the mutual agreement procedure.”
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   The Swiss–US DTA has its origins in the tax row between the two countries that erupted during the global financial crisis with the US demanding information on US clients suspected of hiding their money in Switzerland.

4. For a fun and somewhat instructive view of Swiss banking and the Us treasury, watch the murder mystery TV series ‘Banking District ‘. Available streaming on MHz Choice

5. Mr. Stack is back in town.
   https://www.amcham.ch/events/invitation_flyer/191126_Invitation_Corporate_Tax_Symposium_2019.pdf
   Registration deadline: November 6, 2019.