Automatic exchange of information
AEOI
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The annual automatic exchange of financial account information between tax authorities under the OECD's Common Reporting Standard.
In Switzerland, financial institutions report to the Federal Tax Administration, in Germany to the Federal Central Tax Office and in Austria to the tax administration.
In practice
For a family, the automatic exchange means that banks report accounts, balances and income to the tax authorities of each person's country of tax residence – for structures classified as passive, including the controlling persons. In practice, the family office keeps the tax residences and tax identification numbers of all persons and the CRS classification of all entities up to date and completes the self-certifications for all banks consistently.
Distinctions and common mistakes
The automatic exchange does not replace the family's own tax returns; the reported data are compared with them. A common mistake is a change of residence that is not reported to every bank, so that data are sent to the wrong country.
Relevant in: Switzerland
Related terms
- Common Reporting Standard
- The OECD's global standard for the automatic exchange of information on financial accounts.
- Controlling person (CRS)
- Under the CRS, the natural person who controls a passive non-financial entity – for trusts and foundations in particular the settlor or founder, the governing bodies, the protector and the beneficiaries.
- Passive non-financial entity
- Under the CRS, an entity that is not a financial institution and mainly earns passive income such as interest, dividends or rent.
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