• About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe
No Result
View All Result
Live and Invest Overseas
FREE REPORT
BEST PLACES TO RETIRE
*No spam: We will NEVER give your email address to anyone else.
  • HOME
  • COUNTRIES
    • Top Destinations
      • Portugal
      • Panama
      • Belize
      • France
      • Colombia
      • Dominican Republic
      • Thailand
      • Mexico
      • Spain
      • Argentina
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
    • Our Latest On Coronavirus ⚠️
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
Live and Invest Overseas
  • HOME
  • COUNTRIES
    • Top Destinations
      • Portugal
      • Panama
      • Belize
      • France
      • Colombia
      • Dominican Republic
      • Thailand
      • Mexico
      • Spain
      • Argentina
    • Browse All Countries
    • Best For
      • Retire Overseas Index
      • Health Care
      • Cost of Living
      • Investing in Real Estate
      • Editor’s Picks For Retirement
      • Establishing Residency
      • Starting an Online Business
      • Single Women
      • Playing Golf
  • BUDGETS
    • Super Cheap ($)
      • Cuenca, Ecuador
      • Chiang Mai, Thailand
      • The Philippines
      • Las Tablas, Panama
      • Granada, Nicaragua
    • Cheap ($$)
      • Algarve, Portugal
      • Medellin, Colombia
      • Boquete, Panama
      • Carcassone, France
      • Buenos Aires, Argentina
    • Affordable ($$$)
      • Abruzzo, Italy
      • Barcelona, Spain
      • Las Terrenas, Dominican Republic
      • Puerto Vallarta, Mexico
      • Costa de Oro, Uruguay
    • Luxury On A Budget ($$$$)
      • Ambergris Caye, Belize
      • Paris, France
      • Panama City Beach Area
  • Real Estate
  • ARCHIVES
    • Living & Retiring Overseas
    • Raising A Family Abroad
    • Foreign Residency & Citizenship
    • Offshore Diversification
    • Our Latest On Coronavirus ⚠️
  • Making Money
    • International Real Estate
    • Banking
    • Employment
    • Investing
  • CONFERENCES
  • BOOKSTORE
No Result
View All Result
Live and Invest Overseas
No Result
View All Result

Bank Fees Offshore And The Cost Of FATCA Compliance

Live And Invest Overseas by Live And Invest Overseas
May 21, 2015
in Mailbag
0
woman taking notes on a pad of paper with her laptop and phone
209
SHARES
3k
VIEWS
Share on FacebookShare on Twitter

“Kathleen, I am an American who bought an oceanfront lot and built my dream home in Panama. I also subscribed to your magazine and purchased some reports which helped me in choosing Panama. Recently, I got hit with a US$250 Foreign Account Fee from my bank in Panama.

“First, I think this is a discriminatory act versus Americans because my Panama neighbor who is a Canadian citizen did not get hit with this fee. Now is this because the United States has strict reporting standards with Panamanian government and other countries don’t? Even still US$250 fee on an account with a monthly average of US$2,500 to pay utility bills and HOA is beyond harsh and discriminatory.

“I wrote a heated email to my bank because this is not the first act of discrimination I have experienced, and it has made me think twice about investing. This may push me to sell and look for an ocean condo in the United States and avoid this discrimination, which is rampant in Central America. I know you are up on all the latest banking rules. Please advise on what you know.”

–John G., Panama

Yes, the cost of banking overseas is rising, and new fees are being introduced all the time by banks around the world. It’s nothing to do with Central America and everything to do with FATCA. Don’t hold the fee against your bank or against Panama or against the region where Panama and your bank happen to sit. Hold it all against the U.S. government, whose war on all things “offshore” is making it more difficult and expensive for Americans, especially, to bank overseas. The increased and added costs of doing business with a bank in another country are a direct result of the expenses all banks are incurring as they struggle to comply with FATCA regulations.

Any bank anywhere in the world that isn’t charging a fee to offset the costs of FATCA compliance will be charging one soon. You aren’t going to escape this long term.

I’d suggest trying to keep the situation in perspective. The U.S. government is doing everything it can think of to keep U.S. citizens and their money within U.S. borders. Pulling up stakes and fleeing Panama because you don’t want to pay your bank the fee it is compelled to charge to cover the expenses the U.S. government is forcing it to incur means the U.S. government wins.

