US, Switzerland sign MOU for Fatca details

BERN, SWITZERLAND – The United States and Switzerland signed a Memorandum of Understanding in Washington Friday 7 June covering interpretations of the Fatca (Foreign Account Tax Compliance Act) agreement signed 14 February 2013.

Bern said in a statement Friday evening that the new MOU: “summarizes the obligations of Swiss financial institutions, states the relationship with the qualified intermediary system, and confirms the simplified self-declaration for exempt Swiss beneficial owners under the FATCA agreement. Finally, it is stated that Swiss financial institutions can generally apply definitions from the implementing provisions of the US Department of the Treasury if these simplify matters relative to the definitions in the FATCA agreement.”

Complete text, Fatca MOU (pdf)