Some of Switzerland’s biggest banks are telling US clients that their accounts will be closed and moved into specially created US-registered units – or lost for ever. Even smaller private banks are closing the accounts of US citizens, judging the threat of litigation in suspected tax evasion cases to be too great.
Swiss banks must now register with the SEC to provide services to US taxpayers, which means their American clients will have to sign a form guaranteeing the exchange of their financial records with the IRS. Not only this but many banks also do not want to put themselves in a position that would invite further blackmail.
Now US tax payers who want to open an offshore account are running out of places to turn to. The days of the secret numbered bank account seem a distant memory. The US government, spearheaded by the IRS, is intent on reclaiming $50 billion dollars which it claims to have lost to tax evasion.
Strict rules define how US citizens can open Non-US accounts, seemingly governed by the principle of “innocent until proven guilty”.
American citizens have to report offshore bank accounts of more than $10,000 and pay tax on income earned over $80,000, irregardless of domicile (theoretically they could be paying tax from space).
Source: bloomberg
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