Showing posts from May, 2016

Considerations for a Foreign Irrevocable Trust / Foreign Non-Grantor Trust holding US Real Estate

BEA - Acquisition and Ownership
Currently, the U.S. does not tax, or impose a filing obligation on, the acquisition or mere ownership of U.S. real property by a foreign person. The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA), however, requires that certain surveys be completed by foreign persons who own substantial holdings of U.S. real property. These surveys are issued and collected by the BEA for purposes of gathering statistical data on foreign investment in the United States and can be summarized generally as follows: quarterly reporting of certain positions and transactions concerning the U.S. real property and its foreign owner(s), and foreign affiliates of its foreign owner(s), on the Quarterly Survey of Foreign Direct Investment in the United States (Form BE-605);annual reporting of financial and operating data concerning the U.S. real property on the Annual Survey of Foreign Direct Investment in the United States (Forms BE-15A, BE-15B, BE-15(EZ), and BE-15…