On Thursday (October 29, 2015), the US Department of Justice announced new additions to the Swiss Bank Program that will soon be added to the "Blacklisted" Foreign Financial Institutions List:
- Luzerner Kantonalbank AG (Luzerner)
- Habib Bank AG Zurich (HBZ)
- Banque Heritage S.A.
- Hyposwiss Private Bank Genève S.A. (Hyposwiss Geneva)
These banks will join the 57 others on the "Foreign Financial Institutions or Facilitators."
Blacklisted Swiss Bank? What to do if you have accounts with Luzerner, HBZ, Banque Heritage, or Hyposwiss Geneva
If you have accounts at any of these four banks — or other banks on the IRS "blacklist" — you need to keep the following in mind: every situation can be made better. The 50% OVDP penalty is not a forgone conclusion; the key is to know what your options are. We've written extensively about the options available for US persons with accounts at blacklisted banks, and we even created a webinar on this sensitive topic you can watch right below.
If you are concerned because your bank is on this list, or you have other unreported foreign income, contact us. We can help.
The rest of the IRS Swiss Blacklisted List as of October 29, 2015, in reverse-chronological order:
57. Piguet Galland & Cie SA (effective 10/23/15)
56. BBVA Suiza S.A. (effective 10/16/15)
55. Schaffhauser Kantonalbank (effective 10/8/15)
54. Finacor SA (effective 10/6/15)
53. BHF-Bank (Schweiz) AG (effective 10/1/15)
52. Graubundner Katonalbank (effective 9/25/15)
51. Migros Bank AG (effective 9/25/15)
50. E. Gutzwiller & Cie, Banquiers (effective 9/17/15)
49. St. Galler Kantonalbank AG (effective 9/17/15)
48. Belize Bank International Limited, Belize Bank Limited, Belize Corporate Services Limited, their predecessors, subsidiaries, and affiliates (effective 9/16/15)
47. Bank La Roche & Co AG (effective 9/15/15)
46. Valiant Bank AG (effective 9/10/15)
45. Schroder & Co. Bank AG (effective 9/3/15)
44. Hypothekarbank Lenzburg AG (effective 8/27/15)
43. Banca dello Stato del Cantone Ticino (effective 8/20/15)
42. bank zweiplus ag (effective 8/20/15)
41. Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA (effective 8/6/15)
40. Banque Cantonale du Jura SA (effective 8/6/15)
39. Privatbank Reichmuth & Co. (effective 8/6/15)
38. Bank EKI Genossenschaft (effective 8/3/15)
37. Credito Privato Commerciale in liquidazione SA (effective 7/30/15)
36. Falcon Private Bank AG (effective 7/30/15)
35. PKB Privatbank AG (effective 7/30/15)
34. Privatbank Bellerive AG (effective 7/23/15)
33. SB Saanen Bank AG (effective 7/23/15)
32. Nidwaldner Kantonalbank (effective 7/16/15)
31. Banque Cantonale Neuchateloise (effective 7/16/15)
30. Mercantil Bank (Schweiz) AG (effective 7/16/15)
29. ARVEST Privatbank AG (effective 7/9/15)
28. Banque Pasche SA (effective 7/9/15)
27. Privatbank Von Graffenried AG (effective 7/2/15)
26. Ersparniskasse Schaffhausen AG (effective 6/26/15)
25. Bank Sparhafen Zurich AG (effective 6/19/15)
24. Bank Linth LLB AG (effective 6/19/15)
23. Berner Kantonalbank AG (effective 6/9/15)
22. Societe Generale Private Banking (Suisse) SA (effective 6/9/15)
21. Banca Credinvest SA (effective 6/3/15)
20. Rothschild Bank AG (effective 6/3/15)
19. Scobag Privatbank AG (effective 5/28/15)
18. LBBW (Schweiz) AG (effective 5/28/15)
17. MediBank AG (effective 5/28/15)
16. Societe Generale Private Banking (Lugano-Svizzera) SA (effective 5/28/15)
15. Finter Bank Zurich AG (effective 5/15/15)
14. Vadian Bank AG (effective 5/8/15)
13. BSI SA (effective 3/30/15)
12. Bank Leumi le-Israel B.M., The Bank Leumi le-Israel Trust Company Ltd, Bank Leumi (Luxembourg) S.A., Leumi Private Bank S.A., and Bank Leumi USA (effective 12/22/14)
11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates (effective 12/19/14)
10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates
9. The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)
8. Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.
7. CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates
6. swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG
5. Zurcher Kantonalbank
4. Liechtensteinische Landesbank AG
3. Wegelin & Co.
2. Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.
1. UBS AG
