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Automatic Exchange of Information (AEoI)
As part of Swiss Life’s efforts to provide transparency with regard to the evolving landscape of the Automatic Exchange of Information procedures, we wish to share with you the latest key jurisdictional updates on regulations.
The Common Reporting Standard (“CRS”) regime has now come into effect in most participating jurisdictions.
Insurance companies must report the following information with respect to each policyholders or members that is within the scope of the law:
- Reportable person's name, address, country or countries of tax residence
- Reportable person's tax identification numbers (TINs) and, in the case of an individual, the person's date and place of birth
- The same information as above with respect to each reportable Controlling Person of a Passive Non-Financial Entity (Passive NFE), the role of the Controlling Person as well as the details of the Passive NFE
- Account numberAccount balance or value at the relevant year-end or upon account closure, and
- Other amounts paid during the year reported, depending on the type of account.
The forms to be used for collecting information and obtain Tax Self-certification from clients can be downloaded directly from our website:
- Tax Reporting Self-Certification – Natural Person
For all physical policyholders or members entitled to receive a payment and for all natural persons exercising control in legal entities that are themselves policyholders.
- Tax Reporting Self-Certification – Entity
For all legal entities acting as policyholders of any contracts.
The first reporting activity for Luxembourg insurance companies has been due by 30 June 2017. The Common Reporting Standard “CRS” reporting will be sent to the Luxembourg Tax Authority on an annual basis. The Luxembourg Tax Authority will then exchange all compulsory data with all committed jurisdiction. For further information, please refer to the list of committed jurisdiction.