Wyoming or Delaware for non US citizen and non-resident?

[Sols]

For this to happen, someone has to pressure the US to do it. Who is going to try to put the bell on the man-eating Tiger?

Beneficial Ownership Information Reporting Rule Fact Sheet | FinCEN.gov

www.fincen.gov

A Brave New World: U.S. Implements Company UBO Reporting Regime

Effective as of January 1, 2021, Congress enacted—over President Trump's veto—the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (the "NDAA"). As with any U.S.

www.natlawreview.com

 

[zzzzzz]

For this to happen, someone has to pressure the US to do it. Who is going to try to put the bell on the man-eating Tiger?

Nobody pressured them into FATCA, and nobody pressured them into sharing info about US personal non-resident accounts to their country of tax residency.

 

[jafo]

Beneficial Ownership Information Reporting Rule Fact Sheet | FinCEN.gov

www.fincen.gov

A Brave New World: U.S. Implements Company UBO Reporting Regime

Effective as of January 1, 2021, Congress enacted—over President Trump's veto—the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (the "NDAA"). As with any U.S.

www.natlawreview.com

Here it is:

They are applying certain canons of interpretation that courts have applied in case law for centuries, including but not limited to :

1. A verbis legis non est recedendum
2. Casus omissus pro omisso habendus est.
3. Expressio unius est exclusio alterius.
4. Verba cum effectu sunt accipienda. (For example: "These words cannot be meaningless, else they would not have been used." United States v. Butler, 297 U.S. 1,65 (1936) (per Roberts, J.)."
5. Noscitur a sociis.
6. etc etc

I skimmed the legislative history and statutes. This "new UBO" makes perfect sense for the US internally!
Carry on folks, unless you are going to compete business-wise within the US.

Caveat: I do expect them to revise and expand this when they realize how they are losing money/business overseas, especially in the Caribbean and Latin America, but I am NOT sure they have enough boots-on-the-ground friendly businessmen (read CIs) that have enough attention to detail and can extrapolate cause and effect from local market dynamics overseas. This latter one is such niche & esoteric knowledge/intel.

Nobody pressured them into FATCA

FATCA is for THEIR benefit. Why is the concept of self-preservation and one's own benefit so hard to grasp?

nobody pressured them into sharing info about US personal non-resident accounts to their country of tax residency.

Quid pro quo for something EXTRA...if they really have done it and the news isn't just fear-mongering propaganda to get others to "volunteer" information to avoid being penalized! I've had accounts (and I know of several other Europeans and other nationalities) in the US since the early 1980s and they have NEVER EVER disclosed or sent this info to ANY country I have lived in. None! Zero! Zilch! Nada! They were asked several times by several "governments" and the US won't even respond! They completely ignore such requests! Of course, YMMV!

US tax havens: The new Switzerland

The US is a magnet for offshore wealth, notably South Dakota, which has guaranteed secrecy for family trusts

www.ft.com

 

[zzzzzz]

1. Quid pro quo for something EXTRA...if they really have done it and the news isn't just fear-mongering propaganda to get others to "volunteer" information to avoid being penalized! I've had accounts (and I know of several other Europeans and other nationalities) in the US since the early 1980s and they have NEVER EVER disclosed or sent this info to ANY country I have lived in. None! Zero! Zilch! Nada! They were asked several times by several "governments" and the US won't even respond! They completely ignore such requests! Of course, YMMV!

In 2016 I got a letter from my taxman (one of EU countries) starting with "FATCA...2014..." regarding dividend and interest income in 2014 and 2015 (that was not reported) on my personal US brokerage account. FATCA is shared in both directions, what happened before 2014 is not relevant anymore.

 

[jafo]

In 2016 I got a letter from my taxman (one of EU countries) starting with "FATCA...2014..." regarding dividend and interest income in 2014 and 2015 (that was not reported) on my personal US brokerage account. FATCA is shared in both directions, what happened before 2014 is not relevant anymore.

Hence why I mentioned "YMMV".
Are you American by any chance?
Does the brokerage operate in the jurisdiction of your taxman?

 

[zzzzzz]

Hence why I mentioned "YMMV".
Are you American by any chance?
Does the brokerage operate in the jurisdiction of your taxman?

Not US citizen and not US resident. Brokerage is in USA. No connection with my country at all. They reported to my country of tax residence as stipulated in the FATCA agreement between my country and USA.
Here are all agreements by country:

Foreign Account Tax Compliance Act

FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with...

home.treasury.gov

 

[jafo]

Not US citizen and not US resident. Brokerage is in USA. No connection with my country at all. They reported to my country of tax residence as stipulated in the FATCA agreement between my country and USA.
Here are all agreements by country:

Foreign Account Tax Compliance Act

FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with...

home.treasury.gov

Hmmm...Interesting and intriguing. Well, my current "tax domicile" isn't on that list. Besides, that I don't have to pay income taxes. The funny thing is: Why the Bahamas, though? They don't pay income taxes. This could only trigger the local "mafia" to get their hands on the list of people with money to extort from. I find this sharing irresponsible and life-threatening. Nothing good is ever going to come out of this.

 

[zzzzzz]

Hmmm...Interesting and intriguing. Well, my current "tax domicile" isn't on that list. Besides, that I don't have to pay income taxes. The funny thing is: Why the Bahamas, though? They don't pay income taxes. This could only trigger the local "mafia" to get their hands on the list of people with money to extort from. I find this sharing irresponsible and life-threatening. Nothing good is ever going to come out of this.

Read the agreement. There is no mention of US reporting financial accounts of Bahamas tax residents in US, to Bahamas.

 

[jafo]

Read the agreement. There is no mention of US reporting financial accounts of Bahamas tax residents in US, to Bahamas.

So, this is simply unilateral?

 

[zzzzzz]

So, this is simply unilateral?
View attachment 4925

For Bahamas, yes. Every agreement is different. For countries where there is no agreement signed, US can have direct agreements with local FI, otherwise they have to pay FATCA tax (30% US witholding tax from US sources).

 

[jafo]

local FI

What is the meaning of this?

 

[Deepbarrels]

Can you invest your profits from your US LLC (as a non-resident) into a brokerage account (ex Charles Schwabs in the US) tax free?

Or how do you transfer the profits from your US LLC to you personally if you can't have a personal bank account in the US? You invoice your own company for management services?

 

[JustAnotherNomad]

Can you invest your profits from your US LLC (as a non-resident) into a brokerage account (ex Charles Schwabs in the US) tax free?

From a tax perspective, the US LLC does not exist. So you pay tax as if you invested under your own name.

Or how do you transfer the profits from your US LLC to you personally if you can't have a personal bank account in the US? You invoice your own company for management services?

Why can't you have a personal bank account in the US?

 

[Forester]

local FI,

What is the meaning of this?

local Financial Institutions, apparently. (This is the way how FATCA works.)