Reportable Jurisdictions
Changes in Reportable Jurisdictions for Tax Year 2019
In addition to account holders resident in jurisdictions that were reportable for tax year 2018, from tax year 2019 on, Swiss financial institutions must also report all account holders resident in countries having an AEOI Agreement in force since January 1, 2019. You can find a list of these countries on the Website of State Secretariat for International Finance (SIF).
In addition, professionally managed investment entities situated in countries with which Switzerland has not entered into an AEOI agreement, but that have signed a commitment to implement the AEOI vis-à-vis the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes will not be treated as financial institutions anymore but have to be treated as passive NFEs instead. Therefore, such companies and their controlling persons must be included into the CRS reporting for the tax year 2019.
Reportable accounts of jurisdictions with non-reciprocal agreements
Please be reminded that some jurisdictions have declared themselves to be "permanent non-reciprocal jurisdictions", i.e. they will supply account information to the partner jurisdictions on a permanent basis, but do not wish to receive such data. A Swiss Financial Institution must therefore not include reportable accounts of clients with a tax residency in the following permanent non-reciprocal jurisdictions for the tax year 2019:
Anguilla
Bahamas
Bahrain
Bermuda
British Virgin Islands
Cayman Islands
Kuwait
Marshall Islands
Nauru
Qatar
Vanuatu
Turks and Caicos Islands
United Arab Emirates
Migration of myTaxWorld from the portal of the SFTA to the portal of the Swiss Federal Department of Finance (SFDF)
On April 3, 2020 the Swiss Federal Tax Authority (SFTA) announced that the CRS module of myTaxWorld was integrated on April 9, 2020 in the portal of the Swiss Federal Department of Finance (SFDF). Due to these changes, the users of myTaxWorld must migrate their accounts to the SFDF portal.
To transfer their account to the myTaxWorld CRS module run by the SFDF, a user must log in to myTaxWorld via the old link and click on the link “migrate account”.
Extension of reporting deadlines
In response to COVID-19, several jurisdictions announced an extension of the CRS reporting deadline.
For Switzerland, there have not been any announcements regarding an extension of the deadline for the tax year 2019 CRS reporting.
Please find below a non-exhaustive list of some jurisdictions that have recently announced an extension of the deadline for the CRS reporting:
In Liechtenstein, the deadline for filing CRS reporting was extended from June 30, 2020 to July 31, 2020.
In France, the deadline for filing the CRS reporting was extended from July 31, 2020 to October 15, 2020.
In Guernsey, the deadline for filing the CRS reporting was extended from June 30, 2020 to September 30, 2020.
In British Virgin Islands, the deadline for filing the CRS reporting was extended from May 31, 2020 to July 31, 2020.
For updates regarding the deadlines for filing the CRS Reporting in other jurisdictions, the respective local guidance should be considered.
For more information regarding the reporting requirements and deadlines for tax year 2019, please refer to FATCA group requests.
We continue to monitor the COVID-19 situation with respect to any changes in reporting requirements and will inform about them via this channel as soon as available.