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

 
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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.
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April 24, 2013:

"Kathleen, I am very interested in volunteering in France. I have a high level of French proficiency. I have been a translator of French and Moroccan Arabic into English and have lived and/or studied in Brittany, Paris, and Morocco.

"I just wrote to an organization that places volunteers with a high level of French proficiency in high schools in Saint Brieuc and Saint Malo. I adore each of these cities and would be very happy to return to either of them. (I have experience with each of them from an exchange program I was on in high school.) I have not seen where the heart of Chateaubriand is buried since 1978. That is still one of the highlights of my experience with what you might call my francophilia.

"I am also interested in a sort of longish opportunity--at least three months, which I understand is what I can do, maximum, without a visa--in either Paris or in the south of France. Ideally, I would work with children and/or the visual arts or cinema. There are some nice opportunities in the arts I have found, but they are mostly very short term and they also are for younger people without a lot of French language experience under their belts. I wonder what you would suggest?"

--Jackie M., United States, Ecuador Conference Attendee

Euro-Correspondent Lucy Culpepper responds:

It would be easy to think that France is too tied up in bureaucracy to welcome foreigners to their volunteer dependent projects. Not so. As long as you have a valid passport and have not overstayed the three months allowed without a visa or have extended your visa (see France Diplomatie for visa information) you will be welcomed by may non-profit associations.

According to a report by the National Institute for Statistics and Economic Studies, 85% of associations in France rely exclusively on volunteers (bénévoles, in French). In fields such as culture, sports, and recreation, which absorb nearly half the volunteers in the French non-profit sector, and environmental, international, and professional associations, volunteer work is the primary human resource.

What is the best way to find volunteer opportunities in France?

Taking a broad stroke, you could check out the websites of four of the big charities in France:

Croix RougeRestos du CÅ“urFondation Abbé Pierre, and Habitat and Humanisme.

These groups are always in need of volunteers, and you can find details of how to apply to help on their websites.

The 140-page Guide Solidarité produced by the city hall of Paris lists almost 130 homeless shelters, soup kitchens, and other resources that need volunteer workers.

There are a number of umbrella associations that support volunteering and volunteers, for example: Fédération Française du Bénévolat et de la Vie Associative which you could contact for resources. And, of course, there is a government department (this site also lists a number of umbrella organizations that may be of interest).

An online search bought up some interesting individual projects--for example, La Sabranenque, a non-profit organization in southern France that revitalizes historic villages and is "committed to preserving traditional, environmentally friendly building techniques."

I think the two best ways to find volunteer opportunities in a specific area are:

First, Google "benevolat" with the name of the department where you're interested in volunteering. I did this with the Herault department in the Languedoc and found, among other sites: the Food Bank of L'Herault, France Bénévolat Montpellier Hérault, and the Catholic Church association of volunteers.

Second, get talking to expats in forums. One of the best for France isAngloINFO France, which is made up of 20 local sites.

You indicate that you are fluent in French, which is great; however, I know from my own experience of helping at a voluntary organization in the Béarn region of France, as well as my mother's experience volunteering in the Languedoc, that helping local people doesn't require fluency, just compassion. But it is a great way to learn the lingo.

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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.

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