Qualification of trusts
Trust & Trustees 2016.

Distinguishing between discretionary and all other types of trust, this article emphasizes that, according to Swiss tax law principles, discretionary beneficiaries have expectancies but no legal claims against the trustee. As long as discretionary beneficiaries do not receive anything from the trust, they are not subject to reporting. This does not only apply with respect to Common Reporting Systems (CRS)/Multilateral Competent Authority Agreement (MCAA) but also with respect to Foreign Account Tax Compliance Act (FATCA). (...)