Qualified Resident Law and Legal Definition

A qualified resident is defined as “any foreign corporation that is a resident of a foreign country unless (1) 50 percent or more of the stock of such corporation is owned by individuals who are not residents of the foreign country and who are not United States citizens or resident aliens, or (2) 50 percent or more of its income is used to meet liabilities to persons who are not residents of the foreign country or citizens or residents of the United States.” N.Y. Guangdong Fin. Inc. v. Comm'r, 2009 U.S. App. LEXIS 25491 (5th Cir. Nov. 20, 2009)