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More Foreign Banks Working with US Government to Disclose American Accounts

More Foreign Banks Working with US Government to Disclose American Accounts
Ines Zemelman, EA
20 November 2015

Here we go again with your favorite tax topic:  FATCA and the Streamlined Procedure

Okay, maybe not your favorite topic, but an important one, nonetheless.  There are some important updates about the OVDP that could affect you if you are still delinquent with filing your FBAR (Foreign Bank Accounts Report).

Your filing requirements on foreign financial accounts and certain foreign assets have increased in recent years.

Offshore reporting has gone through its phases, and the latest requirement is for US Taxpayers to report the value of offshore accounts which meet certain thresholds by filing Form 8938.  Filing Form 8938 has no impact on your tax liability; it’s just a way to inform the IRS on the location of US tax funds.

More foreign banks have been added to the list of banks who are compliant with FATCA (Foreign Accounts Tax Compliance Act) regulations.

There are 11 new banks that have been added to the list of financial institutions that have entered into a ‘deferred prosecution’ agreement with the United States.  For the most part, these are Swiss banks that have been identified by the US as foreign financial institutions that are helping US Citizens hide money in offshore accounts.  If you are behind on your FATCA filing, you could be facing harsh penalties if you have one or more accounts with the banks which have recently been added to the list.

Here is a list of banks that are currently working with the US Government to snuff out tax evaders in the order in which they became active:

1. UBS AG (as of 8/4/14)

2. Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd. (as of 8/4/14)

3. Wegelin & Co. (as of 8/4/14)

4. Liechtensteinische Landesbank AG (as of 8/4/14)

5. Zurcher Kantonalbank (as of 8/4/14)

6. swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG (as of 8/4/14)

7. CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates (as of 8/4/14)

8. Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd. (as of 8/4/14)

9. The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India) (as of 8/4/14)

10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates (as of 8/4/14)

11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates (as of 12/19/14)

12. Bank Leumi le-Israel B.M., the Bank Leumi le-Israel Trust Compay Ltd., Bank Leumi (Luxembourg) S.A., Leumi Private Bank S.A., and Bank Leumi USA (as of 12/22/14)

13. BSI SA (as of 3/30/15)

14. Vadian Bank AG (as of 5/8/15)

15. Finter Bank Zurich AG (as of 5/15/15)

16. Societe Generale Private Banking (Lugano-Svizzera) SA (as of 5/28/15)

17. MediBank AG (as of 5/28/15)

18. LBBW (Schweiz) AG (as of 5/28/15)

19. Scobag Privatbank AG (as of 5/28/15)

20. Rothschild Bank AG (as of 6/3/15)

21. Banca Credinvest SA (as of 6/3/15)

22. Societe Generale Private Banking (Suisse) SA (as of 6/9/15)

23. Berner Kantonalbank AG (as of 6/9/15)

24. Bank Linth LLB AG (as of 6/19/15)

25. Bank Sparhafen Zurich AG (as of 6/19/15)

26. Ersparniskasse Schaffhausen AG (as of 6/26/15)

27. Privatbank Von Graffenried AG (as of 7/2/15)

28. Banque Pasche SA (as of 7/9/15)

29. ARVEST Privatbank AG (as of 7/9/15)

30. Mercantil Bank (Schweiz) AG (as of 7/16/15)

31. Banque Cantonale Neuchateloise (as of 7/16/15)

32. Nidwaldner Kantonalbank (as of 7/16/15)

33. SB Saanen Bank AG (as of 7/23/15)

34. Privatbank Bellerive AG (as of 7/23/15)

35. PKB Privatbank AG (as of date to be announced)

36. Falcon Private Bank AG (as of date to be announced)

37. Credito Privato Commerciale in liquidazione SA (as of date to be announced)

Ines Zemelman, EA
founder of Taxes for Expats