Decision Day has finally arrived for Americans with money hidden in Swiss bank accounts. Credit Suisse has started closing down the accounts of U.S. clients who have not declared the money to the U.S. authorities, a Swiss newspaper reported on Sunday. Clients are being given the choice of having their money moved to a subsidiary which will disclose the accounts to US tax authorities or withdrawing everything.
The Sonntagszeitung newspaper said Credit Suisse has between 2,500 and 5,000 U.S. clients with secret accounts. The undeclared accounts are worth about 3 billion francs or $2.6 billion.
Business Insider Emails & Alerts
Site highlights each day to your inbox.