FATCA group requests

Last week, the Swiss Federal Tax Authority (SFTA) sent correspondence to the Swiss financial institutions affected by FATCA group requests to provide further information on the procedure and timeline of the FATCA group requests. According to the mailing, the SFTA expects to receive the first FATCA group requests no earlier than September 2020.

As instructed in the information letter, the affected financial institutions have certain immediate obligations (including providing information and data as well as updating their contact information), which must be met by June 15, 2020.

All affected financial institutions should have received a notification. Therefore, any FATCA reporting financial institutions which have reported non-consenting U.S. account holders or non-participating financial institutions (NPFFIs) in aggregated form to the IRS for the years 2014-2019, and which did not receive an email or letter from the SFTA during the last few days should immediately contact the SFTA by sending an email to the following address: amtshilfe.usa@estv.admin.ch.

More information can be found in our newsletters “U.S. Senate Approval of Amendment to the DTA - FATCA Group Requests”, “Important Updates and Dates for the Implementation of the Regulatory Requirements for 2020” and “Reporting Reminder 2020” or on the website “Administrative assistance to FATCA“ of the SFTA.

For more information, please contact us. PEQ can provide all types of support in preparing data to deliver to the SFTA and with generating the FATCA group request information packages.