Since our last update on the "blacklisted" Swiss banks, a handful more have been added to the IRS Foreign Financial Institution List, including:
- Banque Internationale a Luxembourg (Suisse) SA (effective 11/12/15)
- Zuger Kantonalbank (effective 11/12/15)
- Standard Chartered Bank (Switzerland) SA, en liquidation (effective 11/13/15)
- Maerki Baumann & Co. AG (effective 11/17/15)
The latest four added to the "blacklist," which may not be as ominous as it sounds.
What to do if you have accounts at a "blacklisted" Swiss bank
Despite what you may have heard, it's quite possible that you have options other than entering into the Full Offshore Voluntary Disclosure Program (OVDP) and paying a 50% offshore penalty per OVDP FAQ 7.2.
And just in case you've been given misguided advice, we are not talking about making a so-called "soft" or "quiet" disclosure. It's entirely possible that you can find tremendous success through either the Streamlined Disclosure Process or even opting-out of the standard penalty amount and arguing for non-willful FBAR penalties. Or, if you're feeling particularly adventurous, you could even consider trying your hand with an FBAR warning letter.
If you need assistance deciding if you should enter into a disclosure program, or if you aren't' sure which program is right for you, or if you're already working with a tax professional and think they may have steered you into the wrong direction, contact us here. Our submission success rate is the best out there.
For more information on all of those wild terms, watch our video to see what your options are:
