International tax topics
Automatic exchange of information (AEOI)
The International automatic exchange of information in tax matters (AEOI) is a global standard aimed at creating transparency relating to assets held outside the country of residence. Switzerland and more
than 100 other countries have committed to adopt the standard.
As a financial institution, Swiss Life must report relevant information from affected customers to the Federal Tax Administration (FTA) on an annual basis. The FTA in turn exchanges the data with the tax authorities of
its partner states. In return, Switzerland receives financial information from its partner jurisdictions from persons subject to taxation in Switzerland who hold accounts (e.g. bank accounts or certain types of life insurance contracts) outside Switzerland.
Foreign Account Tax Compliance Act (FATCA)
With the Foreign Account Tax Compliance Act (FATCA), the US aims to obtain financial information on persons liable for tax in the US (US persons) in order to ensure full taxation under US tax law. To this end, the US has concluded bilateral agreements with over 100 countries, including Switzerland.
As a financial institution, Swiss Life is obliged to provide relevant account information on affected customers to the IRS on an annual basis.