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Home Retirement/Living

Investing And Doing Business Offshore

Kathleen Peddicord by Kathleen Peddicord
Aug 29, 2010
in Retirement/Living
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Benefits Of Going Offshore
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Emergency Exit

Like many Americans, you may already have seen your nest egg shrink, the value of your home fall, your investment portfolio lose half its worth or more…

The really bad news is that there’s more hardship to come. As the United States bids farewell to the Bush tax cuts at the end of this year, new and higher taxes will have a huge impact on every American’s pocketbook.

And it’s not just your finances that are at stake. Crazy new laws have been crafted to restrict and control the foreign investment activities of U.S. citizens. That’s an attack on your personal freedoms.

Effectively, what this means is that the more assets you have in the United States, the less control you have over them.

So, if you really want to protect your wealth, now and for your future–and prevent your estate being reduced potentially to 30 cents on the dollar (it happens all the time)–you have one sensible course of action:

Go offshore.

This is an idea whose time has come.

Opportunities for going offshore come in all shapes and sizes. But, generally speaking, going offshore involves moving your assets, your business, your banking–or even yourself–to a safe haven…to a place where it’s harder for anyone to lay claim to what you’ve got.

Diversifying your portfolio into foreign investments, particularly foreign real estate investments, and foreign currency is another important aspect to going offshore.

If visions of precious metals locked away in the vaults of a faraway haven are enough to make your palms sweat, let me reassure you that going offshore isn’t anything as cloak-and-dagger…or glamorous…as it may sound.

It’s about legally defending what’s yours in a way that makes it more difficult for creditors to attack. Offshore strategies include trusts, foundations, international life insurance, and owning a foreign bank account, to name a few. These are all legal ways for you to build a wall around your assets. Pretty boring stuff, really.

And you don’t need to be a multi-millionaire to benefit from going offshore. You could get started by simply opening a bank account in a haven that offers true banking secrecy. This is the easiest and the most sensible first step.

Can’t meet the minimum deposit of US$100,000 required to open an Austrian bank account? Then why not try Belize…

In this little Caribbean haven, you can open a private bank account today without depositing a single dollar. And you can set this up–and manage deposits and withdrawals–all from the comfort of your own home.

Opening a foreign bank account is just one of the important offshore strategies we’ll be exploring at the Emergency Offshore Summit we’re convening this December.

Your wealth is affected by all sorts of things that often you feel you have no control over.

But, I say again, you still have a card to play, and you still have time to play it. By going offshore, you get to hold on to more of your assets, to protect them so that they grow safely, even tax-free.

 

Kathleen Peddicord

Tags: Business Offshoreoffshore summit
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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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