Banks Switzerland and the USA to exchange financial data in future

Switzerland and the USA are expected to exchange financial data with each other from 2027. The two sides signed a new Fatca agreement to this effect in Bern on Thursday. At present, only Switzerland provides data to the USA.

The Foreign Account Tax Compliance Act (Fatca) is a US regulation that has applied to all countries worldwide since the beginning of 2014. It requires foreign financial institutions to disclose information about US accounts to the US tax authorities or to levy a tax.

Switzerland currently provides information on financial accounts to the US, but does not receive any data from across the Atlantic. With the automatic exchange of information from 2027, Switzerland will continue to provide information, but will now also receive data from the USA.