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US agrees to FATCA exception for Swiss accounts held by lawyers, notaries for clients


04/03/2016

US agrees to FATCA exception for Swiss accounts held by lawyers, notaries for clients The US and Switzerland have agreed that Swiss bank account owner identities can remain confidential for purposes of the Foreign Account Tax Compliance Act (FATCA) in some instances where the account is held by the owner’s attorney or notary, reports MNE Tax.

“As a result of this exception, the financial institution maintaining the account will not have to identify the clients of lawyers or notaries,” the Swiss government said in a March 1 announcement.

The exception applies when the bank and assets deposited are held exclusively for the lawyer or notary’s profession-specific activities and are subject to lawyer or notary professional confidentiality under Swiss law.

The accounts must be comprised solely of listed assets, such as legal fees; security fees and payments in connection with legal matters; assets associated with an inheritance or divorce; security or collateral for property sales; or court costs.

Assets held by the lawyer or notary in his or her capacity as a financial intermediary do not qualify for the exception.

To take advantage of the FATCA exception, the lawyer or notary must confirm in writing to the financial institution that the accounts come under the scope of the exception.

Source: www.ifcreview.com

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