Domestic Vs Foreign Trust
Description
How to fill out Qualified Domestic Trust Agreement?
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FAQ
The main form is the Form 3520-A ? which is used when a US person is an owner of a foreign trust. The other form is Form 3520, which is used when a person has ownership of a foreign trust, engages in certain transactions with the foreign trust, or receives a distribution from the foreign trust.
If it's governed by laws outside of the U.S., then it's a foreign Trust. As a reminder, a Trust is a legal entity into which the grantor transfers the legal title of property. They also name another party, the trustee, who will have the legal right to administer the property owned by the Trust.
What is a foreign trust? From a legal standpoint, a foreign trust is a trust over which a U.S. court is not able to exercise primary supervision or a trust over which U.S. persons don't have the authority to control substantially all decisions of the trust.
The TFSA has long been considered by many a foreign trust, necessitating the need for these filings. Failure to file these forms when required (or filing them after their due dates) can attract harsh penalties of USD $10,000 or more.
A person who is treated as the U.S. owner of a foreign trust will be subject to U.S. income tax on their portion of their pro rata share of the trust's income, regardless of whether the income is treated as a U.S. source or foreign source.