Due to double taxation agreements with administrative assistance as well as the automatic information exchange it is important for taxpayers to voluntarily disclose their assets in Switzerland to avoid any penalty tax proceedings. On the basis of these agreements, Switzerland can receive or obtain all tax-related data from individuals liable to Swiss taxes
A potential date to revoke the Swiss bank confidentiality in favour of the tax authorities is not in sight. It will probably take another few years before such a decision is made. However, it is advisable to make a voluntary declaration of all the undeclared assets in Switzerland and abroad.