The Swiss central securities depository SIS SegaInterSettle AG (SIS) has worked with the major banks in Switzerland and the Swiss Federal Tax Administration (FTA) to create a SWIFT-based solution for replacing the physical Bank Declaration (Affidavit) for Swiss investment funds.
This solution became effective from 1 July. In cases where 80 % or more of the profit of a Swiss investment fund is generated outside Switzerland, foreign investors may be exempted from the withholding tax, if an Affidavit has been completed and returned to the custodian bank.