From the RenounceUScitizenship blog.
This is a companion to the earlier post I wrote suggesting why Swiss banks should NOT join the OVDP program for Swiss banks. In this post I argue that individuals shouldn’t join OVDP for people. At the moment that means that nobody should join OVDP.
France: October 10, 1789 – Ancestor of #OVDP and #FBAR https://t.co/8P6iwn4ed1 – #Americansabroad don't let Swiss Banks take you there!
— U.S. Citizen Abroad (@USCitizenAbroad) December 14, 2013
I have written a number of posts about the OVDP program for Swiss banks. The banks should stay away from it. But what does it mean for Americans in Switzerland? The answer is that they are being asked to prove that they are U.S. tax compliant. Remember that proof has nothing to do with proof.
U.S. tax lawyer Robert Wood (referring to Americans abroad in general) asks:
What To Say When (Not If) Your #Offshore Bank Asks, 'Are You Compliant With IRS?' http://t.co/d2xfqm0BkZ via @forbes – Great comments!
— U.S. Citizen Abroad (@USCitizenAbroad) December 14, 2013
The Swiss banks are taking the lead in asking the question. One American in Switzerland reports receiving the following message from Post Finance:
