The deal contains provisions for a withholding tax on interest, dividends and capital gains earned by Germans with accounts in Swiss banks, as well as an upfront lump-sum payment of SFr2 billion ($2.8 billion) from these banks to the German government. This amount covers the lost revenue from Swiss accounts held by Germans who have not paid tax on this income for the last 10 years.

The drive for much-needed revenue has led to a global crackdown on tax evasion, stimulating negotiations for deals such as this one, which has been well-received on the whole.

“I welcome the agreement and from what is known by now it looks like a fair trade-off. Slightly surprising is the fact that it should not come into effect until 2013,” said Holger Hartmann, partner at Bödecker Ernst & Partner.

However, some Germans are not content.

“Some say that this deal...