Feb. 8, 2010
San Diego, California
PLUS:
- France Property Market On The Mend? (Meantime, Interest Rates Are At An All-Time Low)...
- Two Top Choices For The Wine-Lover In Spain...
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New 2010 Guide To World's Top Retirement Havens Yours Free
I'd like to send you free our brand-new guide to the world's top retirement havens, hot off the virtual press, just for taking a look at my
Overseas Retirement Letter.
The
Overseas Retirement Letter is the most reliable, complete, and useful resource available today for anyone thinking of launching a new life in a new place overseas. Whether you're planning for full-time retirement in a foreign country...interested in soaking up part-time sunshine in some exotic local...or looking to launch a new life overseas that has nothing whatsoever to do with "retirement"...this is the help you need.
When you take advantage of this invitation to subscribe today, I'll send you, with my compliments, our brand-new guide to my picks for the world's top retirement havens for 2010. This just-prepared edition of this special report introduces you to the six best options for living well for less.
And it's yours free when you act now.
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Dear Live and Invest Overseas Reader,
"In a perfect world," writes friend and international tax attorney Chris Rusch, "all U.S. citizens would file their U.S. tax returns on April 15 and make use of all the proper and available exclusions and deductions. Of course, that is not the case. In fact, the majority of returns I prepare for Americans living abroad are delinquent.
"This can be extremely costly if you're making use of the foreign earned income exclusion (FEIE). If you file late, and you are audited by the IRS, you could lose the foreign earned income exclusion and have to pay tax on 100% of your foreign-earned income!
"Generally, a qualifying individual's initial choice of using the foreign earned income exclusion must be made with one of the following income tax returns:
-- A return filed by the due date (including any extensions)...
-- A return amending a timely filed return. Amended returns generally must be filed by the later of either three years after the filing date of the original return or two years after the tax is paid...
-- Or a return filed within one year of the original due date of the return (determined without regard to any extensions).
"An exception to this rule is made provided:
-- You owe no federal tax after accounting for the exclusion...
-- Or if you act prior to the IRS discovering that you failed to elect the exclusion.
"If you owe tax after taking the FEIE into account, and the IRS discovers your failure to use the FEIE, then you can seek relief by requesting a private letter ruling under Income Tax Regulation 301.9100-3 and Revenue Procedure 2009-1.
"Having handled many of these cases, I can tell you that negotiating a settlement or securing a letter ruling can be a costly and time-consuming battle. In a case where a husband and wife each who would have been eligible for the full FEIE have failed to file their returns for six or seven years, it could be possible to have as much as US$1 million in untaxed income at issue."
Kathleen Peddicord
P.S. International tax attorney Chris Rusch writes today from San Diego, where he lives part-time. Otherwise, you'll find him here in Panama City, where he has based his international tax business. As Tax Day approaches,
you can reach Chris with your tax questions here.
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The 42 Live, Retire, And Invest in Panama Experts Convening In Panama City This Month...
...have more live and invest overseas experience than maybe they're willing to admit to at this point.
These guys (and gals) have been around the block. Some know Panama from the eyes of an expat or foreign business owner...some know it as the country where they were born. All know it as home...and as the world's number-one retirement, investment, and overseas haven.
Every one of these friends, colleagues, expats, and experts will be in Panama City for our
Live and Invest in Panama February event...ready, willing, and able to answer every single question you have about spending time and money in the world's best land of opportunity this 2010. If you come to the conference with a Panama question that this Dream Team of experts can't find the answer to...well, we'll eat our Panama hats.
And we'll refund your money.
No kidding. That's how confident we are in the program we've put together. And how eager we are to give you a chance to put us to the test. Come, please, and let us help you take the next step toward the new life you're dreaming of...overseas.
Go Here Now For Full details
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"Despite the market shocks that have rippled across the world," writes financing expert Tahminae Madani from Paris-based France Home Finance, "real estate prices in
France fell by only 6% on average in 2009 and now have stabilized. With interest rates at all-time lows, this is a good time to think about making a buy.
"France remains the most visited country in the world, according to figures just in for 2009. This translates to a steady stream of potential renters."
More here.
"My wife's great-grandparents came from
Spain and settled in central Mexico. I want to take her back to her roots and retire in Spain with her. Where should I start looking? I would love a warmer climate, near a beach. I have cooking and restaurant experience and am interested in wine. Should I rent or go for it and buy after my research?"
-- Christopher R., United States
Euro-Correspondent Lucy Culpepper replies:
"Definitely rent.
"If you want beach, a warm climate, and wine country, look at the Costa de Luz on the west coast (close to Cadiz and famous for its sherry/Jerez) and the Penedes wine-growing region just southwest of Barcelona. The Penedes region is famed for its production of Cava, but there are also some good red and white wines coming out of that region.
"To help with your search, go to Google and search for 'house rental, Spain' or 'casas rurales, España.' Most of the sites you'll find this way are organized by region. I'm not necessarily recommending you book a rental through these sites, but they have great photos of the areas that can help you determine where in Spain you would like to settle.
"Also, in case you are not already aware of this, in April 2009, the Spanish government passed the 'Law of the Grandchildren.' This extends eligibility for citizenship to children and grandchildren of Spaniards forced into exile between 1936 and December 1955.
"The number of Spanish citizens, including children and grandchildren, residing in Mexico is estimated at between 52,000 and 60,000."
