So a couple recently came to me and said, "Andrew, we went to an offshore conference and we were convinced that by getting residents in Panama, spending one day a year there, all of our US tax problems would go away." Hi, I'm Andrew Henderson. I used to run some of these offshore conferences, and we try to do ours a little bit differently, but I ultimately decided I didn't want to be in the conference space because so many folks come and they're looking for that magic bullet, they're looking for that shiny object that will help them solve all of their problems. And what I've learned in all of my years in this space is that there is no panacea, there's no one perfect object. Now, to talk about Panama for a moment, I want to explain the difference between a residence, a tax residence, and a US tax solution. So Panama does have a residence program called the friendly nations visa where US and other developed-world citizens can go and get a residence permit. You keep it active by spending one day a year there, and ostensibly, it's sold as a way to get a second citizenship in five years, even though no one is actually getting their second citizenships. So that's the requirement to keep the residents active on the Panama side. Now, if you're not a US citizen and you're leaving your home country Australia, Canada, what have you, it's gonna be useful to say, "Okay, I no longer live in Australia, but now I live here. This is my new abode." And perhaps I have a residence card, perhaps I also have a tax residence card. Panama could be an option for that, and if you want to keep physical presence down, Panama can be just...
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Video instructions and help with filling out and completing Form 8865 Exclusion
