Switzerland

FATCA: Online Questionnaire for Swiss Independent Asset Managers 

A detailed analysis of the impact of FATCA on your business model is of central importance for the continued compliance with the IRS requirements. A close examination of your business model within the KPMG Online Questionnaire will result in the FATCA status of your company.
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FATCA facts

On 17 January 2013 the final FATCA regulations were issued. Many countries have already or will enter into a country specific bilateral agreement with the Unites States (Intergovernmental Agreements or IGAs).

 

Switzerland has chosen the IGA Model II, where individual Foreign Financial Institutions (FFI) will enter into an agreement with the IRS. For Swiss Independent Asset Managers the IGA Model II provides:

 

  • Facilitative status as “Swiss Investment Adviser”, provided that all requirements regarding the offered services and involved institutions are met.
  • Subsequent registration with the IRS to qualify as a “registered deemed-compliant FFI”.

KPMG service offering

  • Determination of FATCA status based on an analysis of your business model by means of the Online Questionnaire.
  • Overview of your obligations under FATCA (may be used as basis for the FATCA implementation and for the registration with the IRS).
  • Definition of further necessary steps.
  • Provision of additional documents with regard to the implementation and compliance with the FATCA requirements (account opening documents, process descriptions, directives etc.)

Next step to ensure FATCA compliance

Register your company for the FATCA Online Questionnaire.

 

The fees for the FATCA classification based on the Online Questionnaire amount to CHF 3,000.-. The provision of additional documents is not included in the aforementioned fee.