19 March 2019
Is there a legal right to a bank account in Switzerland?
Access to payment services is particularly important in these digital times. Often a bank account is required. In the EU, every consumer legally resident in the EU has a right to an account (Directive 2014/92/EU). An account may be refused in the EU if a consumer infringes the rules on combating money laundering or terrorist financing (bank accounts in the EU). There is no general explicit legal provision in Switzerland. Is there therefore no legal entitlement to a bank account in Switzerland?Read more
18 March 2019
Reform of Swiss Withholding Tax - Paying Agent Tax?
Report of the expert group set up by the FTA released
The seemingly never-ending work on a reform of the Swiss withholding tax has reached another intermediate stage. Following the withdrawal of the federal popular initiative "Yes to the protection of privacy" in January 2018, the expert group appointed by the Federal Department of Finance intensified its work and completed it in December 2018. Following the Federal Council's information session, the expert group's report* was released on 8 March.Read more
06 December 2018
Federal Council publishes implementing provisions for the new FinTech licence
On 30 November 2018, the Federal Council published the amended Banking Ordinance with the long-awaited implementing provisions for the new FinTech licence. The rules for this new licence will come into force on 1 January 2019.Read more