Why Not Just Stay Put?
Sept. 29, 2014, Panama City, Panama: The big benefit of living and investing overseas is diversification, both of your assets and also of your life.
Dear Live and Invest Overseas Reader,
I was "onshore" in Nashville recently for our once-a-year Retire Overseas Conference. We arrived in the States on a Sunday afternoon. Once we'd cleared U.S. immigration in Houston, where my wife was singled out as she is now every time she crosses the U.S. border, for reasons no one with U.S. immigration seems to be able to explain, the experience of making our way to downtown Nashville was painless.
The truth is, the United States is one of the easiest places in the world to live and travel. You might begin to wonder: Why do anything offshore in the first place? Easier, surely, just to stay put.
Overregulation and poor government stewardship of the people's money are two reasons to consider voting with your feet and your finances and relocating yourself and your assets somewhere else.
However, I'd say that going offshore is better approached as an opportunity rather than an escape. Or, put another way, this isn't a political decision. It's a practical one.
In that context, what's the real advantage of the Five Flags ideas I report on?
Diversification. It's the key to success in all things, from personal happiness to a healthy portfolio. And you don't have to go physically offshore, not immediately and maybe not ever, to reap the benefits.
That said, having a residency permit that allows you to stay in another country indefinitely should you decide you'd like to can be a good idea even if you right now have no intention of moving yourself anywhere. A backup residency, as I think of it, keeps your options open down the line. Many countries allow you to obtain legal residency without having to be resident full-time or even most of the time to maintain your residency status.