Expansion of automatic information exchange to ten additional states

Learn how the Automatic Exchange of Information (AEOI) is implemented between Switzerland, Hong Kong, and Singapore as well as other states.

2018

Expansion of automatic information exchange to ten additional states

In our series of articles a year ago, we explained to you what the Automatic Exchange of Information (AEOI) is. Since January 1, 2018, the AEOI has been implemented with 74 states. Hong Kong and Singapore, however, had not signed the AEOI agreement until recently. Now they and additional states are to become part of the AEOI agreement.

Provisional Agreements with Hong Kong and Singapore

‍The automatic exchange of information between Switzerland and Hong Kong, and Switzerland and Singapore, was introduced through a bilateral state treaty and has been implemented since the beginning of this year. The exchange with the other 74 partner states of Switzerland takes place on the basis of the AEOI agreement that was made between the countries. Singapore only recently joined the agreement, which is why it was not possible for Switzerland to include Singapore in their list of AEOI partner states for 2018/2019. In Hong Kong, where only bilateral agreements exist, the AEOI is also to be implemented this year. Therefore, both states are now to be included in the list of AEOI partner states of Switzerland.

‍Eight Additional Partner States

‍In addition to Hong Kong and Singapore, eight additional states are to be included in the list of AEOI partner states. These are Anguilla, Bahamas, Bahrain, Qatar, Kuwait, Nauru, the Netherlands, and Panama. Although there is already an agreement with the Netherlands in the form of the AEOI Agreement with the European Union, the mentioned overseas territories are not part of the EU. With Anguilla, the Bahamas, Bahrain, Qatar, Kuwait, and Nauru, the AEOI would be implemented in such a way that Switzerland receives information, but does not have to send any. The approval of the agreements and the implementation of the AEOI is done by simple federal decree in Parliament.

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