We do accept certain non-US investors into our U.S. Funds, pending a few requirements.
We have non-US investors sign a W-8BEN which is essentially the investor representing that they are under a different non-US tax jurisdiction and will report their profit/loss to their local tax authority.
We also have non-US investors sign a side letter waiving their right to any US based income in the form of FDAP income (dividends or interest) which would trigger a withholding requirement by the fund. The funds are not designed to produce any such income, and as such we believe it will be a de minimis amount, if ever realized. This side letter attempts to prevent non-US investors from needing to file any U.S. tax forms such as the 1042 withholding form for any de minimis income. Interest from T-bills shouldn’t generate FDAP or ECI income for non-US investors.
We are unable to comment on the tax situation with specific countries as it’s outside our scope of expertise. If you’d like to consult with your tax advisor, the info you likely want to pass on is that both funds are structured as US companies (Delaware LLCs) and investors will receive a K-1 showing their share of partnership income/expenses each year.
Non-U.S. residents could also be subject to the U.S. estate tax. This applies only if an investor should pass away while invested in the fund as an individual. Investments via an entity are typically not subject to the estate tax as the entity does not pass away. One option if you are investing as an individual is to get a life insurance policy that would cover any taxes owed which is typically fairly affordable (depending on one’s age).
Non-U.S. investors will also need to sign a form that explains how you found out about us and confirms we did not actively solicit your investment in your home country.
Of course, nothing we say here is or should be considered tax advice.
Addendum: If you are a non-US person but have a Social Security Number or US Tax ID (e.g. if you were a U.S. resident at some point), please notify us of this prior to investing so we can accommodate your situation appropriately.