Thinking more pragmatically, selling out of Panama and returning to the States would cost you many, many years worth of the banking fee you’re trying to avoid. You’ll have the costs of selling, of shipping, of moving, of rebuying Stateside, etc.

Maybe easier and cheaper to stay put.

Unless you’re not happy in Panama. That’s another story. But I wouldn’t think about moving from one country to another to avoid a bank fee.

***

“Kathleen, I retired recently and your book and newsletter were the inspiration we used to make a decision that we were going to try an adventure outside the States. Due to the cost of health care coverage, this seems to be the only realistic hope that we had so that I could retire at age 60.

“We are on our way for the first stop in our adventure in San Miguel de Allende, Mexico. We are set for Spanish classes when we get there and have committed in our minds to 12 months of SMA and then on for other opportunities in locations like Ecuador, Panama, and maybe Belize.

“We continue to read your newsletter and wanted to tell you thank you for the inspiration that has given us the courage to sell our home and all of our possessions and, along with our dog, to begin our transition to a retirement adventure!”

–John and Sandi W., formerly of Memphis, Tennessee, but now wayfaring adventurers

Continue Reading: Retire Overseas Conference Alumna Alice Retired To Cuenca, Ecuador

Comments

Tags: bankfeesmailbag
Share84Tweet52
Previous Post

How The Strongs Retired To Ireland

Next Post

Residency Options And Border Runs In Ecuador

Live And Invest Overseas

Live And Invest Overseas

Live and Invest Overseas is the world's savviest source for top opportunities to live better, retire in style, invest for profit, do business, and own real estate overseas. Established in 2008, the Live and Invest Overseas' editors and correspondents have more experience researching and reporting on top opportunities for living well, investing for profit, doing business, and owning real estate around the world than anyone else you'll find.

Related Posts

Nazaré beach resort, Estremadura, Portugal
Mailbag

Retire To The Silver Coast Of Portugal

by Live And Invest Overseas
February 18, 2021
0

Portugal’s Silver Coast, or Costa da Prata in Portuguese, is best known for its ancient towns with cobblestone streets, breathtaking...

Read more
Man bookkeeper working with bills pay taxes online using laptop

How To Do A 1031 Like-Kind Exchange Of Foreign Real Estate

February 15, 2021
Aerial view of Fortress Vila Vella and Badia de Tossa bay at summer in Tossa de Mar on Costa Brava, Catalunya, Spain

Low-Humidity Retire Overseas Options

January 2, 2021
Assisted Living

Assisted Living In Panama

December 11, 2020
Boa constrictor imperator

Malaria, Dengue, Bugs, Spiders, And Snakes In Panama

December 9, 2020
Establishing Retirement Residency In Portugal - Lagos

Establishing Retirement Residency In Portugal

July 6, 2016
The Tax Advantages of Operating A Business Offshore can be plenty in a country like Panama.

How To Live Tax Free In Panama

June 1, 2016
Next Post
condos on the water's edge in Ecuador

Residency Options And Border Runs In Ecuador

A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we'll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today.

Start Your New Life Today, Overseas

how to retire overseas

LIOS Resources


  • New To LIOS
  • Ask An Expert
  • Media Center
  • Contact Us
  • FAQs

Quick Links


  • Best Places To Live
  • Best Places To Retire
  • Finding A Job Overseas
  • Real Estate

Sign up for our free daily e-letter, Overseas Opportunity Letter, and get your FREE report: The 10 Best Places To Retire Overseas In 2021

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms
  • Unsubscribe

© 2008-2021 - Live and Invest Overseas - All Rights Reserved.

No Result
View All Result
  • Home
  • Countries
  • Budgets
  • Archives
  • News
  • Events
  • Bookstore
  • Newsletters
  • About Us
  • Members Area
  • Contact Us

© 2008-2021 - Live and Invest Overseas - All Rights Reserved.

WANT TO RETIRE OVERSEAS?

Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll immediately send you a free report on the 10 BEST PLACES TO RETIRE in style overseas. Each day you’ll learn about the best opportunities for international living, retiring overseas, offshore diversification and asset protection, and investing in real estate around the world.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.