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Home How to

The Essential Steps To Formulating Your “Plan B” Exit Strategy

Kathleen Peddicord by Kathleen Peddicord
Oct 30, 2016
in How to, Lifestyle, Offshore
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Here Are The Keys To A Happy Retired Life Overseas
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Two Steps To Creating Your Ideal Plan B

In my inbox this weekend, I had this email from a reader:

“Kathleen, I am a 58-year-old American citizen currently witnessing the decline of America.

“Face it, we now have made more enemies as a nation around the world than friends. What was once a great, caring nation of like-minded citizens has become a melting pot of people with polar opposite political views and attitudes.

“I am worried about the future of my country and of the U.S. dollar.

“I am currently at the beginning phases of formulating my ‘Plan B’ exit strategy. I realize that this will be a major undertaking for which I will need help.

“What should be my first point of focus? Please advise…”

This reader’s sentiments reflect those of many Americans, I’d say… including the Americans in the room with us in Panama City for last week’s Emergency Offshore Summit.

An urge… perhaps an urgent urge to put a Plan B in place is understandable right now. It’d be unsmart not to be thinking about options for navigating your future post the Nov. 8 U.S. presidential election and beyond.

At first, yes, as the reader who wrote me this weekend suggests, this can seem a daunting… even a paralyzing prospect.

How does one go about formulating an exit strategy?

First, I propose that you flip the idea on its head. Don’t approach this as an exit strategy… but as a chance for a new-and-improved life.

Don’t conceive a plan for fleeing a bad situation… but for moving toward one that for you qualifies as better.

A Plan B shouldn’t be something you feel forced and threatened into… but an opportunity you’re excited to be able to take advantage of.

From that perspective, consider the world map. In the context of a Plan B for a better, safer, more private, more resilient, more secure, more adventure-filled, more profitable life, my team in Panama and I this week suggested that those in the room with us consider the following options right now specifically:

  • Argentina
  • Belize
  • Cayman Islands
  • Colombia
  • Dominican Republic
  • Malaysia
  • Mexico
  • Nicaragua
  • Panama
  • Paraguay
  • Portugal
  • Thailand
  • Vanuatu

This isn’t an exhaustive list. Your ideal destination could be elsewhere, but, if you’re just getting started feeling your way through the idea of a Plan B, these 13 countries are a good starting point.

Step 2 is to make your Plan B Checklist. Here’s mine:

  • Immediate Financial Security
    • Have three months of expenses available in cash and precious metals that are kept with you, not remotely…
  • Longer-Term Financial Security
    • Place some of your liquid assets in one or more offshore bank accounts…
  • Lifestyle Security
    • Establish a second residency in a country where you can go when you decide you want or need to…
    • Set a path for a second citizenship…
    • Create a personal retreat with secure water, food, and energy…
  • Wealth Security
    • Place your larger precious metals holdings in an overseas jurisdiction safe from confiscation…
  • Asset Security
    • Protect your assets offshore using structures and trusts…
  • Portfolio Security
    • Diversify your investments by investment type, economic risk, political risk, and currency…
    • Manage your tax obligations…
    • Take control of your IRA…
    • Build a portfolio of overseas real estate holdings…
  • Legacy Security
    • Invest in long-term income-producing assets you can pass on to your heirs…

Again, I strongly recommend that your Plan B begins with lifestyle. Where could you imagine yourself well and happy, able to engage in the activities that you enjoy most, forming friendships and becoming part of a like-minded community while also living as safely, privately, and comfortably as possible on the budget you have in mind?

At the same time and perhaps in the meantime, you must organize your financial security, both immediate and longer term. Thus, I include those two items first and second on my to-do list.

Your list might be briefer than mine. For example, maybe a list more like this better reflects your Plan B agendas:

  • Immediate Financial Security
    • Have three months of expenses available in cash and precious metals that are kept with you, not remotely…
  • Longer-Term Financial Security
    • Place some of your liquid assets in one or more offshore bank accounts…
  • Lifestyle Security
    • Establish a second residency in a country where you can go when you decide you want or need to…
  • Portfolio Security
    • Diversify your investments by investment type, economic risk, political risk, and currency…
    • Manage your tax obligations…
    • Take control of your IRA…
    • Build a portfolio of overseas real estate holdings…

The key items on any Plan B list are immediate financial security (having enough liquid assets on hand, in hand, to cover three months of personal expenses)… establishing backup residency in a country where you think you’d enjoy spending time… and opening at least one offshore bank account so that your assets are not at the mercy of any one country, market, economy, or political regime.

Focus on those three priorities… then let your Plan B evolve organically from there over time.

That’s part of the fun.

Kathleen Peddicord

Tags: alternative residencybackup residencyEmergency Offshore Summitliving overseasOffshore Bankingplan b
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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