Automatic exchange of information (AEI)
The automatic exchange of information (AEI) is a global project aimed at promoting fiscal transparency about the capital assets held abroad.
That agreement requires member banks in the participating countries to document the tax status of its clients and, where necessary, to transmit certain financial information and related customer data to tax authorities. The data exchanged with the tax authorities contain account information (bank name and account number), personally identifiable information (name and surname/company name, address, country of residence, date of birth and Tax identification number) and financial information (balance, dividends, interest income and other income from disposals).
The AEI standard was defined by the OECD. The acceding countries to the AEI standard (more than 100) foster the mutual exchange of information on bank accounts and foreign deposits among States.
The following link provides the list of States subject to mandatory AEI reporting: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/.
FATCA
The FATCA Legislation (Foreign Account Tax Compliance Act) was introduced on 18 March 2010 by the US government to oppose, with the collaboration of foreign financial intermediaries, tax evasion by US entities operating abroad.
Following the requirements imposed by the Foreign Account Tax Compliant Act (FATCA), the Zarattini International Ltd registered on the IRS portal and is classified as FFI Reporting Model 2.
In order to fulfil the obligations imposed by the FATCA the Zarattini International Ltd requests that its customers fill out several forms in order to determine their tax domicile, the eventual status of US person, as well as the FATCA classification for legal entities.
The Zarattini International Ltd and its collaborators cannot offer any legal or tax advice to customers. However, you can contact your specific consultants to obtain more information or review the additional useful information available at the following links:
https://www.sif.admin.ch/sif/en/home/bilateral/amerika/vereinigen-staaten-von-amerika-usa/fatca-abkommen/fatca-qualifikationsgremium.html
http://www.swissbanking.org/en/topics/current-issues/fatca-foreign-account-tax-compliance-act
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