Residents in Italy with Swiss bank accounts

By Daniel Shillito - Topics: Automatic Exchange of Information, Banking, Exchange of Information, International Bank Accounts, Italy, Offshore Disclosures Facility

These clients deposited a total of 6.7 billion euros in the country, according to an article from Reuters newswires.

The police said in a statement this action concerns Italian residents holding 9,953 financial positions in Switzerland.

The police declined to provide many details, however this move follows an investigation that last year led to a tax settlement deal between Italy and Credit Suisse AG, whereupon the Swiss bank agreed to pay a settlement amount of 109.5 million euros.

That tax investigation was started in 2015 over an alleged fraudulent system used by the bank to transfer money offshore.

“Credit Suisse considers the investigation by the Italian authorities into Credit Suisse’s cross-border business as closed,” the bank told Reuters in an emailed statement. “The court approval marked the end of the investigation by Italian authorities into Credit Suisse AG’s Italian cross-border business for the period from 2008 to 2015,” the statement added.

Switzerland’s Federal Tax Administration declined to comment, pointing to a confidentiality clause that applies to mutual requests for assistance on tax matters.

Voluntary Disclosure
The authorities also advised that through the Voluntary Disclosure scheme 3,297 people had already been identified holding undeclared savings and investments abroad and had received immunity from prosecution upon declaration under the scheme.

If you have any queries about declaring offshore savings and investments or the Voluntary Disclosure scheme in Italy please contact the author.

Article by Daniel Shillito

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