Banking secrecy for Italian tax residents, is over.

swiss flag orig photopin feb25 2015
A Swiss tax Information-sharing agreement was signed on Monday

Matteo Renzi has tweeted how “billions of euros” can now return to the Italian State, thanks to his signature on an agreement with Swiss authorities on Monday February 23.

Italy and Switzerland have now formally agreed to exchange taxpayer information, as is already the case today between many other countries. This will effectively take Switzerland off Italy’s blacklist from last Monday, and end Swiss bank secrecy for Italian residents.

It is believed that around 85% of assets held by Italians outside of Italy, are in Switzerland (source: Il Sole 24ore)

The agreement comes after the announcement of a new Voluntary disclosure program applying from January 1st for Italian taxpayers.

As part of the new Voluntary Disclosure Program, Italian residents with Swiss bank accounts can voluntarily disclose their accounts and pay outstanding past taxes due related to the last 5 years,  incurring less penalties than they otherwise would, and potentally relieving them of  obligations to tax, related to the years 2005 to 2009.

These concessions can only be obtained if disclosure is made via a commercialista before the deadline in September 2015.

For further information about Voluntary Disclosure, until September 2015, see: here
For further information or if you have swiss accounts and are unsure of your options, contact me here.


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All thoughts are my own. The information contained here is not personal financial advice tailored to individual needs.