What US forms do I file if I own a Cyprus company?
Short answer
If you own 10% or more of it, usually Form 5471 every year, and the penalty for not filing is $10,000 per company per year. If US shareholders own more than half, it is a controlled foreign corporation (CFC), and some of its income can be taxed to you before it is paid out.
Subpart F taxes US shareholders each year on their share of certain income of a CFC, such as passive income and some income from related-party sales and services, whether or not it is distributed.
From tax years starting after 31 December 2025, the rest of a CFC's income is covered by the net CFC tested income rules, which replaced GILTI; see the next answer.
Sources
- IRS: instructions for Form 5471 irs.gov
- Public Law 119-21 (GovInfo) govinfo.gov
Information, not advice. This answer describes the published rules as they stand on 12 October 2026, checked against the sources listed. Tax and residence rules depend on your own circumstances and change; check your position with a tax adviser qualified in the US and in Cyprus before you act on it.
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