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Account holders of the foreign financial institutions that will pay 50% OVDP penalty

Posted by: Zaher Fallahi
Posted On: Jan 11, 2015

The Internal Revenue Service has updated its Foreign Financial Institutions or Facilitators list as of December 26, 2014. Because the following institutions or the advisors of the account holders of these institutions are under investigation, the account holders of the following financial intuitions and banks will pay the OVDP penalty of 50%.

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)

Zaher Fallahi, is a Tax Attorney and a CPA, practices as Los Angeles Offshore Accounts Attorney and Orange Offshore Accounts Attorney, and assists taxpayers including Americans Living Abroad and Non-Resident Aliens subject to the US tax law, in resolving their tax problems regarding their Offshore Voluntary Disclosure Program (OVDP), Report of Foreign Bank and Financial Accounts (FBAR), Foreign Account Tax Compliance Act (FATCA) and Foreign Trust.  Telephones: (310) 719-1040 (Los Angeles), (714) 546-4272 (Orange County), e-mail taxattorney@zfcpa.com