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Foreign Trust & U.S. compliance requirement

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

  1. the Foreign Trust? OR

  1. the U.S. Settlor? (I assume there would be at least a gift tax return when the trust is set up.)

e.g. Information Returns, Tax Returns, etc.

TIA

Reply to
Not A Clue
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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.

Reply to
Alan

The trustee would be a foreign entity.

Reply to
Not A Clue

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.
Reply to
Alan

Thank you, Alan.

Reply to
Not A Clue

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