The Federal Council decided, on June 6, 2014, that the FATCA agreement between Switzerland and the United States came into force on June 2, 2014. This agreement was approved by the parliament in September 2013. The FATCA execution in Switzerland is based on Model 2 and under the agreement Swiss financial institutions will disclose account details directly to the US tax authority with the consent of the US clients concerned.
The draft mandate was approved in Federal Council on May 21, 2014 for the negotiations with United States on switching to Model 1 which provides for the automatic exchange of information. It is still unknown at the present time when there will be a corresponding agreement.
