http://www.ifcreview.com/restricted.aspx?articleId=3712&dm_i=8J3,OK61,Y6E9L,1ZD8H,1
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Who Falls Within the Agreement?
The Agreement will apply to UK resident ‘relevant persons’ who directly own ‘bankable assets’ in Switzerland (which includes cash, bank accounts, precious metal accounts, shares, securities and various structured products) or who are the ‘beneficial owners’ of such assets held by companies, trusts, foundations and partnerships. Irrevocable discretionary trusts are thought not to be caught by the Agreement (because there is no ‘beneficial owner’), although revocable discretionary trusts might be. It is therefore important that trustees confirm each trust’s status with their Swiss bank ....'
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