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If you're moving to the U.S. to grow your young, early-stage startup for the next 5+ years, wouldn't it be easier if you moved your banking to a Silicon Valley
by chulk90 10y ago
If you're moving to the U.S. to grow your young, early-stage startup for the next 5+ years, wouldn't it be easier if you moved your banking to a Silicon Valley / equivalent bank, who tends to be more startup-friendly and gives easier filing rules?
That's unless if you have more than 5 years of a banking relationship, but then you wouldn't qualify for this rule anyway.
- beagle3 10y agoThat's true for simple saving and checking, but not true for just about anything else. Most importantly, retirement/pension accounts, which get preferential treatment (in the US they are IRAs and 401k) in one country but not another -- and the US PFIC rules make them much worse than "just" not getting the tax benefits.