Monthly Archives: October 2016

The complete list of Offshore Banks and Foreign Financial Advisors who are turning over the names of their US Account Holders, who are now subject to a 50% (rather than 27.5%) penalty in the IRS’s Offshore Voluntary Disclosure Program (OVDP)is as of 11/15/16: 

1. UBS AG
2. Credit Suisse AG, Credit Suisse Fides, and Clariden Leu Ltd.
3. Wegelin & Co.
4. Liechtensteinische Landesbank AG
5. Zurcher Kantonalbank
6. swisspartners Investment Network AG, swisspartners Wealth Management AG, swisspartners Insurance Company SPC Ltd., and swisspartners Versicherung AG
7. CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates
8. Stanford International Bank, Ltd., Stanford Group Company, and Stanford Trust Company, Ltd.
9. The Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India)
10. The Bank of N.T. Butterfield & Son Limited (also known as Butterfield Bank and Bank of Butterfield), its predecessors, subsidiaries, and affiliates
11. Sovereign Management & Legal, Ltd., its predecessors, subsidiaries, and affiliates (effective 12/19/14)
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)
13. BSI SA (effective 3/30/15)
14. Vadian Bank AG (effective 5/8/15)
15. Finter Bank Zurich AG (effective 5/15/15)  
16. Societe Generale Private Banking (Lugano-Svizzera) SA (effective 5/28/15)
17. MediBank AG (effective 5/28/15)
18. LBBW (Schweiz) AG (effective 5/28/15)
19. Scobag Privatbank AG (effective 5/28/15)  
20. Rothschild Bank AG (effective 6/3/15)
21. Banca Credinvest SA (effective 6/3/15)
22. Societe Generale Private Banking (Suisse) SA (effective 6/9/15)
23. Berner Kantonalbank AG (effective 6/9/15)
24. Bank Linth LLB AG (effective 6/19/15)
25. Bank Sparhafen Zurich AG (effective 6/19/15)
26. Ersparniskasse Schaffhausen AG (effective 6/26/15)
27. Privatbank Von Graffenried AG (effective 7/2/15)
28. Banque Pasche SA (effective 7/9/15)
29. ARVEST Privatbank AG (effective 7/9/15)
30. Mercantil Bank (Schweiz) AG (effective 7/16/15)
31. Banque Cantonale Neuchateloise (effective 7/16/15)
32. Nidwaldner Kantonalbank (effective 7/16/15)
33. SB Saanen Bank AG (effective 7/23/15)
34. Privatbank Bellerive AG (effective 7/23/15)
35. PKB Privatbank AG (effective 7/30/15)
36. Falcon Private Bank AG (effective 7/30/15)
37. Credito Privato Commerciale in liquidazione SA (effective 7/30/15)
38. Bank EKI Genossenschaft (effective 8/3/15)
39. Privatbank Reichmuth & Co. (effective 8/6/15)
40. Banque Cantonale du Jura SA (effective 8/6/15)
41. Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA (effective 8/6/15)  
42. bank zweiplus ag (effective 8/20/15)
43. Banca dello Stato del Cantone Ticino (effective 8/20/15)
44. Hypothekarbank Lenzburg AG (effective 8/27/15)
45. Schroder & Co. Bank AG (effective 9/3/15)
46. Valiant Bank AG (effective 9/10/15)
47. Bank La Roche & Co AG (effective 9/15/15)
48. Belize Bank International Limited, Belize Bank Limited, Belize Corporate Services Limited, their predecessors, subsidiaries, and affiliates (effective 9/16/15)
49. St. Galler Kantonalbank AG (effective 9/17/15)
50. E. Gutzwiller & Cie, Banquiers (effective 9/17/15)
51. Migros Bank AG (effective 9/25/15)
52. Graubundner Katonalbank (effective 9/25/15)
53. BHF-Bank (Schweiz) AG (effective 10/1/15)
54. Finacor SA (effective 10/6/15)
55. Schaffhauser Kantonalbank (effective 10/8/15)
56. BBVA Suiza S.A. (effective 10/16/15)
57. Piguet Galland & Cie SA (effective 10/23/15)
58. Luzerner Kantonalbank AG (effective 10/29/15)
59. Habib Bank AG Zurich (effective 10/29/15)
60. Banque Heritage SA (effective 10/29/15)
61. Hyposwiss Private Bank Genève S.A. (effective 10/29/15)
62. Banque Bonhôte & Cie SA (effective 11/3/15)
63. Banque Internationale a Luxembourg (Suisse) SA (effective 11/12/15)
64. Zuger Kantonalbank (effective 11/12/15)
65. Standard Chartered Bank (Switzerland) SA, en liquidation (effective 11/13/15)
66. Maerki Baumann & Co. AG (effective 11/17/15)
67. BNP Paribas (Suisse) SA (effective 11/19/15)
68. KBL (Switzerland) Ltd. (effective 11/19/15)
69. Bank CIC (Switzerland) Ltd. (effective 11/19/15)
70. Privatbank IHAG Zürich AG (effective 11/24/15)
71. Deutsche Bank (Suisse) SA (effective 11/24/15)
72. EFG Bank AG (effective 12/3/15)
73. EFG Bank European Financial Group SA, Geneva (effective 12/3/15)
74. Aargauische Kantonalbank (effective 12/8/15)
75. Cornèr Banca SA (effective 12/10/15)
76. Bank Coop AG (effective 12/10/15)
77. Crédit Agricole (Suisse) SA (effective 12/15/15)
78. Dreyfus Sons & Co Ltd, Banquiers (effective 12/15/15)
79. Baumann & Cie, Banquiers (effective 12/15/15)
80. Bordier & Cie Switzerland (effective 12/17/15)
81. PBZ Verwaltungs AG (effective 12/17/15)
82. PostFinance AG (effective 12/17/15)
83. Edmond de Rothschild (Suisse) SA (effective 12/18/15)
84. Edmond de Rothschild (Lugano) SA (effective 12/18/15)
85. Bank J. Safra Sarasin AG (effective 12/23/15)
86. Coutts & Co Ltd (effective 12/23/15)
87. Gonet & Cie (effective 12/23/15)
88. Banque Cantonal du Valais (effective 12/23/15)
89. Banque Cantonale Vaudoise (effective 12/23/15)
90. Bank Lombard Odier & Co Ltd (effective 12/31/15)
91. DZ Privatbank (Schweiz) AG (effective 12/31/15)
92. Union Bancaire Privée , USP SA (effective 1/6/16)
93. PHZ Privat - und Handelsbank Zürich AG reorganized as Leodan Privatbank AG (effective 1/25/16)
94. Hyposwiss Privatbank AG reorganized as HSZH Verwaltungs AG (effective 1/27/16)
95. Bank Julius Baer & Co., Ltd (effective 2/4/16)
96. Cayman National Securities Ltd. (effective 3/9/16)
97. Cayman National Trust Co. Ltd. (effective 3/9/16)
98. Bradley Birkenfeld (effective 11/15/16)
99. Renzo Gadola (effective 11/15/16)
100. Martin Lack (effective 11/15/16)
101. Christos Bagios (effective 11/15/16)
102. Joshua Vandyk (effective 11/15/16)
103. Eric St-Cyr (effective 11/15/16)
104. Patrick Poulin (effective 11/15/16)
105. Andreas Bachmann (effective 11/15/16)
106. Josef Dörig (effective 11/15/16)
107. David Kalai and Nadav Kalai (effective 11/15/16)
108. David Almog (effective 11/15/16)
109. Hansruedi Schumacher (effective 11/15/16)
110. Matthias Rickenbach (effective 11/15/16)
111. Cem Can (effective 11/15/16)
112. IPC Management Services, LLC (effective 11/15/16)
113. IPC Corporate Services Inc. (effective 11/15/16)
114. IPC Corporate Services LLC (effective 11/15/16)
115. Titan International Securities, Inc. (effective 11/15/16)
116. Legacy Global Markets S.A. (effective 11/15/16)
117. Unicorn International Securities LLC (effective 11/15/16)
118. Andrew Godfrey (effective 11/15/16)
119. Michael Little (effective 11/15/16)
120. Edgar Paltzer (effective 11/15/16)
121. Peter Amrein (effective 11/15/16)
122. Daniela Casadei (effective 11/15/16)
123. Fabio Frazzetto (effective 11/15/16)
124. Michele Bergantino (effective 11/15/16)
125. Mario Staggl (effective 11/15/16)
126. Beda Singenberger (effective 11/15/16)
127. Gian Gisler (effective 11/15/16)
128. Felix M. Mathis (effective 11/15/16)
129. Michael Berlinka (effective 11/15/16)
130. Urs Frei (effective 11/15/16)
131. Roger Keller (effective 11/15/16)
132. Josef Beck (effective 11/15/16)
133. Hans Thomann (effective 11/15/16)
134. Stephan Fellmann (effective 11/15/16)
135. Otto Huppi (effective 11/15/16)
136. Christof Reist (effective 11/15/16)
137. Stefan Buck (effective 11/15/16)
138. Marco Parenti Adami (effective 11/15/16)
139. Emanuel Agustino (effective 11/15/16)
140. Roger Schaerer (effective 11/15/16)
141. Markus Walder (effective 11/15/16)
142. Susanne D. Rüegg Meier (effective 11/15/16)
143. Martin Dunki (effective 11/15/16)
144. Robert Bandfield (effective 11/15/16)

