You pay after the first $92.5k. you pay the difference between what you would be taxed in the US minus what you are taxed in your current country. This only becomes a problem if you are living in a country with no or low taxes; ie, HK, Dubai, Saudi Arabia, the Caymans, etc. If you live in Western Europe you are being taxed higher than in the US.
Switzerland is a difficult subject because they don't identify you when they report your taxes so the IRS has to trust the Swiss gov't is telling the truth. I believe they have reached an agreement that favors the US and have a lot of Swiss account holders pissed off.