Putting your money into foreign real estate is becoming a more urgent strategy all the time.
Thanks to that crazy piece of pork in the U.S. HIRE Act known as FATCA… and the current global war on money laundering… currency controls worldwide have been seriously tightened.
If you’re an American, I’m sure you realize that you have to report any financial accounts you hold outside the United States if they have a combined value of US$10,000 or more. As well, remember that foreign financial institutions are required to report to the IRS accounts of U.S. citizens.
As a result, it has become increasingly difficult for an American to open an international account abroad. Many banks in many jurisdictions have taken the position that they do not want to do business with Americans, period. Not worth the hassle, thanks to costly FATCA requirements.
Consequently, options for Americans to protect their assets abroad have become more limited.
And, of course, we Americans aren’t the only ones who should be concerned about protecting our assets and preserving our privacy. If you aren’t already holding a sizeable portion of your assets outside your home country, I strongly recommend that you make this a priority agenda no matter what passport you hold.
I suggest a portfolio of international real estate holdings. This could be an important part of your strategy.
First, if you’re an American, it is one of two assets you can hold offshore without triggering a reporting requirement to Uncle Sam (the other is gold and other precious metals).
The real estate you hold in another country is your own business.
Plus, it’s unseizable. The IRS might be able to take your foreign bank accounts (in today’s world, this is easier than ever). But how are they going to take your condo in Brazil?
When Lief and I left the States more than two decades ago, we made the conscious decision that we would remain fully compliant from a U.S. reporting and tax point of view. We did not and do not want to do anything we shouldn’t do, certainly nothing outside the law.
And that’s not what I’m suggesting to you. What I am suggesting is that it just makes sense to do everything you can to protect the money you’ve earned and the assets you’ve accumulated. And holding some of your wealth in international real estate is an excellent way to do that.
You don’t have to be super rich to take up the idea of buying real estate overseas to protect your wealth. Opportunities to buy land, houses, and apartments, for both investment and personal use, exist at all price levels.
This will be one important and timely topic of discussion at Lief’s upcoming Offshore Wealth Summit, taking place Oct. 9–11 here in Panama City.
The agenda for this program includes panel discussions on tax, banking, asset-protection, residency, second passport, and doing business strategies.
In addition, Lief and his team will be showcasing the world’s top global property investment opportunities right now, including options for generating cash flow of up to 17% per year… and, in some cases, getting in for as little as US$23,800.
This year’s event is taking place at Panama City’s W hotel. Some seats remain available in the room.
I recommend you get in touch now to reserve one for yourself.
Kathleen Peddicord
