India will get its third set of Swiss bank account details of its citizens under the automatic exchange of information agreement with Switzerland this month and it will include data on immovable property owned by Indians for the first time, officials said on Sunday. Said to
Marking an important milestone in the Indian government’s fight against black money allegedly stashed abroad, India will this month get full details of flats, apartments and condominiums owned by Indians in Switzerland, as well as such It will also help to see the tax liabilities on the earnings from the properties. associated with those properties.
The move assumes significance on the part of the European Alpine nation of Switzerland, as well as the long-standing belief about the Swiss banking system as a perceived safe haven for black money, as a major global financial center. Working hard to restore.
While this will be the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time that the information being shared with India will include information about immovable property assets. .
While the Swiss government has agreed to share details of real estate assets, information about contributions to non-profit organizations and other such foundations, as well as details of investments in digital currencies, are still in the automated exchange of information frameworks. out, the official said.
Experts and those engaged in the business of attracting investments in Switzerland said the move would help dispel misconceptions about the illegality of all funds in Swiss properties, and also position Switzerland as a preferred investment destination, including real estate properties. It would help a lot to set up.
Himanshu, founder and CEO of Switzerland for USA, the parent firm of IDDI Investments, which is engaged in the business of attracting investments to Switzerland from India and other countries, including startups and real estate, said transparency has its virtues and offers India The Government of Switzerland is welcome to share information on property ownership of foreign clients with other countries, including.
“We found no valid reason for the Swiss authorities to hide such information. After all, property ownership is not something that can be kept hidden,” said the Geneva-based Indian-origin entrepreneur. for many years. “Sharing such information with other countries under the AEOI will bring in greater transparency and act as a deterrent to those wishing to buy Swiss property with the wrongly acquired funds. The move will help make Switzerland an attractive investment destination. Will go a long way.” .
India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in September 2019. It was among 75 countries that received such information that year.
In September 2020, India, along with 85 other recipient countries, received the second set of Swiss bank account details of its citizens and entities, with which the Federal Tax Administration (FTA) of Switzerland last year issued financial statements within the framework of global standards on AEOI. Exchange of information on accounts. .