The agreement with the Central American country has to be approved by Parliament and subjected to an optional referendum before it can enter into force. During the hearing procedure which followed the completion of negotiations, the cantons and the business associations concerned expressed their support.

Switzerland has signed eight other TIEAs to date. The agreements with Jersey, Guernsey and the Isle of Man are in force and have been applicable since 1 January 2015. The agreements with Andorra, Greenland, San Marino and the Seychelles entered into force in July 2015 and will be applicable from 1 January 2016 onwards. Finally, Switzerland also signed a TIEA with Grenada on 19 May 2015. Negotiations with other countries and territories are under way.

On 4 April 2012, the Federal Council decided to adopt the international administrative assistance standard not only in double taxation agreements (DTAs) but also in TIEAs. In principle, DTAs and TIEAs are equivalent instruments for concluding an administrative assistance clause in accordance with the international standard. Unlike DTAs, which are aimed primarily at avoiding double taxation and therefore contain other material provisions in this regard, TIEAs merely govern the exchange of information upon request.

Switzerland signs tax information exchange agreement with Belize