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New disclosure norms for Swiss property owners

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Swiss
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Swiss homeowners' associations will be forced to disclose information about apartment owners from 1 January 2021, as newly amended international disclosure rules come into effect. This will include the identities of foreign real estate investors who own property in Switzerland, according to British consulting company STEP.

Swiss financial institutions will also be required to retain documents that may be useful for future tax investigations under the newly amended international automatic exchange of information (AEOI) rules.

Switzerland will be implementing most recommendations made by the OECD’s Global Forum on Transparency and Information Exchange for Tax Purposes in December 2018, with a few exceptions. The Swiss Federal Tax Administration will retain its right to suspend AEOI rules with a third state whose privacy and security practices are considered unsatisfactory.

Foundations, nonprofit organisations, and digital currency accounts will also remain exempt from reporting their accounts under AEOI rules.

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    Anna Boyarchukova
    Anna Boyarchukova
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