Hong Kong and Switzerland have inked an agreement for automatic exchange of financial account information in tax matters (AEOI).

As part of the agreement, the two countries will exchange non-resident financial account data with the tax authorities in the account holders’ country of residence.

The agreement will be effective from 2018 and the first exchange of data between tax authorities will occur in 2019.

“We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. Including the agreement with Switzerland, Hong Kong now has 15 AEOI partners,” a Hong Kong government spokesperson noted.

The European nation becomes Hong Kong’s 15th tax treaty partner. Other tax treaty partners are Belgium, Canada, Guernsey, Indonesia, Ireland, Italy, Japan, Korea, Mexico, the Netherlands, New Zealand, Portugal, South Africa and the UK.

Hong Kong also unveiled plans to extend the application of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters to further expand it’s AEOI network.