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AEOI / FATCA

Automatic Exchange of Information (AEOI)

The Organization for Economic Co-operation and Development (OECD) agreed on this new global standard in July 2014. Under the Automatic Exchange of Information (AEOI), tax authorities in participating countries will pass information on to other countries concerning the earnings and assets held by taxpayers. The aim is to prevent cross-border tax evasion. The Swiss parliament has passed two bills to facilitate a bilateral exchange with other countries under the AEOI. Information will be gathered accordingly and exchanged with the relevant partner countries in the following year. Here you will find the AXA forms for self-certification.

  

Frequently asked questions – AEOI

  • What information will be exchanged under the AEOI?

    Based on the OECD standard, the following information pertaining to insurance policies held by taxpayers whose account is in a different country from their tax domicile must be sent:

    • Name, address and date of birth
    • Tax residency
    • Tax identification number
    • Account and policy number
    • Account balance or value
    • Surrender or taxable value for redeemable insurance and annuity insurance contracts and capital redemption transactions
    • Contract terminations
    • Interest / earnings
    • Benefits
  • Which persons are affected by the AEOI?

    Both natural persons and legal entities are affected by the AEOI if their tax domicile is not exclusively in Switzerland. Financial institutions must therefore clarify with all customers where their tax domicile is.

    Further, for legal entities, the controlling persons are also affected by the AEOI and their tax liability must also be clarified.

    AXA Life Ltd. is planning to inform those customers affected about the information sent on an annual basis.

  • What does tax residency mean?

    In deciding in which country an employee is tax resident, and where his global income is to be taxed, the following criteria are applied:

    1. In which country does he maintain his permanent residence?
    2. If he maintains a permanent residence in both countries, where is the focus of his life interest (the closer personal and economic relationships)?
    3. If the country that is the focus of the person's life interest cannot be determined, the country applies in which he is usually resident.
    4. If the person is usually resident in both countries, he is deemed to be tax resident in the country of which he is a citizen.
    5. If the person is a citizen of both countries or of neither, the contracting countries determine the matter by mutual agreement. 

    More information on tax residency with regard to your country of residence can be found at the following link: Automatic Exchange Portal

  • Which countries are participating in AEOI?

    Switzerland already has agreements with numerous countries on the automatic exchange of information. Further such AEOI agreements are planned or at the negotiation stage. The current status for the individual countries can be obtained from the State Secretariat for International Finance.

  • How will data exchange be carried out?

    Information about the taxpayer will be sent to the national tax authority, which will automatically forward the data to the tax authorities of the taxpayer.

  • When will the notifications to the Federal Tax Administration (FTA) take place?

    The automatic exchange of information with the first partner countries will be introduced in Switzerland as of January 1, 2017. Further partner countries will follow as of January 1, 2018, and later. In each case, the notifications will be made not later than six months (end of June) after the end of the reporting year.

  • Where can I find more information?

Foreign Account Tax Compliance Act (FATCA)

In the context of the mutual exchange of tax information under the "Foreign Account Tax Compliance Act" (FATCA), AXA has a statutory obligation to report the assets of its American customers to the US tax authority. On this page you will find the official forms of the US tax authority, the Internal Revenue Service (IRS), that you need in order to declare your tax liability to AXA.

Form W-9

Request for Taxpayer Identification Number and Certification

Please use this form to inform AXA about your US tax liability and your American tax number (US citizen, US person as defined by the IRS).

  

Form W-8BEN

Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding

Use this form if you are a private individual (natural person) and want to inform AXA about your tax situation in the US (non-resident alien as defined by the IRS).

  

Form W-8BEN-E

Certificate of Status of Beneficial Owner for United States Tax Withholding (Entities)

Use this form if you are acting on behalf of a company (legal entity) and want to inform AXA about the US tax liability of this company.

  

Frequently asked questions – FATCA

Contact  

AXA

Coordination office AEOI / FATCA

General-Guisan-Strasse 40

8401 Winterthur

aia.il@axa.ch

fatca.il@axa.ch 

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