VAV members remain committed to Sustainable Finance
Together with the Association of Swiss Private Banks (ASPB), the VAV continues to pursue the wealth management priorities defined in the area of Susta …
09. December 2025
13. June 2025
Taxation
VAV position statement on the consultation regarding the change to the FATCA model
In June 2024, Switzerland and the US signed a new FATCA agreement. This provides for a switch to the so-called ‘Model 1’, according to which Swiss financial institutions will in future supply the necessary data to the Federal Tax Administration, which will then forward it to the US tax authorities. Previously, the data was transmitted directly to the US authorities. In addition, Switzerland will now also receive account data from the US. On 7 March 2025, the Federal Council opened the consultation process for this new FATCA agreement, the implementation of which requires an amendment to national law.
The VAV supports the model change in principle but calls for the proposed penalty provision for negligence in the implementation of FATCA to be deleted without replacement. According to current plans, the change to the new system in Switzerland should come into force on 1 January 2027.
