What is the Automatic Exchange of Information
The Automatic Exchange of Information in tax matters (AEOI) is an international mechanism through which financial institutions in one country automatically collect and transmit data on accounts held by non-resident taxpayers to the tax authorities of their respective countries of residence.
Switzerland joined this standard in 2014 and began its first data exchanges in 2018. Today it exchanges information with over 100 partner countries, in compliance with the Common Reporting Standard (CRS) developed by the OECD. The exchange takes place annually and is fully automatic, without the need for a specific request.
For Swiss taxpayers with accounts abroad and for foreign residents with accounts in Switzerland, the AEOI has concrete implications: financial data is systematically shared with the authorities of the country of tax residence, making it effectively impossible to hide undeclared assets.
The Common Reporting Standard (CRS)
The CRS is the global standard developed by the OECD in 2014 on behalf of the G20 for the automatic exchange of financial information. It is based on the US FATCA model but has a multilateral scope and involves over 100 jurisdictions.
Key points of the CRS
- Developed by the OECD and adopted by over 100 jurisdictions worldwide, including Switzerland since 2017 (first exchanges in 2018)
- Requires financial institutions (banks, insurance companies, funds, trusts) to identify account holders who are non-residents for tax purposes
- Collected data is transmitted annually to the Federal Tax Administration (FTA), which forwards it to the tax authorities of partner countries
- The standard includes due diligence procedures for identifying beneficial owners and determining tax residence
In Switzerland, the CRS was implemented through the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA), which came into force on 1 January 2017. The FTA is the competent authority for transmitting and receiving data with partner states.
How the exchange process works
The automatic exchange follows a well-defined annual cycle involving financial institutions, national authorities and foreign authorities:
Data collection by financial institutions
Swiss banks, insurance companies, investment funds and other financial institutions identify account holders with tax residence abroad. For each reportable account, they collect relevant personal and financial data through due diligence procedures (customer self-certification, document verification).
Transmission to the FTA
By the end of June of the year following the reporting period, financial institutions transmit the collected data to the Federal Tax Administration (FTA) in a standardised electronic format (XML CRS).
Exchange between tax authorities
The FTA verifies the received data and transmits it in encrypted form to the competent tax authorities of partner countries, typically by September. In parallel, the FTA receives data on accounts held abroad by Swiss taxpayers.
Use by tax authorities
Cantonal tax authorities receive the data from the FTA and cross-reference it with tax returns filed by taxpayers. Any discrepancies (undeclared accounts, omitted income) may trigger requests for clarification or tax recovery proceedings.
What data is exchanged
The CRS provides for the exchange of detailed information on financial accounts. Here are the five main categories of data transmitted:
Account holder identification data
Name, address, date of birth, country of tax residence, tax identification number (TIN). For entities: company name, registered office address and TIN.
Account number and type
Account number (IBAN or equivalent), type (current account, deposit, securities account, insurance contract with surrender value, investment fund unit).
Account balance or value
Balance as at 31 December of the reporting year (or at the closing date if the account was closed during the year). For insurance contracts: surrender value or capitalisation value.
Financial income
Interest, dividends, proceeds from the sale or redemption of financial assets (gross proceeds), other income generated by the account during the reporting period.
Reporting financial institution
Name and identification number of the Swiss financial institution holding the account and transmitting the data (bank, insurance company, fund, asset manager).
The exchanged data relates exclusively to financial accounts — no information on real estate, vehicles or other non-financial assets is transmitted. However, account balances may indirectly reveal the size of overall wealth.
Who is affected by the AEOI
The automatic exchange concerns anyone holding financial accounts in a country other than their country of tax residence. In practice, those affected include:
- Swiss residents with bank accounts, securities deposits or insurance policies in one of the CRS partner countries (e.g. Italy, Germany, France, United Kingdom)
- Foreign nationals resident in Switzerland whose Swiss account data is transmitted to their country of origin (or country of previous tax residence)
- Cross-border commuters with accounts in both Switzerland and their country of residence — data is exchanged in both directions
- Holders of entities (companies, trusts, foundations) with financial accounts abroad — the CRS provides for look-through of passive entities to identify the beneficial owner
- Beneficiaries of life insurance policies and insurance contracts with an investment component held at foreign financial institutions
- Holders of units in investment funds domiciled abroad, including Luxembourg or Irish-domiciled ETFs and funds
Who is not affected
Accounts held by individuals with tax residence in the same country as the financial institution are not subject to exchange (e.g. a Swiss resident with an account only in Switzerland). Additionally, accounts with a balance below USD 250,000 as at 31 December may be excluded from reporting for entities (not for individuals, for whom there is no minimum threshold).
