The European Commission has announced an agreement with Switzerland that is intended to clamp down on tax evasion.
From 2018, EU residents will be prevented from hiding undeclared income in Swiss banks. The EU and Switzerland will exchange information on the bank accounts which their respective citizens hold.
The EU Commission said it was a "deterrent" against hiding income abroad.
The Commission is also negotiating similar agreements with Andorra, Liechtenstein and Monaco.
EU commissioner Pierre Moscovici said that the agreed automatic exchange of information was "another blow against tax evaders and represents another leap towards fairer taxation in Europe".
It follows an agreement for "strengthened transparency" among EU member states last year.
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