2022-2024 Form

Instructions and help about Form 8854 Initial And Annual Expatriation Statement

good afternoon this is sean golding with golding and golding here to discuss the very basics of what is an expatriate and who's subject to the rules expatriation is the process of giving up your u.s status it's generally going to apply to us citizens and legal permanent residents especially long-term residents which are legal permanent residents who have had that status for at least eight of the last 15 years the rules aren't applicable to visa holders or other foreign nationals who only are subject to u.s tax on their worldwide income and and worldwide reporting of assets solely because they met the substantial presence test so if uh if you're a visa holder you're hearing an l1 h1b you don't have to worry about these rules all you have to do is not meet the substantial presence test permanent residents and citizens have permanent status people who meet the substantial presence test are considered temporary temporary doesn't have to go through the expatriation rules expatriation involv