Offshore Banking For Virgins

Aug. 30, 2010, Panama City, Panama: Maybe all your going-offshore plan will ever require is an overseas bank account, so start there.

Dear Live and Invest Overseas Reader,

Relocating your assets to another jurisdiction can seem a big, intimidating, even frightening idea.

But it doesn't have to be.

"Kathleen, I've just read the August issue of your Overseas Retirement Letter on the Abruzzo, Italy, and I can state that every word that Roseanne Keats has written is true.

"I would add a few things more: Italy is literally full of places like Loreto Aprutino, north to south. Many of them are well known and have become tourist traps, like in Tuscany, as Roseanne says. But, fortunately, hundreds and hundreds of other places remain, that are beautiful and intact, like Loreto Aprutino.

"I know and visit many of these kinds of places myself, on vacation. The catch about living there is that there is no work, no employment. To live in Loreto Aprutino, apart from owning an house, you should have at least 1.000 euro income per month (to pay for a little car, gas, food, water, electricity, phone, and maybe tax). Retirees with such an income can fully enjoy Loreto Aprutino and similar places.

"And it's true, you can get a property for less than 30.000 euro (usually in need of restoration).

"Since the 1970s, young people in Italy started migrating from places like Loreto Aprutino to find jobs in bigger towns. They only get back to their places of origin on vacation (typically in August).

"This phenomenon is beginning to reverse, thanks to improved local train transportation and the fact that apartments in big town are expensive. Many young couples are moving out from the cities and buying homes in the country, provided a railway station is nearby. Then they commute back and forth every day.

"For this reason, the country is slowly re-populating, but there is still a lot of space and opportunities for retirees from all over the world.

"My compliments to Roseanne Keats for her report, which is an exact and true portrait of the places she has described."

-- Alvise V., Italy

"Kathleen, My wife and I are getting divorced after 40 years. My part of the house will come to around US$100,000. I need to reinvest that within a year.

"What I'd like to do is find a place in Roatan or Belize to reinvest the money now and then retire there in a year-and-a-half. I figure my monthly income at that time will be US$2,500 a month. Can you give me advice and steer me in the right direction?"

-- Roy S., United States

I don't think I understand the requirement to reinvest your share of the proceeds from the sale of your home within a year. I don't know any reason for the sense of urgency.

That aside, I think you'd have your work cut out for you trying to find a place on Roatan for US$100,000, though you should be able to find something decent for maybe US$175,000 to US$200,000. Unfortunately, you aren't going to be able to get a mortgage in Honduras.

You could get a mortgage in Belize, on the other hand, and the smallest units at the Grand Bayman community on Ambergris Caye (the development project of a friend of ours) are right around US$100,000. That could be a good place to start your search. Continue Reading:

• Real Estate Investment In Medellin, Colombia

"Kathleen, Belize sounds wonderful. My only concern is all this construction going on. What about the environment? Is any thought given to environment preservation?" 

-- Renelde L., United States

Perhaps you're confusing my reports from Panama City with those from Belize. Right...in Panama City...mucha construción.

But in Belize? No. With a handful of particular exceptions, this isn't really a concern. 

I'd recommend that you go see Belize for yourself. Some tiny percentage of this country has been and is being developed...in very concentrated areas--around San Pedro on Ambergris Caye, for example, and around Placencia on the mainland coast.

Otherwise, this is pristine jungle and rain forest. There are but three highways in the entire country. Fewer than 300,000 people, again, in the entire country. 

The concern with Belize isn't over-development...it's that, for some, it's too undeveloped. There's not much there there, if you know what I mean.

But what there is in Belize is precious. And I don't think there's real concern anytime soon (or even thinking very far ahead) that this will change in any noticeable way. The limited development that is taking place is being controlled and regulated.

***

"What about Orchid Bay in Belize, near Corozal? How would you rate that as a retirement destination?" 

-- Cheryl D., United States

Belize, as you know, is dead center of our radar right now, one of our top picks for overseas living and retirement, for reasons we identify here. 

Orchid Bay, specifically, on the northern mainland coast, is a great choice if you want a simple beachfront life. The small casitas here are being built on the water, with uninterrupted access. This is a relatively remote region, little developed, but beautiful and peaceful. Orchid Bay offers regular tours to the region and the property. If you're interested, this would be a great first step. More details here. Continue Reading:

• Retire To Panama City

"Kathleen, I am so excited that, after receiving all the recordings and other fantastic information from your Belize Conference, my friend and I are going to visit Ambergris Caye in Belize for a week in October.

"This is a place I am extremely interested in with the thought of retiring there some time after the first of the year.

"Thank you for all your valuable information."

-- Susan P.S., United States, Posted on Facebook

"Kathleen, thank you for sharing your information with me. My interest in living overseas began about two years ago, but the fear of the unknown, along with a lack of trustworthy financial information, kept me from any serious thoughts of further investigating the possibilities. I thought that only the rich were able to be so blessed. Now I know better.

"Again, thank you."

-- Fran E., United States Continue Reading:

• Retire Overseas

"Lief, you are spot on about renting first. After our attendance at your Live and Invest on Panama earlier this year, we looked at real estate to buy and even wrote a couple of contracts. Nothing seemed right. We hired an attorney to give us advice in Panama City. He suggested renting, rather than buying right away, and we did.

