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A foreign corporation is useful in protecting a foreign’s person anonymity and privacy with his financial affairs. In addition, accounts which are held in one person’s name are subject to United States probate in the event of the owner’s death. This can result in lengthy delays in distribution to heirs, considerable expenses and often requirement for obtaining foreign legal documents and court orders.

For income tax purposes, a person becomes a resident only if he passes a test referred to as substantial presence test. Under this test, a person will be a resident for any year if (a) a person is present in the United States for at least 31 days in that year, and if (b) the following sum equals or exceeds 183 days.