Swiss non-financial entities and new bank forms

The Foreign Account Tax Compliance Act (“FATCA”), effective 1 July 2014, is a U.S. tax law aimed at addressing perceived tax abuse by U.S. persons through the use of offshore accounts. Its broad impact extends to most Swiss entities, including those outside the financial services industry, regardless of any connection with the U.S. Every Swiss entity will have a FATCA status and will likely receive one or more requests for new FATCA relevant documentation in the next 12-18 months and some preparation is needed.

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