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Glossário > Departamento jurídico e de conformidade

FATCA

FATCA

FATCA stands for Foreign Account Tax Compliance Act, a 2010 United States federal tax law. Its purpose is to combat tax evasion by US taxpayers and allows the US tax authorities (the Internal Revenue Service or IRS) to require all financial institutions in the world, such as banks, investment funds, life insurance companies, custodians, asset managers, and pension funds, to submit information on the accounts held by US citizens.

Like many other countries, Switzerland has entered into a bilateral agreement with the US to facilitate the implementation of FATCA, which came into force in June 2014. Under this FATCA agreement, Swiss financial institutions must provide the IRS directly with the information it requires, with the prior consent of the clients concerned. Should a client not consent to this information being shared, the financial institution will disclose it after aggregating and anonymising it. Since the implementation of the “Protocol of amendment to double-taxation agreement between Switzerland and United States of America”, on the basis of such aggregate data the IRS can then ask Switzerland’s Federal Tax Administration for access to specific information relating to clients and accounts as part of a group request for administrative assistance.

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