The Internal Revenue Service has published 2010 statistics on foreign trusts indicating an increasing interest in foreign investment by U.S. taxpayers, and the impact of changes made in 1996 to information reporting requirements.
The number of Form 3520 returns reporting foreign trust transactions and certain foreign gifts increased from 7,956 in 2006 to 16,242 in 2010, the IRS pointed out, while the number of Form 3520-A foreign grantor trust returns rose from 3,819 to 7,051. U.S. persons transferred nearly $1.5 billion in assets to foreign trusts in 2010.
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