India will get Swiss bank account details for the third time, including real estate information for the first time

India will get Swiss bank account details for the third time, including real estate information for the first time

New Delhi/Bern, Sep 12 (PTI) India will this month get details of Swiss bank accounts of its citizens and for the first time immovable property owned by Indians in a European country under automatic exchange of information agreement with Switzerland. information will also be included. Officials gave this information on Sunday.

Switzerland will share these details with India for the third time. Earlier he has shared similar information in September 2019 and September 2020.

In a significant step in the Indian government’s fight against black money allegedly stashed abroad, India will this month get full details of flats, apartments and houses owned by Indians in Switzerland. India will also get information about the earnings from such properties. This will help the country to focus on the tax liabilities associated with those assets.

Such a move on the part of Switzerland makes sense and at the same time it shows itself as a major global financial center, breaking its long-held belief that its banking system is a supposed safe haven for black money. I am working hard to restore.

This will be the third time that India will get details about the bank accounts and other assets of Indians in Switzerland. But this will be the first time that the information being shared with India will include real estate information.

Officials said that while the government of Switzerland has agreed to share details of real estate, information about contributions to non-profit organizations and other such organisations, as well as details of investments in digital currencies, there is still automatic exchange of information. -Provided out of this structure.

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Experts and those engaged in the business of attracting investments in Switzerland said the move would help dispel misconceptions about illegality of all money flowing into Swiss properties and make the country a preferred investment destination, including investment in real estate. It would help a lot to set up as.

India had received such details for the first time from Switzerland in September 2019 under the AEOI (automatic exchange of information). That year, India was among 75 countries to receive such information.

Subsequently in September 2020, India along with 85 other countries received details of Swiss bank accounts of its citizens and entities for the second time.

From this year, the Federal Council, Switzerland’s highest governing body, has decided to implement an important recommendation of the ‘Global Forum on Transparency and Exchange of Information for Tax Purposes’, under which Swiss authorities have decided to implement an important recommendation by foreigners in the country’s real estate sector. Will also share details about investments made.

However, some other recommendations of the Global Forum have not yet been accepted, including information on digital currency accounts and donations made to non-profit organizations and other organizations, and therefore Switzerland is yet to provide details related to this in India or any other country. will not share.

There are vigorous efforts globally to persuade Switzerland to start sharing information about digital currency accounts and donations to nonprofits.

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