US Federal law requires aircraft operated outside of United States airspace for more than 40 percent of their flying hours during any six calendar month period, to be "legally owned” and "registered" by a "Citizen of the United States."
FAR 47.9 refers.
That is very interesting because it means that when you import an N-reg, or transfer a plane to N-reg, you don't have to put it in a U.S. trust for 6 months, doesn't it?
Are you sure SoCal the bit you quoted is the only relevant provision?