As far as I understand
Once you cease to be a tax resident of︅ your home country it is the end of the story, specially if you dont have︆ any more accounts or assets or personal income from there, you dont even have to︇ file tax there anymore. you just keep renewing your id card and passport and visiting︈ for less that 183 days a year thats the ony relationship wth that country.
You can have a Wise or Revolut account which are european and have an american USD︉ bank account trough them and no tax number is asked for personal account, for business︊ you would use the LLC EIN numbers
I didnt know about form 5472 but it︋ seems to be where one discloses all the draws one makes from the LLC to︌ our personal accounts, is this correct?
In the case of still having european tax residency︍ and using the EU tax number on the form and the IRS reports it, basically︎ that is a killer, it garantees that the european tax authority knows about all the️ money that you are receiving and will tax your personal income, if not also the corporate income if they can claim POEM/PE.
If the new low territorial tax country where you are now a tax resident is notified about you owning a foreign LLC what do they care? Foreign personal income is not taxed, and the only way they can get some money is IF and WHEN they can build a case of POEM which is very unlikely because it takes resouces they dont have and they need a way to substantiate proof that you actually operate the LLC from their territory, and all this︀ defeats the purpose of them having created this territorial taxation in the first place to︁ motivate foreigners to reside there, not in their best interest, they wont go after you︂ I guess...
But now i am even more confused because of this form 5472.
It seems to be the way they found that no foreign resident gets away without paying︃ tax at least in his home country. kind of a reverse FATCA.
Once you cease to be a tax resident of︅ your home country it is the end of the story, specially if you dont have︆ any more accounts or assets or personal income from there, you dont even have to︇ file tax there anymore. you just keep renewing your id card and passport and visiting︈ for less that 183 days a year thats the ony relationship wth that country.
You can have a Wise or Revolut account which are european and have an american USD︉ bank account trough them and no tax number is asked for personal account, for business︊ you would use the LLC EIN numbers
I didnt know about form 5472 but it︋ seems to be where one discloses all the draws one makes from the LLC to︌ our personal accounts, is this correct?
In the case of still having european tax residency︍ and using the EU tax number on the form and the IRS reports it, basically︎ that is a killer, it garantees that the european tax authority knows about all the️ money that you are receiving and will tax your personal income, if not also the corporate income if they can claim POEM/PE.
If the new low territorial tax country where you are now a tax resident is notified about you owning a foreign LLC what do they care? Foreign personal income is not taxed, and the only way they can get some money is IF and WHEN they can build a case of POEM which is very unlikely because it takes resouces they dont have and they need a way to substantiate proof that you actually operate the LLC from their territory, and all this︀ defeats the purpose of them having created this territorial taxation in the first place to︁ motivate foreigners to reside there, not in their best interest, they wont go after you︂ I guess...
But now i am even more confused because of this form 5472.
It seems to be the way they found that no foreign resident gets away without paying︃ tax at least in his home country. kind of a reverse FATCA.
