In order to maintain the attribute of excellence that characterizes Switzerland as the ideal market to protect assets, this important offshore entity joined the initiative for the exchange of banking information, as a signatory to the OECD agreement, in order to combat tax evasion.

The signatory countries of the agreement for the Automatic Exchange of Information on Financial Accounts have the obligation to treat the data received confidentially and exclusively in the fiscal area.

At Foster Swiss we can advise you on the attributes, advantages, and benefits offered by the ideal offshore jurisdictions to open offshore bank accounts and maintain the privacy of your assets.

With strict reserve and confidentiality

As an international financial consultancy Foster Swiss, it keeps up to date all the legal and tax information of the countries that offer their territories to open bank accounts and set up offshore companies. In the case of Switzerland, the national administration has sufficient powers to obtain and provide banking information at the request of other jurisdictions, but with significant problems.

In Switzerland supplying or disclosing the customer's bank details to third parties can be treated as a crime and could lead to imprisonment and even possible fines.

It is mandatory for banks to keep records of their clients' data and sufficient transactions for the application of the Law, according to the recommendations established by the International Financial Action Group, (old recommendation 10 of the FATF / new recommendation 11 of the FATF).

Swiss banking is partially subject to strict customer due diligence regulations. It should be noted that banks and any other financial entity in SWITZERLAND are not required to report large transactions in currency or other monetary instruments to the authorities and other governing bodies.

Among their regulations, banks are supported by undue notification and recourse rights against the exchange of bank information on request without major consequences.

For more information on this issue or any requirement related to our services, you can leave us a message in the comments section or contact us directly through info@fosterswiss.com