Oct. 28, 2009
Antigua, Guatemala
PLUS:
- How To Open A Bank Account In A Foreign Country...
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Dear Live and Invest Overseas Reader,
"Eighteen months into my move to Antigua,
Guatemala," writes Central America Correspondent Michael Paladin, "much of which has been spent traveling, I'm finally beginning to feel at home in my adopted country.
"I've felt a connection here from the beginning, thanks to the daily greetings from my neighbors and people I pass on the street, for example, but, lately, things have changed and for the better. I'm having spontaneous conversations in Spanish, without even realizing it. The currency is recognizable to me now, and I can make change at the store even when I'm under pressure with people waiting behind me in line. The newspapers are beginning to make sense, and I've learned which days to avoid at the bank because the lines are too long. I know where to go to find the nearest ATM from anywhere in town, and everywhere I go now, I encounter at least five or six people who call me by name.
"I've come to know that, when certain items are available in the shops, I should stock up. I've always shopped on a daily basis, even when living in the United States, and I do so here. I walk 2 miles a day, carrying 20 pounds of groceries, and I've lost 20 pounds myself. I get the freshest of the fresh and the first pick at the meat counter. Could I save money by buying in bulk? I suppose so, but you have to decide what's important to you. I could shop more efficiently, but I don't care to. I can find everything I need day-to-day here in Antigua. For the unusual and the specific, it's a 30-minute drive to Guatemala City.
"An important decision I had to make was whether or not to invest in buying a car. Owning a car means insurance, gas, and maintenance, plus worry about damages, parking, and traffic. Yes, having a car means you can travel whenever you want to the Big City to shop at the Big Store with the aisles of frantic shoppers and the mounds of paper towels, cereal, and other things you cannot live without in massive quantities. But I'm not sure I see that as a benefit.
"Owning a car also means you must understand the vagaries of the local traffic laws and that you must have all the papers, documents, and excuses handy when you are randomly stopped because you're white (and therefore obviously rich). You must learn the traffic routes and the times of day to choose one over another.
"No thanks. I've decided owning a car as an expat isn't for me. The result is that I've eliminated a big worry quotient (and, of course, expense).
"How do I get around? In this town, you can call for a taxi to collect you at your door. The pizza and the sushi delivery people find me.
"Furthermore, the public transportation options living here are good. Yes, I ride the chicken buses, but there are also shuttles, vans, min-vans, horse-drawn carriages, and luxury busses with TV, snacks, air-conditioning, and the best luggage handling you will ever encounter. They travel according to convenient schedules, and they're
mucho inexpensive.
"You can arrange for a personal driver. The best way is a recommendation from a friend. I have found two drivers this way; both are available on a day's notice or less, both have great cars, and both are very reliable. I can give them a to-do or a shopping list and count on everything being taken care of. The cost is US$25 a run. If I use them once or twice a month, the costs associated with keeping a personal vehicle seem even more ridiculous. Plus, they're at the airport when I need them. Much easier than calling Uncle Bob or your ex-girlfriend.
"It's nearly time for my monthly run into Guatemala City. My current short list of reasons to make the trip: take the watch in to the authorized store for a cleaning; go by Office Depot for screen cleaners for the laptop and a color cartridge for the printer; shop for a set of bar-b-que tools, maybe another reading lamp, and a mattress pad (something that has eluded me here in Antigua).
"None of these things seem important today, though. I think I'll take a walk to the library."
Kathleen Peddicord
P.S. Our complete
Antigua Retirement Report, which features a fully detailed budget, as well as all other necessary particulars and details related to establishing yourself as a retiree in this charming colonial city, is available
here.
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"After several months of receiving your daily e-mails, Kathleen, this last one finally got my attention, and I purchased your health care report. I have stored most of your dailies in a retirement info file I keep.
"One of your reports talked about the requirements for an American to
open a bank account in a foreign country. I remember you explaining that it is not an easy thing these days, not even in Panama. I can't locate that e-mail now, though. Could you let me know what date it was
published?
"Most of my nest egg is in U.S. banks. Recently I read an article about bank closings that explained that the feds have a list of 425 banks that are on shaky ground and may soon close. For fear of a run on these banks, they will not publish the list. Are my banks on that list? I don't know. Yes, each account is protected up to US$100,000, but people are still trying to collect from the government money due them after Hurricane Katrina and that was five years ago. I don't want to take the chance, so I would like to establish an overseas bank account right away. Your article will help with what to expect and what documentation I will need to open the account."
-- Weldon S., United States
Take a look here for general information on the process of
opening a bank account in a foreign country.
As you consider your options for opening a bank account in another country, look at
Belize. This is one of the most appealing banking jurisdictions in the world right now. As friend and Belize banker Peter Zipper pointed out for the attendees at last week's Global Real Estate Profits Summit, Belize banks are more liquid than any others in the world. Current worldwide average for bank liquidity is 0.7%. Banks in Belize, on the other hand, are required to maintain liquidity rates of 24%.
Read more here.
