Foreign Trust Vs Domestic Trust
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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.
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.
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.
A trust is domestic if. (1) ?[a] court within the United States is able exercise primary supervision over the administration of the trust? (court test) and. (2) ?[o]ne or more United States persons have the authority to control all substantial decisions of the trust? (control test).
A trust is a 'foreign trust' if at least 50% of the trust interests in the trust are foreign interests. A 'foreign interest' is any of the following: a trust interest of a foreign individual. a trust interest of a foreign corporation.