Articles Related to Foreign residency

That was the starting point for Lief Simon's opening remarks Wednesday morning. These meetings in Belize City this week are not about woe are we. These meetings are about solutions, strategies, and opportunities.

How can you survive the ups and downs of today and tomorrow, of markets, economies, currencies, and political regimes, when you can't predict them and you sure can't control them?

Spread yourself around so that you're not at the mercy of any one of them, so that no particular down is fatal for you. It is the only sensible course of action, elegant in its simplicity but intimidating, too, when you're standing at the starting line.

You've read about this idea before, I'm sure. It's often referred to as the "Five Flags" strategy. In fact, it can translate as six or seven flags or maybe only two or three.

I couldn't tell you what level of diversification you require. That depends on your circumstances and your agendas. Big picture, the objective is to disperse your assets, your investments, your business, and your lifestyle across borders so that they're all as insulated as possible from outside threats. How far and wide should you spread? That depends on how much you've got and what you ultimately want to do with it.

That said, Lief made one universal recommendation yesterday morning out of the gate:

"The easiest and best way to get started at this," he told the crowd in Belize City, "can be to open a bank account in a different country. This is a low-key, no-risk first step that will allow you to begin to get your bearings in the offshore arena and that will facilitate further steps toward realizing your ultimate diversification strategy, whatever that evolves to be."

Lief then, with the help of one of our favorite offshore bankers, a professional with more than 30 years' experience managing and directing banks in Europe, the Caribbean, and the Americas, walked the group through the thinking that should go into choosing where to take this first step.

That is, where should you think about opening a bank account offshore?

It depends on why you want the account.

If you're planning to relocate to a new country, then you need a personal operating account in that country, this to facilitate paying local expenses. Likewise, if you make an investment in rental property in another country, you'll want an operating account in that jurisdiction. Otherwise, you'll be reduced to withdrawing money from the ATM and then going with cash to the electric company to pay your bill each month.

If you're forming a corporation or starting a business overseas, you'll need a bank account to support it, again, in the country where the corporation is operating.

The other kind of account you might want offshore is an investment account. This can be a place to park capital, an opportunity to earn dividends, and a means to investing more globally than may be possible through your U.S. investment account.

If you're opening a bank account offshore for practical purposes (because you're planning to live, own property, or run a business in that place), then the "where" is straightforward. Not so if you're interested in opening an investment account offshore. In this case, the where is dictated by the bank's minimum investment requirement, fee structure, and customer service, as well as by things like whether the bank makes it possible for you to send an international wire transfer without visiting a branch in person and whether it provides debit and credit cards for the kind of account you're thinking of opening.

In this case, the where can also come down to: Which bank will open an account for you?

In this post-FATCA age, it is harder than ever and harder all the time to open an offshore bank account, especially if you're an American. Lief and his colleagues made specific recommendations for banks that are still interested, FATCA notwithstanding, in working with Americans, then detailed the requirements and the processes for opening accounts with them.

This week's program has been built around a series of panel discussions conceived on the Five Flags strategy and intended to help those assembled think through their own global diversification plans with the help of pros with many, many years of experience at this.

First flag, banking...next flag, residency...

More from the scene tomorrow.

Kathleen Peddicord

P.S. Of course, we're recording every presentation, including the series of Five Flags panel discussions so that, even if you couldn't join the group in Belize, you don't have to miss out entirely on all the intelligence, recommendations, advice, and strategies being shared.

These audio recordings will be edited and bundled to create our first-ever Wealth Building and Diversification Kit.

While Lief Simon's Global Asset Protection and Wealth Summit continues in Belize, we're making this new program available pre-release for 50% off the regular price. Details are here
 

Continue Reading: Hydroponics And Organic Gardening In Cayo, Belize

 
Read more...
 

The important reality to understand is that you're never going to find the "best" deal or the "best" option...because there's no such thing. All you can do is process what's in front of you. Whether you're investing in real estate or deciding on which residency path to take, the options before you today are your best options. If you don't have the time, money, or inclination to act on all of them, as my friend is doing with residency, then, yes, you have to make a choice. But don't become paralyzed trying to figure out which choice qualifies as absolutely the "best."

As for my friend setting up residency in multiple countries where he is also hoping for eventual citizenship, it works for him, but it'd be overkill for most people. I'd say that what my friend is doing amounts to extreme measures.

But you do need to do something. And my point today is that you can't let worry over the "best" something get in your way of doing anything.

We'll spend a lot of time discussing the world's best current residency and citizenship opportunities at my Global Asset Protection and Wealth Summit in Belize next month.

Meantime, here's a short list of today's "best" establish-foreign-residency options to get your thinking started: Belize, Panama, Uruguay, the Dominican Republic, Colombia, and Ireland.

Lief Simon

Airline Requirements For Nonresidents To Hold Return Or Onward Tickets

"Kathleen, since I spend most of my time in Costa Rica as a digital nomad, visiting the United States frequently, I've encountered airlines demanding proof of travel.

"I welcome Lief Simon's comments on this, but the hassle with respect to return or onward ticket requirements can be worse than he described. I believe this rule enforcement is no more than the airlines attempting to squeeze more cash out of the hapless traveler. You're correct in that it has increased in the past few years.

"An international bus ticket will not necessarily be accepted as proof of onward travel within Central America, however. Spirit Airlines forced me to buy a return ticket from Costa Rica when departing the United States for that country, despite my showing a bus ticket for Panama City, Panama. Potential visa runners should be aware of this circumstance. Since then, I've been very careful to show a ticket that returns as least as far as Florida!"

D.C.

***

"Kathleen, I am a retired airline check-in agent. I did that for 40 years. I was dealing with this issue myself in times past and having to get these people back to where they came from if refused.

"No airline is doing this to make money by enforcing the return or onward ticket rule, as Lief Simon said recently. I am surprised that you would even suggest this! It only cheapens your newsletter and reputation.

"If the person had residency, they should not have had to buy a return ticket. So I can't say what transpired as I wasn't there. If check-in was plenty early there should have been a way to explain and sort it all out. If the residency document was proper and unexpired, it should have been enough. Remember it is valid only for the named person. Often a parent is hauling spouses and children thinking theirs is good for everyone else and it's not.

"Yes, it's true. Often the solution is to buy a full-price ticket and then apply for a refund on arrival once clear of immigrations. End result no cost and not that big a deal should one carry credit cards.

"Making judgment on your experience and thinking that it should be the same for everyone else shows a lack of understanding. Had you been looking ragged, with backpack, long hair, and unbathed, believe me you would have been asked left and right. Airlines though are not to make those judgments, the immigrations officers do.

"There are people freeloading or living without proper docs all over the world. Many of them are Americans. And they do get deported far more than you would ever believe. You just don't see it as you have already grabbed your bag and gone. They are still in a holding room as you're on your way to the hotel and often much longer!"

M.W.
Read more...
 
Start
Prev
1
Powered by Tags for Joomla
Enter Your E-Mail:

Readers Say

"The level of experience, knowledge, and competence is top-shelf. Primarily, I appreciated the sincere and honest approach of the organizers and all the presenters, as well as the obvious desire to give participants complete, accurate, timely, and appropriate information and to answer questions thoroughly."

Andrew F., United States

Search

"Just great. Very welcoming and supplied answers to all questions very well. I'll see you again soon."

Charles M., United States

Kathleen Peddicord

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.

Read more here.

SIGN UP TO OUR FREE E-LETTER

Sign up for the Overseas Opportunity Letter

Receive our editor's latest research reports...absolutely FREE!

letters The Best Places For Living And
Investing in the World for 2014