Create redundancies. For every foreign bank account you have, you need a second, back-up account...
When you have the opportunity to open an offshore account...open it. “You’re here in Panama this week,” Lief said. “To open a bank account in Panama, you need to visit the bank in person. So, again, you’re here. I suggest you make an appointment with one of the Panama-based banks I’m recommending to start the process of opening an account while you have this chance.”
Don’t close any foreign account you have if you don’t have to—even if you have no immediate need for it. You never know when or if you’d be able to replace it in the future...
Kathleen Peddicord P.S. I and others of my Panama-based editorial team are on the scene at this week’s Offshore Summit, and we’ll continue our live coverage over the coming few days. Meantime, we’re recording every presentation, including those on offshore banking from Peter Zipper and Lief Simon this morning. The entire library of recordings will be bundled to create our new Offshore Summit Home Conference Kit, which will be available two weeks following the close of this week’s event. Meantime, you can arrange to purchase this important resource pre-release for more than 50% off the regular price here now.
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An Expert Guide To The Advantages And The Challenges of Investing In Real Estate Overseas..." Learn More
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Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 25 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring, and investing overseas in her free e-letter.
Her book, How To Retire Overseas—Everything You Need To Know To Live Well Abroad For Less, was recently released by Penguin Books.
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