Obligations for taxpayers
The AEOI does not create new reporting obligations for taxpayers — the obligation to declare all income and wealth already existed. However, it makes compliance with these obligations much more verifiable:
Declare all foreign accounts
Bank accounts, securities deposits and insurance policies held abroad must be declared in the Swiss tax return (wealth and income). The FTA now receives the same data through the AEOI and can automatically cross-reference the information.
Report foreign-source income
Interest, dividends and other financial income generated by foreign accounts is taxable in Switzerland and must be reported in the tax return. DTAs (Double Taxation Agreements) govern the tax credit for foreign withholding taxes.
Tax residence self-certification
When opening a new bank account (in Switzerland or abroad), the financial institution requires a self-certification indicating the country of tax residence and tax identification number (TIN). Providing false information is a criminal offence.
Update the self-certification
In the event of a change in tax residence (e.g. relocation from Switzerland abroad or vice versa), the account holder must promptly notify the financial institution and update the self-certification.
Cooperate with tax authorities
If the cantonal tax authority detects discrepancies between the data received via AEOI and the filed tax return, the taxpayer is required to provide clarification and supporting documentation. Failure to cooperate may aggravate penalties.
Consequences of non-disclosure
With the AEOI, Swiss tax authorities now have detailed data on accounts held abroad by taxpayers. The consequences of undeclared assets can be significant:
Tax recovery proceedings
If an undeclared foreign account comes to light, the tax authority initiates proceedings to recover the evaded taxes. Recovery can cover up to 10 previous tax years, with default interest (typically 3–5% per year depending on the canton).
Penalty-free voluntary disclosure
Those who spontaneously declare previously undeclared assets can benefit from penalty-free voluntary disclosure (once in a lifetime). Back taxes with interest are paid, but without a fine. This option is strongly recommended before the tax authority discovers the irregularity through AEOI data.
Tax evasion penalty
If the tax authority independently discovers undeclared accounts (e.g. through AEOI data), tax evasion is punished with a fine of 1/3 to 3 times the evaded tax. In cases of repeated offence, the fine can reach up to 4 times the evaded amount.
Tax fraud
The use of false or falsified documents to hide assets (e.g. fictitious ownership, nominees) constitutes tax fraud, punishable by imprisonment of up to 3 years or a monetary penalty, in addition to tax recovery and the evasion fine.
Frequently asked questions about AEOI/CRS
Does Switzerland exchange information with all countries?
No, exchange only takes place with partner countries with which Switzerland has activated the AEOI. As of late 2025, over 100 jurisdictions are active, including all EU countries, the United Kingdom, Singapore, Hong Kong, Australia and many others. The full list is published on the FTA website. Some countries (e.g. the USA) do not participate in CRS but have a bilateral FATCA agreement.
Does the exchanged data also cover regular current accounts?
Yes, data is exchanged on all types of financial accounts: current accounts, savings accounts, securities accounts, insurance policies with surrender value and investment fund units. There is no minimum balance threshold for individuals.
Can I find out what data has been transmitted about me?
Yes, under the Federal Data Protection Act (FADP), you have the right to ask the FTA what data concerning you has been transmitted or received. The request should be addressed in writing to the FTA, International Affairs Division, in Bern.
I have a foreign account that I have never declared. What should I do?
The best course of action is to file a penalty-free voluntary disclosure as soon as possible, before the tax authority cross-references the AEOI data with your tax return. With voluntary disclosure, you pay back taxes (up to 10 years) with interest, but without a fine. If the authority discovers the irregularity on its own, the fine can be 1 to 3 times the evaded tax.
Are joint accounts reported for both holders?
Yes, for joint accounts, the full balance is reported for each co-holder. The tax authorities of the country of residence of each holder receive the complete account data, including the total balance.
Are cryptocurrencies covered by AEOI/CRS?
Currently, cryptocurrencies held in personal wallets (self-custody) are not covered by CRS. However, cryptocurrencies held at centralised exchanges or regulated custodians as financial institutions may be subject to reporting. The OECD has developed the Crypto-Asset Reporting Framework (CARF), which many countries — including Switzerland — plan to implement from 2026-2027.
Related guide
The automatic exchange of information is closely linked to the tax return: data received through AEOI is cross-referenced with what the taxpayer has declared.
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