31 CFR § 560.215 - Prohibitions on foreign entities owned or controlled by U.S. persons.

Date issued: Sep. 30 2020

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TURBOFAC Commentary (5675 words)


This comment addresses only methodologies for determining whether foreign entities are “U.S.-owned or -controlled foreign entities” for the purposes of 560.215 (b)(i)-(iii). For all other 560.215-related issues, refer to Consolidated Note on 560.215 and 560.556 (System Ed. Note).

A) Apparent Exclusion for Certain Foreign Natural Persons non-Resident, but Temporarily Physically Present in the U.S., Applicable for § 560.215(b)(i)-(iii)

With respect to the status of foreign-incorporated entities owned or controlled by natural persons temporarily in the United States, as a strict, technical matter, a natural foreign person on U.S. soil as a tourist or on a temporary business trip is a "U.S. person" as a result of the physical presence in the U.S., and § 560.215 of the ITSR can be read such that any entity owned or otherwise...