Romney has not disclosed all of his tax documents for 2010 itself -- the only year for which the GOP presidential nominee has presented any final tax forms…. Swiss bank account and financial activities in Bermuda and the Cayman Islands… required to file a… Report on Foreign Bank and Financial Accounts, or "FBAR" in accountant slang….
Although Romney's campaign declined to comment for this article, in January, Brad Malt, the manager of Ann Romney's blind trust, told reporters the Romneys had an account with Swiss bank UBS worth about $3 million, which generated roughly $1,700 in interest. Malt said the account was set up for "diversification" in 2003 -- a claim that puzzles tax and investment experts, who note that all of the investment options available in Switzerland are available in American accounts. Malt said the account was closed in 2010….
That Romney's disclosed account was with Swiss bank UBS has also raised eyebrows. In 2008, a whistleblower at the bank informed the IRS of thousands of accounts being operated by American clients to avoid paying U.S. taxes. For Americans, the coveted Swiss secrecy suddenly became a legal liability…. [T]he IRS established a special tax amnesty program, which allowed those who voluntarily turned themselves in to remain anonymous and pay limited penalties….
"It's unclear why he would have valued the Swiss bank account secrecy, and it wouldn't have enabled him legally to avoid U.S. tax," said Daniel Shaviro, a tax professor at New York University School of Law. "This is why there's speculation that he was into the amnesty program."
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