clevenhagenjs - 2-13-2005 at 11:04 AM
Has anyone actually reported Foreign Home Trust information to the USA Government? By Law if you have a Fideocomiso in the restricted zone you are
required by law to submit this information to the US Government on Form 3520. Is this true or BS?
The Sculpin - 2-15-2005 at 09:54 AM
I'm thinking that this form doesn't apply to you. This section of the code deals with the transfer of property or cash that you own directly to a
foreign trust taht you either own or control directly or indirectly. With a fideocomiso, you never owned or will own the property - what you own is a
beneficial interest in the property for a set time. In addition, you do not control the trust..the bank does.
This form is meant to track the transfer of assets held by US citizens to foreign trusts so that it will be easier to shield those assets from the
USA's grasp.
Please keep in mind that this advice is worth exactly what you paid for it....nothing!
Go ask a cross-border tax professional who both understands the law and your situation so that the laws can be properly applied to your facts. Do do
otherwise would be nuts. 
[Edited on 2-15-2005 by The Sculpin]