 

1. With roughly 144 Foreign Banks and Financial Advisors cooperating with the DOJ & IRS and 
2. FATCA requiring the entire world to report to the IRS

it is INEVITABLE that this increased disclosure, will result in EVERY AMERICAN eventually being discovered. Banks worldwide want to know if there US clients are compliant with the IRS.

 

 

Within the OVDP, people who Pre-Cleared

Before the various Effective  Dates

are generally Safe From the Higher 50% Penalty.

 

As additional banks are added to the list, only those American taxpayers that request pre-clearance before their bank is listed, will get the 27 1/2% OVDP penalty. The 50% penalty now applies to all taxpayers with accounts at financial institutions or with facilitators which are named, are cooperating or are identified in a court filing such as a John Doe summons.

 

Although the 50% penalty is high, willful civil violations can result in tax, penalties and interest totaling 325% of the highest balance in the account for the  most recent six years period. Recent guidance suggests that the IRS could be more lenient in the future, but the IRS’s definition of leniency can still make the OVDP a very good deal that provides certainty.  

 

Do You Have Undeclared Income from one of 

these Offshore Banks or

  Financial Advisors?

 

 

Is Your Name Being Handed Over to the IRS?

  

Want to Know if the OVDP Program is Right for You?

 

Contact the Tax Lawyers at 

Marini& Associates, P.A.  

 

for a FREE Tax Consultation

at: www.TaxAid.com or www.OVDPLaw.com or

Toll Free at 888-8TaxAid (888) 882-9243