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declare offshore bank account funded with crypto in the name off an offshore US WY company?

Telosstrat

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TelosstratNew MemberAuthor
Joined
May 2021
Messages
5

#1

Hey guys,

I'd like your opinions. I'm from the EU and i have a sleeping Wyoming C-corp. Say that i open a bank account with Kingdom bank(because they accept crypto deposits) for example in the name of my WY company and deposit crypto and spend this money.
Will this information be exchanged with the US authorities?

Thank you
Kind Regards

daniels27Complete Moron
Joined
Aug 2023
Messages
4,547

#2

Yes, there is a FACTA agreement in force since 12 August 2019. You will have to pay US CIT (unless you opt for pass-through taxation). If you are the signer of the bank account, they may also report to your home country.

A better solution would be to get a tax residency elsewhere (or at least an address) and have a personal crypto debit card shipped to you. You can then spend that money.

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