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telegraphindia.com 12 Sep, 2021 17:30 am

India to get third set of Swiss bank details in September, to include data on real estate assets

India to get third set of Swiss bank details in September, to include data on real estate assets
It will be the first time that information on those holdings will be shared with the country

/ / India to get third set of Swiss bank details in Sept, to include data on real estate assets India to get third set of Swiss bank details in Sept, to include data on real estate assets It will be the first time that information on those holdings will be shared with the country Representational image.21, 10:23 PM 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.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.

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