A new agreement has been entered into between the European Union and Switzerland in relation to the automatic exchange of financial account information. The agreement is designed to improve cross-border tax compliance and tackle tax fraud and evasion. It is anticipated that it will come into force in January 2017.

The new measures will lead to the exchange of names, addresses, tax identification numbers and dates of birth of their residents with accounts in Switzerland, on an annual basis, as well as other financial and account balance information.

The EU Commission is concluding similar agreements with Andorra, Liechtenstein, Monaco and San Marino. These are expected to be complete by the end of the year.

The EU Commission’s press release can be read here.