Swissquote AEOI for European Clients - If Account is Closed

[Arslan]

Hello Members,

I'm reaching out to inquire about Swissquote Bank's (Switzerland entity) reporting practices regarding tax authorities in Europe. Specifically, I'm interested in knowing whether they report the bank accounts of European citizens to the European tax authorities.

Additionally, I would like to understand the protocol if an account held by a European citizen is closed ”“ will Swissquote Bank still report this to the European tax authorities?

Any insights or information on this matter would be greatly appreciated.

Thank you in advance for your assistance.

Last edited: Dec 18, 2023

 

[Don]

Arslan said:
Hello Members,

I'm reaching out to inquire about Swissquote Bank's (Switzerland entity) reporting practices regarding tax authorities in Europe. Specifically, I'm interested in knowing whether they report the bank accounts of European citizens to the European tax authorities.

Additionally, I would like to understand the protocol if an account held by a European citizen is closed ”“ will Swissquote Bank still report this to the European tax authorities?

Any insights or information on this matter would be greatly appreciated.

Thank you in advance for your assistance.
Click to expand...

CRS reporting depends on many factors.
It might be possible/feasible for you to structure your affairs in such way that the funds held in these banks will not be reported.

 

[Arslan]

Don said:
CRS reporting depends on many factors.
It might be possible/feasible for you to structure your affairs in such way that the funds held in these banks will not be reported.
Click to expand...

Sorry, probably my question wasn't clear.

I'm trying to understand if Swissquote reports about European citizen's accounts with them to European tax authorities, even if the account is closed now?

 

[Don]

Arslan said:
Sorry, probably my question wasn't clear.

I'm trying to understand if Swissquote reports about European citizen's accounts with them to European tax authorities, even if the account is closed now?
Click to expand...

Tax residency is important for CRS reporting purposes and not citizenship.
https://en.swissquote.com/support/legal/tax-compliance/crs

 

[Sols]

Yes.

The year in which an account is closed, that account is ordinarily reportable. It is no longer reportable the following years. So if you closed your account in 2023, it is reportable for 2023 but not reportable in 2024.

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This is the probably the answer to your question.