Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

Swiss to exchange information with HK and Singapore in 2019

By Kirsten Hastings, 16 May 18

Switzerland will start automatically exchanging financial account information with Singapore and Hong Kong from Autumn 2019 and with other financial centres from 2020.

Swiss to exchange information with HK and Singapore in 2019

On 9 May, the Swiss Federal Council requested that parliament ratify the agreements with Hong Kong and Singapore.

At the same time, it proposed implementing the exchanges on a multilateral basis, which would mean information flowing back to Switzerland.

According to the Society of Trust and Estate Planners (Step), recent legislative developments in the two jurisdictions have opened the possibility that they will exchange account data with Switzerland under the OECD’s multilateral exchange agreement.

Greater transparency

The Federal Council also proposed activating automatic exchange of information (AEOI) agreements with other financial centres on a multilateral basis, with the first sets of data exchanged from 2020.

However, the majority of the financial centres that the council wishes to implement the AEOI with only apply it on a non-reciprocal basis; namely Anguilla, Bahamas, Bahrain, Qatar, Kuwait and Nauru.

Meaning that these countries receive data but refrain from providing it.

The AEOI is to be introduced on a reciprocal basis with Panama. This also applies to the Caribbean overseas communities of the Netherlands (Bonaire, Saint Eustatius and Saba), which are not covered by the scope of the existing AEOI agreement with the EU.

“It is important for the Swiss financial sector that the same competitive conditions exist all over the world,” said the Federal Council.

It wants to ensure “a level playing field worldwide”, so that Switzerland does not cede a competitive advantage to rival financial centres.

Tags: AEOI | Hong Kong | Singapore | Switzerland

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Latest news

    BBY former executive chairman charged over ‘dishonest use’ of $1.95m client money – ASIC

    ISA - acronym from wooden blocks with letters, ISA Individual Savings Account concept (Industry Standard Architecture ), top view on grey background

    Financial planning

    Titan Wealth study highlights need for UK ISA reform

  • Latest news

    UK financial services revolution predicted after FCA reforms released today

    Latest news

    TISA and industry urge UK government to rethink IHT on pensions


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.