Hi, first post on here so I apologize if this is in the wrong place.
I am a US citizen with multiple online social casino businesses, have been heavily looking into potential offshore solutions for the past months now, and it seems like no matter the structure of your corporations and trusts you will still be considered a CFC by the IRS.
Is there any exemption if the corporation's principle place of business is somewhere else. For example if I form a Cyprus company, and have it rent and office and pay the 12.5% tax there, would this make the company non foreign controlled?
Another method of avoidance could be to have a foreign director open a bank account, but it seems like for almost all offshore banks the UBO has to be disclosed. Are there any banks that do not require full UBO disclosure?
EDIT: Another potential strategy I came accross, this one seems a bit more on the grey side is to obtain a second passport, and use that passport to open all bank accounts and leave out the info about your US passport.
Open to any other solutions. Thanks
I am a US citizen with multiple online social casino businesses, have been heavily looking into potential offshore solutions for the past months now, and it seems like no matter the structure of your corporations and trusts you will still be considered a CFC by the IRS.
Is there any exemption if the corporation's principle place of business is somewhere else. For example if I form a Cyprus company, and have it rent and office and pay the 12.5% tax there, would this make the company non foreign controlled?
Another method of avoidance could be to have a foreign director open a bank account, but it seems like for almost all offshore banks the UBO has to be disclosed. Are there any banks that do not require full UBO disclosure?
EDIT: Another potential strategy I came accross, this one seems a bit more on the grey side is to obtain a second passport, and use that passport to open all bank accounts and leave out the info about your US passport.
Open to any other solutions. Thanks