"He also noted that finding the right rental agent is crucial. We have been blessed with a smart and highly competent agent who worked very hard to find just what we wanted. She did all the legwork, even took us shopping for everything we needed to furnish our place. Our rental was new (in Vista Del Mar) and needed everything! Our agent pre-shopped for furniture for us, so that, when we arrived, she took us around to show us what she'd already found. We simply had to choose.

"We intend to move permanently to Panama City within two years. Your conference and daily posts got us started. We thank you!

"And we hope to see you and Kathleen soon!"

-- Victoria F., United States

"Kathleen, I've been reading your e-mails for some time now, and the idea of moving and working in another country is getting very appealing. I am an artist making a modest living doing landscape paintings in North Carolina (www.mccarter-gallery.com). My wife is fluent in French and loves the culture. France would definitely be her first choice--and, if she's happy, I'm happy!

"Do you have anything specifically that would be helpful in learning how to make such a move and to understanding if this is even possible?

"Finally, I am very interested in having a 'safe' bank account outside this country, not in U.S. dollars. Can you recommend something?

"Thank you so much. I really look forward to hearing from you and to making the move!"

-- Alan McC., United States

We're sorry that you missed our Live and Invest in France Conference in Paris last month. This could have been an ideal opportunity for you and your wife to spend a few days with us and our top France contacts having all your questions answered.

We recorded this live event and are editing those recordings to be bundled as part of our new Live and Invest in France Kit, which will also include a "Live and Invest in France Manual." In addition, we will be holding our Live and Invest in France Conference again next July (we intend to make this an annual event).

Regarding a bank account, we recommend Belize as a top offshore banking jurisdiction right now. And, in that country, our preferred bank is Caye Bank, which offers non-dollar accounts. You can contact the bank here. Continue Reading:

• Retire Overseas

Four Days On In Medellin

Aug. 15, 2010, Medellin, Colombia: Medellin, Colombia, is a safe, peaceful, beautiful city that boasts a temperate climate year-round and screaming real estate bargains.

AND: Exotic And Cheap--What's Not To Love?...7 Things To Know Before Making Your Move To Belize...The World's Top 10 Overseas Retirement Havens...How To Get A Second Passport (And Why You'd Want One In The First Place)...

PLUS Lief Simon On: Five Things To Know Before You Rent Overseas...

Congratulations, Susanna Perkins! You're the winner of last week's Facebook Fun Challenge!

Belize Warts And All

Aug. 10, 2010, Ambergris Caye, Belize: Belize is one of the world’s top offshore havens, but living here, like anywhere, you’ll encounter challenges and frustrations.

 Dear Live and Invest Overseas Reader, 

Belize is one of my favorite places on earth and one of the world's top offshore havens right now. 

That's not to say that Belize is perfect. Living here, like anywhere, you'll encounter challenges and frustrations. For example... 

"Kathleen, we have invested in Sanctuary Belize because of your recommendation. We did the due diligence on the company and the development and found that it is an excellent investment. After further study of the area and the lifestyle there, we decided to make Sanctuary Belize our new home. 

"I have been fascinated and in love with Belize for about 10 years and needed the information regarding the logistics of moving and doing business there. I have to say that your Belize package is so thorough, we had no questions after. Just a great plan to investigate properly and to find out that, yes, Belize is the place for us. 

"We have enjoyed talking with the developers about the plan and where they are going. Their vision fits with ours perfectly.

"We look forward to a great marina and a full-service boat yard starting in June 2011. We believe Sanctuary Belize will become the destination for cruising and charter yachts in the Western Caribbean. Please let your readers know that if they are boaters, this is the place to be. 

"Thank you so much for your publication and insight." 

-- John & Lucy W., Pacific Northwest until June, then Sanctuary Belize Continue Reading:

• Travel In India
• Travel With Children

Kathleen, I've been reading your newsletters for some years now. Three years ago, my wife and I bought seafront property in Belize. In February 2009, we started building. Six months later, we had a beautiful Santa Fe adobe-style home. We are now doing the landscaping and gardening. 

"We live on our Canadian government pensions. We eat out three to four times a week and BBQ lobster and filet mignon. We have Internet. 

"I used to think that the news was important, but it is not. By choice, we do not have television, but we do have satellite radio. We have a once-a-week maid and a once-a-week gardener. 

"And here's the best part. We live on my pension and save my wife's. We live very comfortably, with neither want nor worry." 

-- Jason P., BelizeContinue Reading:

• Global Property Investing

"Kathleen, I am considering moving to Belize, but I don't want anything to do with the tourist areas. I want the backwater towns, with local people. Is there available local housing, for sale or rent, in these areas? Can you still get good medical treatment, if needed?" 

-- Ed D., United States 

No problem finding backwater towns in Belize where you could live among the locals. These kinds of off-the-radar spots are one of my favorite things about this country. 

No problem finding a place to live in these places, either for sale or for rent, either. You'll need to be on the ground to scout, though. In these kinds of towns and villages, property sales and rentals are advertised largely by word-of-mouth. Ask around in bars, restaurants, and shops, and you'll find interesting options available for bargain prices. In the Cayo district, for example, in the interior, you could rent a local-style house in a small town for US$200 a month or less. 

The challenge would be medical care. In these out-of-the-way spots, you might find a clinic nearby but nothing adequate for serious treatment. The only place for this is Belize City. Remember, though, that Belize is a tiny country. No matter where you settle, Belize City won't be more than a few hours away.Continue Reading:

• Offshore Investing