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Switzerland agrees banking transparency

Switzerland agrees banking transparency

Jan 1, 2017

The international convention on the automatic sharing of banking information entered into force on January 1. This announces the beginning of the end of the country’s reputation as a tax haven. Such automatic information exchanges are aimed at bringing an end to Switzerland's long-cherished banking secrecy practices and help prevent foreigners from stashing undeclared income in Swiss banks.

The Swiss parliament is meanwhile expected to give the green light before the end of the year to similar accords with Iceland, Norway, Japan, Canada, South Korea and the British crown dependencies of Jersey, Guernsey and the Isle of Man.

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Will it be easier for young foreigners to become Swiss?

Will it be easier for young foreigners to become Swiss?

Jan 1, 2017

Young foreigners up to the age of 25 who were born in Switzerland and have been to school for five years in the country are eligible for the facilitated naturalisation. The requirement is that one of their parents must be Swiss-born and has to have spent at least ten years in the country. In addition, one of the grandparents must have had a resident’s permit.
If all of these conditions are met, a foreigner can apply for a passport under a legal amendment.
The decision by the Senate is the latest stage in eight years of debate on a proposal by a Social Democratic parliamentarian. The House of Representatives has already approved the amendments.

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