There are significant new reporting requirements for having bank accounts overseas. I frequent a few expat forums and the reporting requirements are challenging.
The FBAR form seems to be the one that draws the most ire based on what I read.
From what I read on one forum – it’s almost impossible for a US citizen to open a swiss bank account – even if they are legal residents and live in Switzerland… because of this new reporting.
You’ll have to decide if the extra interest is worth the extra paperwork.
