The keywords in SDP are: wilfullness, fraudulent conduct, and criminal liability, miscellaneous penalty 5%. You may qualify for SDP if there is a clear indication that the non-reporting was non-wilfull, without fraudulent acts and intentions.
The new SDP, allows eligible US taxpayers who resided outside of the U.S. territories in any 1+ out of the last 3 years for which the US tax return due date has passed (collectively ’11 – ’13), the opportunity to come forth without paying penalties. Such US taxpayers who resided within the country are subject to a penalty of 5% of the highest aggregate balance of their offshore financial account during the 3 years and the FBAR period of 6 years.
Note: The IRS will not impose accuracy related penalties, information return penalties, or FBAR penalties on participants in the SDP. The SDP will allow the taxpayer to avoid the long-winded OVDP process.,