The automatic exchange of information is applicable as from 1 January 2017
The automatic exchange of information (AEOI) is a tax standard, drawn from the OECD's Common Reporting Standard (CRS), which governs how information concerning bank accounts and foreign deposits of the taxpayers concerned is transmitted to the tax authorities of participating countries.
The AEOI requires the Bank to collect information concerning the tax residence of new customers as well as existing customers. These requirements pertain to individual customers as well as entities (e.g. companies, trusts, etc.). As part of the extension of due diligence procedures, customers must provide banks with information and specific documents in order to determine their status with regard to the AEOI.
Currently, more than 100 countries have committed to adopting the common standard. Among these countries, Switzerland has entered into an agreement, applicable as from 1 January 2017, requiring it to provide information about the residents that are included on the following list (jurisdiction subject to declaration):
You may follow the link below to find details of the information that will be exchanged and a diagram of how the automatic exchange of information works:
Banque Profil de Gestion carefully applies a tax compliance policy for funds deposited by its clients. The Bank will contact customers when appropriate if the banking relationship is concerned by the AEOI.