Are YOU a US person with Swiss Bank Account?
If you have undeclared bank accounts with Swiss banks, if you acted as a signatory on such accounts, if you are a US person, you do a good thing for yourself, if you start to qualify for the OVDP as soon as possible. Otherwise, you risk that your Swiss bank will report you to the IRS before you can file your self-declaration with the IRS. It can
be too late to benefit from the program (OVDP) if you remain passive.
From all over the world I receive phone calls from US persons. Not all are living in the USA. People are calling me they are not aware to be a US person according to FATCA definition. Very few of them have tried to take funds away from their Swiss accounts. Some US persons transferred their funds to Dubai, Beirut, and other exotic jurisdictions but the past cannot be canceled. The pressure on Switzerland exercised by the US authorities is tremendous. The president of Credit Suisse has implemented a secret plan. He has formed a new company CS Financial Advisors AG which received the Swiss banking license in no time. This company should collect all US related accounts “ not declared accounts or so-called toxic accounts and subsequently offered to the lions over the Atlantic. According to my private opinion, this project is secretly supported by the Swiss government. This plan will fail. Read my article Too Big to Jail.
These are accounts which are not disclosed to the IRS in the USA. In case, you are a US person, and you have such an account you should contact your Swiss bank and clarify what the Swiss bank plans are. You have to verify if your have to complete the FBAR (Form to report foreign bank accounts) form and just declare your offshore asset to the IRS or if you should qualify for the OVDP (Offshore Voluntary Disclosure Program). If you want to qualify for the OVDP, it is in your exclusive interest to speed up the procedure and disclose the account to the IRS before the Swiss bank will report your account to the IRS. If you are acting to slow, you risk not to be accepted anymore for the OVDP. In such a situation, you cannot benefit anymore from the advantage of having disclosed yourself to the IRS. You risk a criminal prosecution.
For liability reasons I cannot give legal and tax advice over the internet because each single case is different. If you feel insecure, and you want to have some comfort just give me a call NOW. We can speak about your situation over the phone. In case you wish to qualify for the OVDP, I inform you that I work with a US tax lawyer you probably know because he is well-known in the Swiss private banking industry and the USA for having negotiated a multimillion settlement with UBS in previous years. In case, you engage me and if you give me a Power of Attorney I “ first of all “ will immediately communicate with your bank in order to find out what your bank is doing in this regard. The Swiss banks are acting in different ways. They feel insecure. Each bank is trying to be on the safe side. The US Department of Justice has offered a Program named Non Prosecution Program for Swiss Banks. I check if you can take advantage by being qualified by the de minimise clause in case you have an account with insignificant assets.I will inform your bank that you are doing the qualification for the OVDP. I prevent the bank not to report you to the IRS because you are going to report yourself.
Subsequently, I will cooperate with my US lawyer based in Fort Lauderdale, Miami. He worked for nine years with the Department of Justice. He has filed hundreds of OVDP with the IRS. We have many cases pending we are executing together. The cooperation is excellent. I manage the communication with the Swiss banks, and he manages the communication with the IRS and the Department of Justice. Our clients are benefitting based on two levels. We ensure that our clients are not under criminal prosecution. Each bank has the opportunity to qualify for different classes within the Non-Prosecution Program for Swiss Banks. It depends on the Swiss Bank™s internal politics how they are going to act concerning the IRS and FATCA. Smaller Swiss banks without physical representation and presence on USA territory may be more reluctant to cooperate with the IRS. Other Swiss banks which have representations all over the world will work “ violent lens “ with the US authorities.There is no way around. The Swiss government considers canceling the laws for banking secrecy helping the banks not to be liable. Switzerland is evaluating ways to escape from huge liabilities coming from over the Atlantic.Some Swiss banks are freezing bank accounts to have enough assets from their clients to cover and compensate a hard financial punishment from the IRS. Swiss banks are freezing 100% of the client™s assets. Other banks are freezing 50% of the assets. This is illegal. Everybody knows. A US client having undisclosed funds will never initiate a legal procedure against his bank. He knows the risk to be discovered in the case of a claim before the court is simply too high. If you are aware that your assets are not declared, and you are a so-called US person, you should call me immediately. We will coordinate together what is the best way to have a compliant situation and how to avoid to be punished. I will investigate the political position of your specific bank with regards to the toxic accounts.
As you may know, the USA have very severe punishment for tax evasion. Your risk to face years of imprisonment cannot be excluded. Al Capone became 11 years imprisonment for tax evasion and not for having killed gangsters in Chicago 1930. In your case, my US tax lawyer and I, we will do everything to solve your situation in the best possible way. Our US tax lawyer has a wide experience on how to avoid criminal prosecution and on how to mitigate the tax consequences. He will manage the US part, and I support him with the Swiss bank documents.