Foreign Account Tax Compliance Act (FATCA)
In order to help counter tax evasion from the United States, the United States Department of Treasury and the United States Internal Revenue Service (the «IRS») introduced in 2010, the Foreign Account Tax Compliance Act («FATCA»). Around 110 jurisdictions concluded an intergovernmental agreement with the United States to facilitate the implementation of FATCA, including Switzerland and all other major financial centers. Under this agreement, financial institutions (such as banks, brokers, insurance companies and asset managers) are required to report relevant financial information of U.S. account holders directly to the IRS or indirectly to their local tax authorities. In other words, it allows the IRS to view details of offshore accounts held by U.S. persons.
Please refer to the FAQs below for more details. This notice is for information purposes only and should not be interpreted as advice of any type, especially of a fiscal nature. It may be changed at any time, particularly following a change in the law or in the practice of the relevant authorities.