Automatic Exchange of Information (AEI)

The Automatic Exchange of Information (AEI) is an international standard that rules how tax authorities of participating countries exchange information relating to taxpayers’ foreign banking relationships. The AEI standard has been developed and published by the Organization for Economic Cooperation and Development (OECD).

The AEI standard will be implemented by all major economies in the world; approximately 100 countries have already committed to implement the standard. Participating countries will sign bilateral agreements and enact domestic laws. The «Early Adopters», such as the EU, implemented the AEI on 1 January 2016 and will first exchange information in 2017. Further countries, such as Switzerland, will implement the Standard as per 1 January 2017 and first exchange information in 2018. More countries are expected to follow.

The AEI standard requires financial institutions, such as Orbis Consulting AG in Zurich/Switzerland and Orbis Consulting Trust Establishment in Vaduz/Principality of Liechtenstein, to identify all clients that are tax residents in another participating jurisdiction. This also applies to controlling persons of certain entity clients. Once such a reportable person is identified, Orbis Consulting will annually report the relevant information to the Swiss Federal Tax Administration (FTA), or in the case of Liechtenstein to the tax authorities in the Principality of Liechtenstein which will forward the data to the tax authority of the jurisdiction in which the reportable person is resident for tax purposes.

You can find Switzerland's AEOI partner states on the following link:

https://www.sif.admin.ch/sif/de/home/multilateral/steuer_informationsaust/automatischer-informationsaustausch/automatischer-informationsaustausch1.html

On the following link you will find the AIA partner states of the Principality of Liechtenstein:

https://www.gesetze.li/konso/2015358000

Orbis Consulting AG

Beethovenstrasse 20

8002 Zürich

Switzerland

Orbis Advisory Pte Ltd.

corporate services only

8 Temasek Boulevard

#32-01 Suntec Tower 3

Singapore 038988

Orbis Consulting Trust Establishment

Kirchstrasse 79

9490 Vaduz

Liechtenstein