Automatic Exchange of Information (AEOI) and U.S. Foreign Account Tax Compliance Act (FATCA)

General information

The Automatic Exchange of Information (AEOI) based on the Common Reporting Standard (CRS) is the result of the efforts by the G20 nations to develop a global standard for improving transparency in the fight against tax evasion. AEOI requires participating jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. AEOI became effective in 2016 and has since been implemented by more than 100 jurisdictions.

For information about the global status of implementation, please visit the OECD Automatic Exchange Portal.

FATCA aims to identify and report U.S. persons who are account holders or beneficial owners of an account maintained by a foreign bank. Bank Julius Baer & Co. Ltd. acts as a Participating Foreign Financial Institution (FFI) according to the agreement between Switzerland and the United States of America on cooperation to facilitate the implementation of FATCA (‘FATCA Agreement’) and is registered under its Global Intermediary Identification Number (GIIN) H1DJB2.00001.ME.756. The GIIN for other Julius Baer Group entities can be found on the FATCA FFI List provided by the U.S. Internal Revenue Service (IRS).

Both AEOI and FATCA regulations require banks such as Julius Baer to document their clients’ tax status and, if required, report certain client information and related financial account information to the relevant tax authorities.

Clients in scope

As a general rule, clients who hold a financial account at a bank in a country outside their country of tax residence will be subject to due diligence and reporting requirements and require closer scrutiny. The due diligence and reporting (i.e. disclosure) requirements apply to accounts held by both individuals and legal entities.

A client (individual or legal entity) will be impacted by AEOI if the client’s country of tax residence is not the country where the client holds a financial account with Julius Baer (e.g. a UK resident client holding an account with Bank Julius Baer & Co. Ltd., Zurich); and if these countries have agreed to exchange data under AEOI; and if, in the case of a legal entity / corporate client, the entity is not exempt from AEOI reporting.

Clients booked in Switzerland

Julius Baer is obliged to report its clients who have tax residence(s) in a country with whom Switzerland has agreed to exchange data (‘AEOI partner state’). The official list of the AEOI partner states of Switzerland is published by the State Secretariat for International Financial Matters (SIF): Automatic exchange of information on financial accounts (admin.ch). Similar lists are maintained by the competent authorities in all jurisdictions where Julius Baer operates its businesses.

Further information

Additional information to clients can be downloaded:

AEOI client flyer (EN, DE, FR, IT, and ES)
explanations of AEOI and FATCA terms used in the form ‘Confirmation of residence for tax purposes for legal entities’ (EN, DE, FR, IT, and ES)

Note: The Julius Baer Group and all its entities are committed to implementing the necessary requirements to fulfil AEOI and FATCA requirements. The information provided on this page and in related documents is intended to support your understanding of AEOI and FATCA requirements and does not constitute legal or tax advice. If you are uncertain of the impact of these regulations, we recommend you consult a professional tax advisor.