The Streamlined Program is available to American citizens who have unreported offshore accounts. While it is a fairly new program, it has several major benefits over the Offshore Voluntary Disclosure Program (OVDP). For example, the civil penalty for offshore accounts under the Streamlined Program is only 5% for US citizens residing in the US. The offshore penalty under the OVDP is 27.5% but can be as high as 50% of the highest value of the account.
Since the Streamlined Program is so new, we will have to see how many of Streamlined Program applications result in criminal prosecution. If you have unreported offshore accounts, the Streamlined Program and the OVDP should both be considered.
To speak with an attorney regarding the Streamlined Program or the OVDP, contact the Law Offices of Horwitz & Citro, P.A. today.
