Any profits from offshore companies, owned, directly and/or indirectly, or simply controlled are also taxable. Even companies registered under someone else's name, for example, a strawman, trustee or relative. In the latter case, not disclosing that these companies are actually yours it's a crime under U.S. Law and you might got to jail for tax evasion and money laundering. Remember that in the US, tax evasion convictions require only a jury's veredict, strict documentary proof is not necessary.
yep..welcome to extremely complicated tax world of USA,where one wrong step will send you to a prison and all your assets worldwide will be seized. guys did warn you for a reason to think twice about green card..actually-to be treated as US resident for tax purposes you don't even have to live in US...183 days on US soil in 3 years-done. paying taxes to US, on your worldwide income http://www.irs.gov/taxtopics/tc851.html
I appreciate your concern guys, and I know as you say its pretty strict and not "land of the free" anymore. But my income is quite low compared to BSD standards so taxes should not be a big issue. Almost no profits are pulled out of companies. W-8BEN worked fine so far. I have found UK to have a nice set of rules, if the following: - company does not conduct any business in UK - main owners do not reside to UK - and some smaller adjustments then Inland Revenue (UKs IRS) says that the entity is not taxable at all. I do not think US could go to UK and rip company apart to tax it? :eek:
If you can afford to invest in the USA to get the green card, it is not a good idea to come here - unless you are on the run from wherever you are. Once you become American, it means the IRS has a hold on you anywhere in the world.
True. Google FBAR. Also many tax treatments of overseas holding are so complicated that you will beg IRS to take take them from you.