[dila813]

One other thing too, your corporation is the one that has to report as a foreign corporation.

There is an IRS Form for that but they only report if they have transactions with a US Entity during the year. Transfer of assets.etc.... but they don’t, so they don’t, so you don’t have to pay either.

Basically you have a firewall, but you will never be able to touch the money....so it sucks.. but if you are rich, you don’t care...it beats a mattress any day.

[FromTheSidelines]

Hmmm... I do know you have to report your interest in any foreign company if you own or control over a certain percent (I believe it is 10%), and that you also have to report any interest in any bank account or securities account in which you have ownership or even control, if it contains more than $10,000 per year.

Yeah, not realizing your investment should get you around taxes - but it also means you don’t realize your investment. Using it for overseas spending would be realization and that would be taxable.

If only the US was like the rest of the OECD and money earned overseas simply wasn’t subject to US taxation!

[FromTheSidelines]

Here is some information on foreign asset reporting from the IRS. I think you have to personally report your interest if the asset was worth more than $10,000 at any time during the year. It's not for the foreign corporation to report, but the taxpayer.