Home Top Stories Switzerland To Give Info On Real Estate Owned By Indians There: Report

Switzerland To Give Info On Real Estate Owned By Indians There: Report


Switzerland To Give Info On Real Estate Owned By Indians There: Report

The Swiss government has agreed to share details of real estate assets

New Delhi/Berne:

India will get this month the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland and this will include for the first time the data about real estate properties owned by Indians there, officials said on Sunday.

Marking a key milestone in the Indian government’s fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.

The move assumes significance on the part of Switzerland as well as the European Alpine nation is trying hard to reposition itself as a key global financial centre while warding off the long-persisting perception about the Swiss banking system being an alleged safe haven for black money.

While it would be the third time that India will get details about bank accounts and other financial assets held by Indians in Switzerland, it will be the first time that the information being shared with India would include information about the real estate assets.

While the Swiss government has agreed to share details of real estate assets, the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from the automatic exchange of information framework, officials said.

Experts and those engaged in the business of attracting investments to Switzerland said the move would help clear misconceptions about all fund inflows into Swiss assets being illicit and would go a long way in establishing Switzerland as a preferred investment destination, including for real estate properties.

Himanshu, Founder and CEO of Switzerland For You SA, the parent firm of IDDI Investments, which is engaged in the business of attracting investments from India and other countries to Switzerland including in startups and real estate, said transparency has its own virtues and the proposal of the Switzerland government to share information about property ownership of foreign clients with other countries including India is welcome.

“We find no valid reason for Swiss authorities to hide such information. After all, the ownership of property is not something which can be kept under wraps,” said the India-origin entrepreneur who goes by his first name only and is settled in Geneva for many years. “Sharing of such information with other countries under AEOI will bring in more transparency and act as deterrence for those intending to buy Swiss properties from ill-gotten wealth. The move will go a long way in making Switzerland an attractive investment destination,” he added.

India had received the first set of details from Switzerland under AEOI (Automatic Exchange of Information) in September 2019. It was among 75 countries to get such information that year.

In September 2020, India received the second set of Swiss bank account details of its nationals and entities, along with 85 other recipient countries with whom Switzerland’s Federal Tax Administration (FTA) exchanged information on financial accounts within the framework of global standards on AEOI last year.



Source link

RELATED ARTICLES

PM Modi’s Speech At UN Most Awaited Among World Leaders: Indian Envoy

<!-- -->PM Modi will also have a bilateral meeting with US President Joe Biden (File)New York: India's Permanent Representative to United Nations TS...

KKR vs RCB: Clinical Kolkata Knight Riders Outclass Royal Challengers Bangalore In Abu Dhabi

Kolkata Knight Riders thrashed Royal Challengers Bangalore by nine wickets on Monday.© BCCI/IPLKolkata Knight Riders (KKR) defeated Royal Challengers Bangalore (RCB) by nine...

England’s Men’s And Women’s Cricket Tours Of Pakistan Cancelled

England have pulled out from men's and women's tour of Pakistan.© TwitterEngland cricket chiefs on Monday cancelled upcoming men's and women's tours of...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

IPL 2021 Points Table Update: Orange Cap Holder And Purple Cap Holder List After KKR vs RCB Match 31

IPL 2021: KKR thrashed RCB by nine wickets on Monday.© BCCI/IPLKolkata Knight Riders (KKR) produced a clinical performance as they beat Royal Challengers...

Justin Trudeau’s Party Wins Canada Election: Projections

<!-- -->Canada's Prime Minister Justin Trudeau called for a snap election.Ottawa: Canadian Prime Minister Justin Trudeau's Liberals were returned to power Monday in...

France Eyes Momentum At UN On Iran Nuclear Deal Talks

<!-- -->France aims at building positive momentum around Iran nuclear deal talks.Paris: France's top diplomat said Monday that he hoped a meeting of...

Covid-19 pandemic made women hesitant to have another baby, says new study | Health

New study reveals nearly half of New York City mothers who had been trying to have another baby before the coronavirus pandemic began...

Recent Comments