Administrative assistance according to the FATCA

FATCA agreement: information letter for bank clients

The FATCA agreement and the act itself will enter into force by 1 July 2014. Within the scope of the implementation of the FATCA agreement, banks are required to disclose information on US accounts to the US Internal Revenue Service (IRS). US bank clients receive a letter from their bank, in which the bank requests their consent to its reporting of their account information to the IRS. Enclosed with the letter is an information letter from the FTA describing the steps involved in a possible administrative assistance procedure under the FATCA agreement. The United States can request administrative assistance only after it has received the aggregate reports from the bank and once the Protocol of Amendment to the double taxation agreement of 23 September 2009 has entered into force.

FATCA agreement: preparation of group requests

On 15 December 2014, the FTA announced that by the end of January 2015, it expects to provide the reporting Swiss financial institutions with the definite guidelines for the documentation, which has to be transferred to the FTA in order for it to examine the group requests.

On 15 January 2015, the State Secretariat for International Financial Matters SIF informed that the US competent authority will not claim significant non-compliance of the reporting Swiss financial institutions, as set out in Article 11 paragraph 2 of the FATCA agreement, if they, due to the late rollout of the IDES-system, submit the aggregated note of the non-consenting US accounts for the year 2014, after 31 January 2015 but no later than 31 March 2015.

In view of the possible delay of the submission of the aggregated note to the IRS, which forms the basis of group requests under the FATCA agreement, the FTA has decided that it will publish the definite guidelines for the required documentation, by mid February 2015.

After having published the definite guidelines for the required documentation in February 2015, the FTA published an update of these guidelines in March 2016 (please see the documents below: FATCA Information Delivery, Technical Specification and User Guide for Financial Institutions according to FATCA IGA 2 and SEI-XML). A compilation of the modifications applied can be found under chapter 1.3.1 "Updates Version 1.1" of the User Guide.

FATCA Information Delivery (PDF, 736 kB, 21.07.2016)Technical Specification and User Guide for Financial Institutions according to FATCA IGA 2

FATCA Credential Form (PDF, 931 kB, 21.07.2016)Credentials Exchange - Information Delivery

Last modification 12.09.2018

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