As the year draws to a close, the final deadline for applying for the FINMA Licence for Swiss trustees is approaching. The end of 2024 marks the last opportunity for trustees operating in Switzerland to comply with the legal requirements if they exceed the 3 commercial thresholds, which are:
1. ) Gross income (as trustee) of more than CHF 50,000 is generated in a calendar year – or –
2.) Business relationships are entered into with more than 20 contracting parties per calendar year that are not limited to a one-off activity, or at least 20 such relationships are maintained per calendar year – or –
3.) The trust assets managed by a trustee exceed CHF 5 million at any one time.
Limited Time for Compliance
In recent months, many trustees have initiated the process of securing their Licences or have explored alternative solutions. For those who have not yet addressed these requirements, the remaining months of the year are critical.
Failure to secure this Licence will result in the inability to legally continue trustee activities in Switzerland as of January 1, 2025.
Without considering a complete cessation of business activities, several options are possible, buttimely implementation of an appropriate solution is crucial.
Carey Ltd. is prepared to provide the necessary support to ensure compliance and safeguard the future of trustee activities.
For further information, please contact: Beat Haering, CEO
Phone: +41 (0) 43 499 11 44