Can Form 8854 Residency 2023-2024

Hi guys, I'm Andrew Henderson from Nomad Capitalist. I've come here to Kuala Lumpur, Malaysia to make a video explaining the difference between a residence permit or second residency and actual tax residency. I was inspired to talk about this topic because I recently read an article about the European Union seeking public input on a white paper they released regarding the use of investment residence programs or citizenship by investment programs to avoid information sharing requirements under CRS (Common Reporting Standards). In this video, I will address both US citizens and European citizens. It's important to understand that obtaining a second residence permit allows you to live in a country and may grant you certain rights, such as opening a bank account or buying property. However, it is primarily meant to provide you with a place to go, whether it's for living or as a backup plan. It can also be a part of a tax non-resident strategy, but it is not a solution to all tax problems. In the EU and around the world, some people are obtaining passports from countries like St. Lucia by making a donation. They then use these passports to open bank accounts in other countries, such as Singapore, to avoid information-sharing requirements under CRS. The EU intends to address this practice. It is crucial to note that obtaining a residence permit or a second passport does not solve all tax problems, especially for US citizens. The US has implemented FATCA (Foreign Account Tax Compliance Act), which requires other countries to share information about US citizens' accounts with the US government. Therefore, even if you have multiple citizenships, as long as one of them is US citizenship, you are subject to FATCA. For US citizens, having a second passport can still be useful for opening bank accounts, although...