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Explanations on the “Automatic Exchange of Information” – Switzerland

With this publication, we wish to inform you about the implementation of the global standard for the international automatic exchange of information on financial accounts in tax matters (AEOI Act) in accordance with Swiss federal law.

The global standard stipulates that states and territories which have agreed on the AEOI Act among themselves must reciprocally exchange information on financial accounts. In addition to Switzerland, more than 100 countries, including all leading financial centres, are committed to adopting the standard.

The Federal Assembly approved the legal foundations for the AEOI Act in December 2015. They entered into force on 1 January 2017.

As a reporting Swiss financial institution, DZ PRIVATBANK (Schweiz) AG, is obligated, pursuant to the provisions outlined in the AEOI Act, to identify reportable accounts and to forward customer-related data to the Federal Tax Administration (ESTV). The ESTV shall exchange customer and financial data on tax matters with the tax authorities in the participating countries, including all EU Member States, on an annual basis.

You can find further information on the participating countries at:

If your tax domicile is not in Switzerland, or there is evidence of a tax residence status outside Switzerland and Switzerland has agreed to exchange information with the tax authorities in that or any other country, then DZ PRIVATBANK (Schweiz) AG shall collect – in line with the legal requirements for all banks – the following data and forward it to the ESTV:

personal data relating to the accountholder and/or beneficial owner or controlling person (name, address, state of tax residence, tax identification number, date of birth);

financial data relating to the reportable account and securities account (account number, total gross yield of dividends, interest, other income, total gross proceeds from the sale or repurchase of assets as well as the total balance or value of the account at the end of each calendar year).

The first automatic exchange of information between the financial authorities is scheduled to take place in September 2018. It will be based on reportable data from 2017 and apply to all customers who hold (or have held) an account/securities account with a bank as of 31 December 2016.

We would like to point out that you are legally obligated to provide said bank with all relevant information in accordance with the AEOI Act. Failure to provide the required information and documentation may mean that your personal data will be forwarded from the ESTV to other tax authorities in participating countries, provided that the bank knows about any other tax domiciles. The tax authorities that recognise the AEOI Act may use the exchanged data for tax purposes only.

As one of our customers, you have the right, in relation to the ESTV, to receive information on the data concerning you. You may subsequently request to have factual errors (e.g. spelling mistakes) corrected, provided they are transmission errors.

Due to different reporting regulations governing the data contained in the tax report provided annually, said data may differ from that reported as part of the automatic exchange of information. As a matter of form, we would like to remind you that reporting as part of the AEOI Act does not release you from your tax declaration obligations to your local tax authorities.

DZ PRIVATBANK (Schweiz) AG shall be responsible for processing data in accordance with the Swiss Data Protection Act. In accordance with Article 8 of the Swiss Data Protection Act, you may receive, upon request, information on the data concerning you which was forwarded to the relevant tax authorities in Switzerland. If relevant factual errors (e.g. incorrect spelling of the name) have occurred, you may request to have them corrected.

As a general rule, DZ PRIVATBANK (Schweiz) AG is not allowed to provide any personal advice on tax-related matters. A tax adviser should be consulted regarding any tax-related questions that may arise.

The products and services contained within these web pages are not available for residents of certain jurisdictions. Please consult the sales restrictions relating to the products and services in question for further information.