Explanations concerning the Ordinance on International Automatic Exchange of Information in Tax Matters (AEOI Ordinance, in German only)
In accordance with Article 1 of the AEOI Ordinance, participating states are deemed to be not only the states and territories with which Switzerland has agreed to the AEOI, but also all other states and territories that have declared to the Global Forum on Transparency and Exchange of Information for Tax Purposes that they will implement the AEOI (overview). It should be noted that only those states and territories which have indicated a concrete date for the first exchange of information are considered as partner states within the meaning of Article 1 of the AEOI Ordinance.
This definition of participating states affects the due diligence requirements for reporting Swiss financial institutions. For example, reporting Swiss financial institutions do not have to identify the controlling persons of professionally managed investment entities from such a state, nor do they have to check whether the controlling persons are persons subject to the reporting duty (see explanations on Art. 1 of the AEOI Ordinance, in German only).