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

[Sols]

US FACTA does not automatically report to any EU country.

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]

First bank (used to be Banco Santander but they sold their Puerto Rico branch l) and Banco Popular

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

 

[JohnLocke]

Yes you can keep USDT on a Ledger for example.

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.

First bank (used to be Banco Santander but they sold their Puerto Rico branch l) and Banco Popular

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

 

[Cetme308win]

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

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

 

[zzzzzz]

Hi,

I want to incorporate an LLC in NM while being resident in a western European country. I'm planning on banking with Mercury, and leave most if not all the money there. I need to do this for 6 months to a year until I move to a better jurisdiction. For context, it'll be low ammounts of money.

I know there are several parts of this process in which I will have to provide an identity, a phone number and an address. From my research, it seems impossible nowadays for a low-income individual to get any of that information without your real identity. But my question is: What steps can I take to minimize the risk of the Tax Office finding out (looking in the first place, as I know if they want to find it, they will) about the USA LLC?

That is:
- A way to get a less identifiable mailing address for registered agents, getting EIN, or banking?
- A phone number more difficult to associate with my identity.
- Optimal way of using funds if needed? Debit card from Mercury? Moving to an EMI and spending there? Sending to an exchange, getting crypto and then spending with something like a Binance debit card?

I know anonymity is impossible, but considering I would be moving small ammounts of money, and just for 6 months to a year, how can I minimize the risk of getting caught?

Thanks for your help.

Are you aware of "informational" IRS Form 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]

First bank (used to be Banco Santander but they sold their Puerto Rico branch l) and Banco Popular

business account for US company or offshore also possible ?

 

[Cetme308win]

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

Some of them yes

 

[Cetme308win]

business account for US company or offshore also possible ?

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]

Are you aware of "informational" IRS Form 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.

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]

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.

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.