How Dubai Government will know that I own single person USA LLC ?

[tickertrader]

Smart solution - actually I didn't thought about it.

But there are other tons of problems that one has to find a US-Friendly jurisdiction, etc. Probably it doesn't worth the hassle but just going with US LLC directly may be a better solution

 

[PinkCat]

But there are other tons of problems that one has to find a US-Friendly jurisdiction, etc. Probably it doesn't worth the hassle but just going with US LLC directly may be a better solution

I was thinking the same thing, why have the company in the Caymans, when you can have the company and the bank account in the US, much easier to open bank account in the US for US company (which is still not super easy if the owner is a non-US person but doable).

In short and generally speaking, US gets information about its citizens from everyone but gives information to no one. So, US is something like super offshore heaven if you are not an US person.

 

[Cloudbanck]

the U.S. has established a network of bilateral intergovernmental agreements (IGAs) under FATCA with many countries to facilitate the exchange of tax-related information. These IGAs might lead to some level of reciprocal exchange of information, but it is not as comprehensive or as broad-based as the CRS.

There are two main types of IGAs under FATCA:

Model 1 IGA: This is a reciprocal agreement. Under a Model 1 IGA, foreign financial institutions (FFIs) in the partner country report information about U.S. account holders to their local tax authority, which then forwards the information to the IRS. Similarly, the U.S. provides the partner country with information about its residents who hold accounts in the U.S.

Model 2 IGA: This is a non-reciprocal agreement. FFIs in the partner country report directly to the IRS, and there isn't a similar automatic exchange of information from the U.S. to the partner country.

the U.S. and UAE have not entered into a FATCA IGA. This means that while UAE financial institutions may still comply with FATCA to avoid withholding taxes on U.S.-source income, there isn't a formalized structure for reciprocal exchange of tax information between the two countries.

As per the US Treasury https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act a Model 1 IGA between the US and the UAE has been in force since 2016.
Here is the actual Model 1 IGA: https://home.treasury.gov/system/files/131/FATCA-Agreement-UAE-6-17-2015.pdf
I see nothing in it about US financial institutions sending info to the UAE though, everything is about the other way round.

 

[JackAlabama]

https://home.treasury.gov/system/files/131/FATCA-Agreement-UAE-6-17-2015.pdf

I see nothing in it about US financial institutions sending info to the UAE though, everything is about the other way round.

well as the world is structured right now this makes perfect sense

 

[Cloudbanck]

https://home.treasury.gov/system/files/131/FATCA-Agreement-UAE-6-17-2015.pdf

well as the world is structured right now this makes perfect sense

Indeed.

In the decsription of a Model 1 IGA it says:

• The exchange of information under a Model 1 IGA may be on a reciprocal or nonreciprocal basis.

My guess here is that by default it is nonreciprocal, but if the non-US country really insists in a certain case, they can get info.