A U.S. citizen set up an irrevocable foreign trust with non-resident alien beneficiaries.
Is there any *on-going* U.S. compliance requirements for
e.g. Information Returns, Tax Returns, etc.
TIA
You may obtain the best answer if you tell us who is the trustee (a US person or entity or a foreign person or entity) with the power over the trust.
The trustee would be a foreign entity.
Not my area of expertise but the only requirement I see is the filing of a Form 3520 by the grantor in the year the trust was created. The grantor would also have to answer the questions at the bottom of the
1040 Schedule B. Based on your answer, without a US owner there are no longer any ongoing reporting requirements.
Thank you, Alan.
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