Swiss Banks React to FATCA, Tell Americans to Close Accounts

U.S. expatriates who have Swiss bank accounts are being advised to move their accounts, which effects an estimated 7 million US expatriates.

The Swiss banks are either selling off the US taxpayer accounts at a loss, of if at a gain (or from a pension fund) subject to 2013 U.S. income taxes.

U.S. taxpayers who transfer their funds to another bank subject themselves to felonies: tax evasion, conspiring to commit tax evasion, money laundering, wire fraud/mail fraud (which penalties at a maximum are 80 years in jail).

The only “safe place” for these funds is for the U.S. taxpayer to transfer them to an attorney’s client trust account to be held until all taxes are paid in full and then the net after-tax amount may be subject to transfer.

Please see complete article, Swiss Banks Tell American Expats to Empty Their Accounts.

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