Furthermore, setting up residency in another country now can allow you to start the clock ticking toward a second citizenship down the road, and a second citizenship can open even more doors. An EU passport, for example, gives you the right to work and live in any of the 28 member states. A Panama passport would allow you to work in protected professions and to own protected businesses (retail, specifically) in that country. That's you. What about your assets? Moving part or all of your business, if you have one, offshore can make it possible to defer taxes, helping your business to grow faster. Maybe it would also mean less regulation. It definitely would allow you to protect the business from the most litigious population on earth (that is, Americans). Your nonbusiness assets, including your IRA or equivalent, can be protected offshore, as well. Moving some or all of your assets offshore accomplishes two things. The first is asset protection (with the help of holding companies and/or trusts). The second benefit of taking nonbusiness assets offshore may not seem as important but is. I'm thinking of the broader range of investments you then have access to. Your offshore investment options through an onshore broker are limited to those companies willing to go through all the SEC hoops to get listed on a U.S. market. Outside the States you have tens of thousands more mutual fund and stock options. These are the ideas, options, and opportunities we'll take up next month in Belize during my Global Asset Protection and Wealth Summit. The Early Bird Discount for this once-a-year event remains in effect for 24 hours more. Full details are here. Lief Simon
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"Kathleen, the article about the medical clinic in Nicaragua was stunning and inspiring. I have followed you for a long, long time, and I have long surmised that your underlying motive is as much service as profit. This article confirmed that. "So this is a note of gratitude for your humanitarian vision. And a note of encouragement. Please continue to show us the service side of making the big cultural move to live and invest overseas." --Dr. Ken P., United States
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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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