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Offshore Banking

“Kathleen, a financial planner recently told me that if I establish overseas bank and investment accounts, that will raise a red flag with the IRS and I will be audited annually. Of course I will report the accounts to the IRS, but is there any truth to my advisor’s concern that having overseas accounts would trigger regular audits?”

–Kevin G., United States

The likelihood of being audited simply because you have an overseas bank account is no higher than your chances of being audited in general. That said, many Americans with overseas accounts have higher-than-average incomes, and having a higher-than-average income can make you more likely to be audited by the U.S. IRS.

But that has nothing to do with where you bank.

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“Kathleen, aren’t the FARC a danger to Panama?”

–John O., United States

The FARC are in Colombia. Yes, Panama shares a border with Colombia, and the FARC have been known to enter Panama to hide. However, the area of Panama that is adjacent to Colombia (the Darien region) has no roads traveling between the two countries. As a practical matter, any FARC making their way into Panama would have to do so using their own two feet…and the Colombia border is 50 kilometers from the nearest town of any size on the Panama side.

So, no, I wouldn’t say the FARC are a danger to Panama or anyone in the country unless you happen to be roaming around the jungle in Darien…

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“Kathleen, your course is totally awesome. It was a great, inspiring 52 days, and we are now well-prepared.

“I especially enjoyed today’s final write-up…”

–Bob M., United States

Congratulations, graduate! All the best in your new life…wherever your decide to launch it.

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