Paris Bests

May 21, 2012, Paris, France: Here are top tips for the best places to eat, the best things to do, and the best ways to save money traveling in Paris.

Dear Live and Invest Overseas Reader,

Doni Belau, Founder of the Girls' Guide to Paris, interviewed me this morning for her radio show...

Question: "Kathleen, what's your best budget-saving tip for anyone wanting to live in Paris?"

Answer: Don't keep a car. You don't need one.

Question: "Five best things to do in Paris on a budget?"

Answer: Picnic in the Luxembourg Gardens...rent a Velib bicycle (free for the first 30 minutes)...visit the Musee Carnavalet (one of the best-kept museum secrets in Paris and free every day)...Thursday gallery openings often offer free wine, beer, and snacks, along with the art (also free)...take a walk.

The Problem Is That The U.S. Government Won’t Leave Us U.S. Folk Alone

May 20, 2012, Panama City, Panama: The U.S. government continues to work aggressively, with the HIRE Act, FATCA, the “Transportation Bill,” and the ExPATRIOT Act to invade the privacy and over-extend its bounds in controlling the lives of U.S. citizens.

Also This Week: Retirement Plan In Tatters? Here's The Solution...How And Why To Open A Bank Account Overseas...Bring The Kids With You (They'll Be Fine)...You Could Always Leave Your Spouse...

Dear Live and Invest Overseas Reader,

"I have decided I want to avoid the United States in old age," wrote Perpetually Traveling Correspondent Paul Terhorst in an e-mail overnight.

"In my mind the U.S. has taken direct, forceful action to prevent citizens and residents from enjoying life, liberty, and the pursuit of happiness.

Understanding IRS Form 8938 (Real Estate Remains Mostly Unreportable)

May 18, 2012, Oxford, England: The new IRS Form 8938 is a catch-all intended to capture information about Americans’ offshore financial assets that aren’t required to be reported on any other IRS form.

Dear Live and Invest Overseas Reader,

Tax season is over, but many U.S. taxpayers remain confused about the new IRS Form 8938...including many tax professionals, it seems, given the number of e-mails I'm getting from readers asking questions to make sure their tax preparers completed their forms correctly.

This new form is a catch-all intended to capture information about offshore financial assets that aren't required to be reported on any other IRS form. If you own some offshore entity that requires you to complete a related form (5471 for an offshore corporation or 3520 or 3520-A for an offshore trust, for example), you're already reporting the existence of the asset and don't have to file a Form 8938 for it...if that's the only offshore asset you hold. If you meet the requirements for the form and have additional assets that aren't already being reported elsewhere...then, yes, you need the new 8938.

One Option Would Be To Leave Your Spouse

May 17, 2012, Panama City, Panama: If you want to relocate or retire overseas, but your significant other doesn’t, you have two choices. You can either leave him or her…or find some compromise approach to reinventing your lifestyle.

Dear Live and Invest Overseas Reader,

Yesterday, I tried to show you why school-aged children are no reason not to proceed with your live or retire overseas plans.

Today, I'll address another very personal challenge that may be interfering with your dreams of a new life in a new country:

Your significant other wants to stay put.

Bring The Kids With You (They’ll Be Fine)

May 16, 2012, Panama City, Panama: When making a move to another country with children, international schooling options become a top priority.

"Kathleen, I really find your newsletters entertaining and interesting, but I have a request. The concept of early retirement to a nice, sunny, tax-free place is great, but please remember those of us with families and children who may want to do this..."

-- Bert S., United States

Dear Live and Invest Overseas Reader,

My daughter Kaitlin, age 8 at the time, cried herself to sleep every night during our first year living in Waterford, Ireland. Kaitlin was fiercely opposed to the idea of leaving her grandmother, her cousins, her friends, and her school in Baltimore behind, and she made sure we were painfully aware of that fact every single day. "You've ruined my life!" she'd sob night after night as she fled from the dinner table to her bedroom and slammed the door.

My husband Lief and I, of course, thought we were doing precisely the opposite. We believed we were enriching Kaitlin's life and expanding her horizons. But, I have to admit, some nights I'd lie awake wondering if maybe Kaitlin weren't right. Maybe launching a new life in a foreign country at age 8 would translate into years of psychotherapy down the road.