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How And Where To Diversify Offshore

Kathleen Peddicord by Kathleen Peddicord
Nov 14, 2012
in Offshore
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Analyze. Monitor. Adjust. Adapt. Overcome.

As promised, at 8 a.m. this morning, Lief Simon took center stage in the meeting rooms of Panama City’s Veneto Hotel to begin leading discussions that will continue over the coming three days. The topic?

Options and opportunities for diversifying your life, your assets, and your future.

“You understand the realities we’re facing right now,” Lief began, “thanks to the so-called Patriot Act, the HIRE Act, FATCA, and the coming 30% withholding that’s going to be imposed on any U.S. person trying to transfer money to what the IRS deems a ‘non-compliant bank.’

“There was even, recently, legislation proposed that would have made it possible for the IRS to take away the passport of any U.S. person it accused of owing US$50,000 or more in back taxes. The IRS wouldn’t have to prove the accusation…just make it. And the American in question would find himself without a passport.

“This legislation was shot down, but I believe you can expect to see it put forward again.

“More recently, the IRS has been allowed to raid the IRA account of one American with a disputed tax debt.

“This is the climate we’re all navigating,” Lief continued. “What can you do?

“You can moan, groan, and complain. Woe is me…

“You can wait, watch, and hope for someone to come along to help…to show you what to do from here. But who would that someone be? Some government? It’s government that has gotten us where we are today.

“Your only sensible option is to take control yourself.”

Analyze. Monitor. Adjust. Adapt. Overcome.

That’s the starting point for this week’s discussions here in Panama City at this Offshore Summit.

Lief began the day by walking attendees through the basic strategy.

“Diversification,” Lief said. “That’s fundamentally what we’re talking about. Three flags…five flags…seven flags…call it what you like. The point is to spread your assets, your investments, your business interests, and your life around.

“If you’re diversified among different asset classes or investment types but all in the United States…you’re not diversified,” Lief pointed out.

“If you’ve got several bank accounts but all Stateside, you’re not diversified.

“How many of you have more than one credit card in your wallet right now?”

Everyone in the room raised his hand.

“Good,” Lief continued. “That’s a start. You need more than one credit card, more than one bank account, more than one residency, and, I strongly recommend, more than one citizenship.

“You need options. That’s the key to surviving and thriving in the face of what’s to come…whatever’s to come.”

This isn’t about hiding money. This isn’t about avoiding taxes. This isn’t about getting away with anything or breaking any law. Years ago, that could have been the case. Years ago, these ideas and agendas were more cloak and dagger, more suspect, and pursued by what was generally recognized as a fringe element.

Today these objectives are a necessity of the world we’re living in.

“Diversify or die broke,” as Lief put it.

Lief was followed by Mark Nestmann, the world’s top residency and second citizenship expert, who continued in the same theme.

“Here are the three steps to taking back control of your life, your money, and your future,” Mark began.

“First, establish an offshore economic base. Move your assets, your investments, and your business interests offshore.

“Second, find a suitable new country for establishing residency. Note that it’s possible to be a legal resident of a foreign country without being physically resident there. Foreign residency can be a back-up plan, a waiting option.

“Third, obtain a second citizenship. This can follow from your foreign residency…or, depending on your circumstances and the jurisdiction, it can be the result of genealogy or a direct investment.

“Follow these three steps,” Mark explained, “and you’re in control. You, not any government anywhere, are in the driver’s seat of your life and your future.”

Kathleen Peddicord

 

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Tags: 'Diversification Offshore'FATCAForeign Residency In PanamaLief SimonMark Nestmannoffshore summitPatriot Act
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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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