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  • Aviation

    ELC pioneered the liberalisation from the monopoly of air transportation related services in Greece, while also creating the foundation for the current ground services at the Athens International Airport and the other large airports throughout the country.

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  • Finance and tax

    In cooperation with certified accountants and tax consultants nationally and internationally, we can help you to sort out your finance assessment and make sure you can dispose of a proper evaluation of assets and of circumstances.

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  • General business law

    We are assisting in the creation of dozens of firms of different types for a variety of business purposes. We can help you to set up a proper structure according to your needs and assist you with a holding structure or an acquisition even on a small scale.

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  • High technology

    We are very active in providing legal assistance to new expanding sectors of High Technology. One of the world's most prestigious manufacturers of super computers and specialized applications, Silicon Graphics International, turned to us for all necessary legal coverage in the country.

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  • Labour law

    We feel it and we deal with it as very, very sensitive! Through our organised strategy we have proved successful in finding solutions that save our clients time and money.

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  • Intellectual property

    Whether you would simply like a check on the registration of a trademark or you wish to register a name, design or patent in Greece, Europe or even Worldwide, our experience and organisation can help you efficiently.

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  • Private and family law

    When your private life gets complicated, ELC can help. We have dealt with many cases and know how to find the best solutions offered in Greece and around the world.

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  • Real estate

    Dozens of land and property buyers have entrusted us with their significant investments. From negotiating to contract preparation and registration, we take care of all your paperwork from A to Z.

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Welcome to the European Legal Consultancy

For comprehensive legal services... think ELC

ELC is one of an exciting new breed of law firms, combining local expertise with an international network of like-minded professional associates.

ELC has extensive legal experience across a broad range of sectors. We offer multi-lingual capabilities to compliment our wide range of specialist services for both commercial enterprises and private individuals. After many years of work and experience, ELC has created a solid, worldwide clientele.

We embrace cutting edge technology which keeps us up-to-date and links us seamlessly with all major domestic and international institutions - including bailiffs, court registrars, international organisations and the European Commission - but we never forget the importance of regular face-to-face meetings.

Our pricing is fully inclusive, honest, and transparent, with no hidden extras.

We are happy to offer you an initial consultation and quotation completely free of charge. Contact us now to find out more about how we can help.

Your visit to this web site and our exchange of correspondence do not imply acceptance by our Law firm to handle or to defend your case.

Switzerland: Automatic exchange of financial account information (AEOI) (Q&A)

Which information will be automatically exchanged ?

The information to be transmitted includes account and tax identification numbers as well as the names, addresses and dates of birth of taxpayers abroad with an account in a country other than the country of origin, all types of capital income and account balances. The standard covers both natural persons and legal entities. The actual beneficial owners of the account in accordance with the international provisions on combating money laundering (FATF) must be identified.

How is the automatic exchange of information conducted?

Banks, certain collective investment vehicles and certain insurance companies collect financial information on their clients who are resident abroad for tax purposes. Once per year, these financial institutions send the information to their national tax authority, which automatically transmits the information received to the tax authority in the relevant partner country.

What happens with the data that is exchanged?

Client data may be used solely for the agreed purpose, i.e. the correct taxation of taxpayers in this case. However, the standard does not indicate precisely how the national tax authorities are to do this (e.g. spot checks or extensive data reviews). Data protection has to be ensured.

When will Switzerland introduce the AEOI?

Swiss financial institutions will start to collect the account data of taxpayers abroad in 2017. The first exchange of data with a wide range of partner states and territories will take place in 2018.

Does the AEOI agreement with the EU include all member states?

Yes. The AEOI agreement with the EU applies equally to all member states. Specific agreements with individual EU countries are not necessary. Furthermore, the agreement also applies to Gibraltar on the basis of internal EU provisions.

With regard to the automatic exchange of information standard, will the United States get preferential treatment in relation to transparency of financial constructs?

The United States has approved the OECD's AEOI standard. This is based on the US FATCA model, which will continue to exist. Consequently, temporary exceptions will apply for the United States for a given period. For example, US financial institutions do not have to identify the beneficial owners of foreign investment companies that have not concluded an agreement as a Foreign Financial Institution (FFI) with the United States and are located in a country that has not concluded a FATCA agreement with the United States. However, the United States will levy a withholding tax of 30% on the gross amount of all revenue and sales proceeds from US securities.

For how long will the United States be allowed such an arrangement?

Faced with increasing criticism from the international community, the United States announced at the G20 meeting in April 2016 that it would adopt internal measures in the near future to eliminate certain loopholes and make certain constructs in the United States less attractive.

How will Switzerland use data on Swiss taxpayers with accounts abroad that it receives within the scope of the reciprocal exchange of information?

The domestic use of data received from abroad is up to the individual countries. Given that the cantonal or communal tax administrations are responsible for tax assessments in Switzerland, the Federal Tax Administration (FTA) will forward the financial information received from abroad to the competent assessment authorities for the application and enforcement of Swiss tax law.

Does the global standard for the AEOI apply domestically as well?

No. The international standard governs only the international exchange of client data for tax authorities. Transparency within the states will continue to be determined by the states themselves.


Source: DFF/SFI (Switzerland)


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