News for hackers. Stuff that matters.

A comment on Ask HN: What is the best jurisdiction for internationally distributed teams?. Parent comment

Re:Ask HN: What is the best jurisdiction for internationally... by Svip on Saturday June 04, 2022 @03:28PM (#31624203)
> smaller entities simply can’t be bothered with the paperwork the US demands on accounts for “US Persons”

That only counts for companies with operations in the US. My wife is a US citizen, and my bank - a medium-sized Danish bank - did not care, because they don't operate any business in the US, so they do not need to provide any paperwork for her to US authorities.

[ Parent | on HN ]
Re:Ask HN: What is the best jurisdiction for internationally... by rdl on Saturday June 04, 2022 @04:25PM (#31624696)
Not an attorney, not a tax attorney, not your attorney, but US persons are required to report bank accounts they hold globally under both FBAR and FATCA, and signatory authority on business accounts is also a thing. Additionally, controlled foreign corporations are a thing for US people.
[ Parent | on HN ]
Re:Ask HN: What is the best jurisdiction for internationally... by scottlilly on Saturday June 04, 2022 @07:21PM (#31626143)
I'm also not a lawyer or CPA, but I believe if a US person is a partial owner in a foreign corporation, the company is required to do their accounting by GAAP standards. So, if the company is in a country that follows IFRS standards, it would have to do their books twice.
[ Parent | on HN ]