In an extensive article the NZZ summarizes the current situation of Swiss banks under the US Tax Program. The US Tax Program refers to an agreement signed in August 2013 between Switzerland and the USA. The Program for Non-Prosecution Agreements or Non-Target letters for Swiss Banks intends to settle a dispute between Swiss banks and the United States of America linked to tax evasion of US-related accounts held in Swiss banks.

Since the end of March 2015, 27 Category 2 Swiss banks came clean with their past around untaxed assets from US customers.This brings the number to 30 banks having found a settlement. We can notice certain patterns there, for example that most of the banks having found a settlement so far have not activey chased US clients and were mostly based either in touristic areas or in areas where there would be US workers says the NZZ.

For a summary of the current situation you can always check our page ‘Penatly-Statistics‘.