Regulation Switzerland
Swiss Forms T and S: trusts and foundations at the bank
Updated: · Leutrim Miftaraj, FLIORE · Editorial standards · Other languages: Deutsch · Français · Español
Short answer
Swiss banks record trusts on Form T and foundations on Form S. Required are in particular the actual settlor or founder, the beneficiaries or classes of beneficiaries, persons with control or instruction rights such as a protector or curator, and whether the structure is revocable. The forms are based on the banks' code of conduct (CDB 20) and are signed by the trustee or the foundation board.
Why separate forms exist
Trusts and foundations have no owners in the usual sense. Who benefits economically and who exercises influence follows from the trust deed, articles, by-laws or regulations. Forms T and S translate these roles into a standardised declaration that every bank needs for its due diligence under the Anti-Money Laundering Act.
What is recorded
- The actual settlor or founder – the person who contributed the assets economically, not merely a formal founder.
- Beneficiaries by name or, in discretionary structures, as a class.
- Persons with control or instruction rights, such as a protector, curator or persons entitled to remove officers.
- Revocability of the structure and rights reserved by the settlor or founder.
- For structures with underlying companies, the link to those companies.
The actual settlor or founder
A frequent mistake is to name a fiduciary or lawyer who formally established the structure. What is asked for is the person whose assets were contributed. If the structure was funded with the assets of several persons, all of them must be named. With later additions or contributions by other family members, the information changes accordingly.
Discretionary structures
For discretionary trusts and discretionary foundations, a description of the class of beneficiaries – for example "descendants of the founder" – is often sufficient. Before a distribution, however, the recipients must be identified. Family offices should therefore keep a list of potential beneficiaries with their identity data and only arrange distributions once identification is complete.
Updating after events
- Death of the settlor or founder: reserved rights usually lapse and control shifts.
- Change of trustee, foundation board or protector.
- Change of beneficiaries or of a set of by-laws.
- A beneficiary coming of age or moving residence.
- New underlying companies.
In FLIORE
FLIORE records trusts and foundations as mandates in their own right, with roles for settlor or founder, trustee or foundation board, protector and beneficiaries – each with identity and tax data. Deeds and signed forms are stored with versions in the document vault.
At a glance
| Form T | Trusts and comparable asset units |
|---|---|
| Form S | Foundations |
| Core information | Actual settlor or founder, beneficiaries, controlling persons, revocability |
Terms on this page
- Protector
- A person or body that supervises the trustee of a trust or the board of a foundation and holds certain consent rights.
Frequently asked questions
Who signs Form T?
The trustee as the bank's contracting party; for a corporate trustee, its authorised signatories.
Do a foundation's by-laws have to be disclosed?
The bank needs the information they contain on beneficiaries and rights. Whether the document itself is provided should be agreed with the bank and the foundation board.
Does Form S also apply to charitable foundations?
Yes, although beneficiaries of charitable foundations are usually described as a class defined by the purpose.
What applies when the founder has died?
The information must be updated. Reserved rights usually lapse, and the foundation board, the protector and the beneficiaries come to the fore.
What about structures below a trust?
If a trust holds companies, banks additionally require the appropriate forms for their accounts and the link to the trust. A structure chart helps the bank to allocate them and avoids follow-up questions.
Sources
- Swiss Anti-Money Laundering Act (AMLA/GwG, SR 955.0) – Fedlex
- Swiss Bankers Association – Agreement on the Swiss banks' code of conduct with regard to due diligence (CDB 20)
- Swiss Civil Code (ZGB, SR 210) – Fedlex
- HCCH – Hague Convention on the Law Applicable to Trusts and on their Recognition
This page provides orientation and does not replace legal or tax advice. The cited legal sources in their applicable version are authoritative.
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