A consultation regarding the ratification of the new FATCA Model 1 Intergovernmental Agreement.
The Federal Tax Administration (FTA) of Switzerland on March 7, 2025, announced that it will initiate a consultation regarding the ratification of the new FATCA Model 1 Intergovernmental Agreement (IGA) and its implementation into domestic law (federal law and regulation).
The consultation seeks feedback on the agreement between Switzerland and the United States, the draft federal law, and the draft ordinance. The consultation will run until June 14, 2025.
The FATCA Model 1 IGA was signed by Switzerland and the United States on June 27, 2024, following the negotiations to transition from the existing Model 2 IGA to Model 1 IGA. Read TaxNewsFlash
This transition is expected to take effect on January 1, 2027.
Read a March 2025 report prepared by the KPMG member firm in Switzerland