Domestic Trust With Foreign Grantor
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FAQ
In addition to the withholding requirement, naming a beneficiary who resides in a foreign country may allow the foreign country to tax the property and accounts of the trust. In most cases, a foreign person is subject to US tax on its US source income.
A foreign grantor trust is considered both a foreign trust and a grantor trust. Neither the trust nor the settlor is subject to U.S. income tax on non-U.S. trust income while the settlor is alive unless the trust holds U.S. situs assets at the settlor's death.
The primary IRS reporting vehicle for a foreign grantor trust is a Form 3520-A.
Interest income earned by the trust is deductible if distributed to a foreign beneficiary but because the beneficiary is a nonresident alien, he will not be subject to U.S. income tax on the distribution. Therefore, the income is not subject to withholding tax (see Rev. Rul.
resident estate trustee is required to post a bond (which is costly and adds delay), and he or she may not be eligible to make certain financial investments available to Canadian residents (e.g., stocks, bonds, Canada Savings Bonds).