Office Locations

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
This article is published on: 2nd August 2017

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

AvatarIf you are based in the Milan area you can contact Daniel at: for more information. If you are based in another area within Europe, please complete the form below and we will put a local adviser in touch with you.

Contact Daniel Shillito direct about: "Residents in Italy with Swiss bank accounts"

The Spectrum IFA Group is committed to building long term client relationships. This form collects your name and contact details so we can contact you about this specific enquiry. For further information, please see our Privacy Policy.