15.05.2025

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CRS Reporting Reminder 2025

Swiss financial institutions must report CRS-reportable data to the Swiss Federal Tax Authority (SFTA). To do so, Swiss Reporting FIs must register on the Swiss registration and filing portal.

The Reporting FIs must transmit the reportable information to the SFTA by June 30, 2025 the latest. For updates regarding the deadlines for filing the CRS Reporting in other jurisdictions, the respective local guidance should be considered.

Swiss Reporting FIs registered with the SFTA, regardless of whether they maintained reportable accounts in the respective calendar year or not, must submit a reporting to the SFTA. If the reporting FI did not have any reportable accounts, a nil reporting is required.

The reports must be filed according to the SFTA technical guidance.

Additionally, the SFTA has released a data transmission guide which outlines technical specifications on how to transmit data to the FTA.

The data can be filed in three ways:

  1. Upload of encrypted XML-file via SFTA Portal (XML Data Upload)

  2. Manual data entry via SFTA Portal (online form)

  3. Machine-to-machine webservice interface (M2M)

If a FI chooses the third option, the interface must be activated first. The reports cannot be filed in paper form.

Changes in Reportable Jurisdictions for Tax Year 2024

In addition to account holders resident in jurisdictions that were reportable for tax year 2023, from tax year 2024 on, Swiss financial institutions must also report all account holders resident in countries which have a reciprocal CRS Agreement in force since January 1, 2024. You can find a list of all countries on the Website of the State Secretariat for International Finance. The following countries are new for the tax year 2024 reporting:

In addition, the Swiss Federal Council suspended the data transmission to Russia. However, we would like to remind that the obligations of Swiss Reporting FIs towards the SFTA remain unaffected by this decision: Notwithstanding the suspension, the Reporting FIs are required to collect and report to the SFTA the financial account data of tax residents in Russia.

New Requirement in Connection with CRS and FATCA Reporting for Financial Institutions Registered in the British Virgin Islands (BVI)

The British Virgin Islands International Tax Authority (ITA) has introduced an annual fee of USD 185 per FI for which reporting is required.

Starting in 2025, this fee must be paid annually by June 1 of each year via the BVI Financial Account Reporting System (BVIFARS). Should you seek assistance in preparing the CRS reporting, please do not hesitate to contact us.

Reportable accounts of jurisdictions with non-reciprocal agreements

Please be reminded that some jurisdictions are declared as "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 2024:

Deadline in other relevant jurisdictions

The following jurisdictions are repeatedly amongst the most relevant ones for CRS Reporting, and thus listed with their respective CRS reporting deadlines.