Fatca en route for Swiss banks, as agreement adopted by Bern

BERN, SWITZERLAND – The Swiss government formally adopted the Fatca tax agreement with the United States Wednesday morning, publishing at the same time the results of its consultation (French, German) with interested parties within Switzerland. Background, GenevaLunch, Fatca The statement from Bern, in full: “Both the Fatca agreement between Switzerland and the United States that […]

Fatca, French deals with US overlooks needs of Swiss expats

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Swiss Abroad slams gov’t for hasty tax deals that don’t consider country’s expats BERN, SWITZERLAND – The new US Fatca law that Switzerland has agreed to observe starting in 2014, as well as an agreement with France on inheritance taxes, overlooked the needs of Swiss citizens who live abroad, the Congress of the Swiss Abroad […]

US-Switzerland sign controversial Fatca agreement (update)

Bern says signing seen as “positive signal” by the US for sorting out past banking problems BERN, SWITZERLAND – Switzerland and the United States signed the Fatca tax accord in Bern Thursday morning 14 February, a day after the Federal Council gave the green light for State Secretary Michael Ambuehl to do so. “Initialled on […]

Packing up, going home: one American vents his anger at US

ZURICH, SWITZERLAND – Ed. note: William Olenick has been active in Republicans Abroad in Switzerland, where he is a longtime resident. He sent the following email letter to friends 28 January; we reprint it in full as part of our coverage of the ongoing problems for US citizens in Switzerland. “Dear all, Read the article […]

UBS targeted by US justice officials in Wegelin bank affair (correction)

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NY tribunal opens procedure against Switzerland’s largest bank for correspondent role Parliament: both houses’ oversight committees want to hear bank surveillance body on Libor scandal ZURICH, SWITZERLAND – Legal woes with US justice authorities are not over for UBS, with new legal proceedings in New York opened Monday 28 January against the bank to investigate […]

US group offers better idea for collecting taxes abroad

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GENEVA, SWITZERLAND – There’s a better way for the IRS, the US tax office, to collect money, a group of US citizens says, noting that it is “alarmed and vexed” at costly and cumbersome Fatca legislation the US is enacting. Its suggestions were unveiled Saturday in London. American Citizens Abroad (ACA), based in Geneva but […]

Switzerland announces Fatca tax deal with US (update 2)

President Widmer-Schlumpf: deal initialed Monday BERN, SWITZERLAND – The US and Switzerland have initialed an agreement covering Fatca, the US foreign account tax compliance act that goes into effect in 2013, Bern announced late Tuesday afternoon 4 December. A key success for the Swiss has been ensuring that small, primarily local banks can be excluded […]

US Fatca legislation eased slightly for small local foreign banks

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SBA expects Fatca to continue creating difficulties for “US persons” living abroad GENEVA, SWITZERLAND – US Fatca legislation is being refined before it goes into effect in 2013 and the latest change, according to American Citizens Abroad (ACA) 19 November, is a new version of the recommended Intergovernmental Agreement (pdf) with a “loosener” that is […]

Swiss government to start Fatca negotiations with US

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Bern and Rome: speeding up new tax talks with Italy Derivatives, financial markets infrastructure to see new laws BERN, SWITZERLAND – Switzerland will “soon” begin negotiations with the United States over a framework agreement for simplified implementation of the American Fatca rules. Fatca (Foreign Account Tax Compliance Act ) is a US law created in […]

Swiss-US tax compliance “framework” doesn’t address problem of non-US spouses, partners

BERN, SWITZERLAND – The new “framework” agreement published jointly by the US and Switzerland Thursday 21 June opens the door to negotiations but is not yet a deal with clear regulations: for now it provides signposts for US citizens living in Switzerland to where tax compliance for the IRS is headed. The framework is designed […]