Important notice on the CRS
The Common Reporting Standard (CRS) for reporting and due diligence in financial account information, as implemented by the Organization for Economic Co-operation and Development, and the Swiss Federal Law on Automatic Exchange of Information in Tax Matters entered into force on 1 January 2017 in Switzerland.
Currently, more than 100 countries have committed to adopt the CRS. The CRS requires all Swiss financial institutions, including Probus, to identify the accounts subject to declaration and to report them annually to the Federal Tax Administration (FTA). On receipt of this information, the FTA communicates them to the relevant jurisdictions of residence, provided that said jurisdiction is a jurisdiction with which Switzerland has agreed to apply CRS (Partner Jurisdiction). The updated list of Partner jurisdictions with which Switzerland has agreed to apply CRS can be consulted by following the link referenced at the bottom of the page. This list is intended to be updated each year on the basis of the new CRS implementation agreements concluded by Switzerland.
The information to be reported includes personal data as well as data relating to the reportable accounts. The relevant personal data are the name, the address, the jurisdiction of tax residence, the tax identification number and the date of birth of the beneficial owner. The relevant financial information to be reported are the total valuation of the account or the entity and the amounts of distributions made to beneficial owners.
For more information, Probus invites you to consult a specialist advisor or to find out about CRS information on the FTA and OECD websites (see links provided below).
State Secretariat for International Finance SIF (list of the Swiss partner jurisdictions)
FTA website on CRS
OECD website on CRS
http://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/