Offshore Voluntary Disclosure Program

The Offshore Voluntary Disclosure Program (OVDP) was a U.S. initiative allowing taxpayers with unreported foreign income and assets to come forward without facing harsh penalties. It provided a chance to disclose their offshore accounts and settle any tax obligations. By participating in the program, individuals could avoid criminal prosecution and reduce penalties for not reporting their foreign earnings. It aimed to encourage compliance with tax laws and promote transparency regarding offshore finances. While it was launched to address tax evasion, the program has since ended, but similar initiatives may exist.