Minimize risk of being caugh by EU gov for a US LLC

[Sols]

In the early days of FATCA, that used to be the case. Nowadays, the US‍ is increasingly meeting its reciprocity obligations under FATCA. It'd be a dangerous thing to bet⁠ on that not being the case.

 

[Fothermucker]

Do Puerto Rico banks allow business accounts‍ for foreign owned NM or WY LLCs?

 

[JohnLocke]

Yes that's what I have done, but don't put it all in 1 stable coin,‍ spread the risk to USDT, USDC and DAI, you never know.

it's impossible to do remote account opening with them as far⁣ as I read, or do you know a way?

 

[Cetme308win]

sadly you must go there‍ in person to their branch of "la milla de oro" (the golden mile ) in⁠ San Juan

 

[zzzzzz]

Are you aware of "informational" IRS Form︉ 5472? In it you self-disclose annually your EU tax residency and tax number to IRS.︊ I'm not sure what they are doing with this information.

 

[Piano]

business account for US company or offshore‍ also possible ?

 

[Cetme308win]

Some of them yes

 

[Cetme308win]

sure but they ask for a physical office in the jurisdiction you are registered.
Solution: Pay a bit more and get a cheap a*s office or at least a desk‍ in a office building

 

[Patrick846]

Form 5472 is only for foreign owned corporation.⁠ To my knowledge it does not apply to foreign own company. So if the LLC⁤ did not elect to be taxed as a C or S corp, it should not⁣ apply.

 

[12345]

Risk of getting caught in your case is very slim op like 1 %.
Just don't tell anyone your friends or even family and of course don't make any transfers‌ from LLC emi to your real bank

 

[zzzzzz]

Not sure about that. Since 2018 it's all over the place that LLC's with foreign owners⁠ (more than 25% owned) have to file informational Form 5472. I would ask US tax⁤ layer first before making the move.