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Live And Invest Overseas Conference Day 3

Kathleen Peddicord by Kathleen Peddicord
May 02, 2012
in Retirement/Living
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Live From Scottsdale—Pre-Breakfast Legal Roundtable…Earning A Living Anywhere In The World…Plus Vicki Terhorst Strips Bare

“I thought it’d be just me and him, staring at each other for an hour,” remarked the friendly IT expert here in Scottsdale who has been recording every presentation throughout our Retire Overseas Conference this week. He looked up with a smile to greet me as I came into the room about 7:45 a.m. to prepare for my first session this morning.

“I couldn’t believe it,” he continued, “but, when I arrived at 6:15, there were a couple of dozen people here already, waiting for Joel to start…”

He was referring to Joel Nagel’s sunrise legal roundtable. Joel offered to add the pre-breakfast session to the program because he was concerned that, otherwise, he wouldn’t have time to field all the questions he was getting from conference attendees wanting to know more about banking offshore, managing and mitigating their tax burden as an Americans abroad, and protecting their assets through global diversification. Serious stuff for that time of the morning…

We commenced the formal part of today’s program with a panel made up of Lief Simon, Mike Cobb, and Lucy Culpepper, who led a discussion on options and opportunities for starting a business and earning an income in your new situation overseas. Lief, Mike, and Lucy, each of whom has spent a decade or more running various businesses in various parts of the world, gave the assembled group a couple of dozen business ideas, at least, each an example based on some personal experience.

The most obvious way, in today’s world, to earn an income overseas is via some laptop-based activity. Become a writer, a photographer, or a consultant, and your business is 100% portable. This is also the easiest way to generate an income almost immediately. Very little lead time can be required.

The most turn-key way to go into business in another country is with the help of a franchise. Lief and Lucy spoke about their recent personal experiences building web-based franchise businesses, Lief in Panama, Lucy in Spain.

The most difficult way to start a business in a foreign country is the old-fashioned way. Setting up a bricks-and-mortar operation in another country (a restaurant, a wine store, a messenger service, a spa, a bakery, a pet grooming shop, an auto-repair shop, etc., each of these a business started by an expat we know somewhere in the world) takes time and some start-up capital. On the other hand, starting a local retail business can be a great way to connect with your new community while filling a local market niche.

Next on stage were Lief Simon and Vicki Terhorst, our two international health insurance experts. Lief spoke about choosing between local and international insurance…and Vicki spoke about going naked. In fact, Vicki delighted the audience with a strip tease, showing us all how she and her husband Paul stripped themselves of their health insurance over a matter of years following their retirement overseas. Vicki and Paul figure they’ve saved more than US$250,000 by not paying for medical insurance all these years since. That money they’ve set aside to create a medical emergency fund that, in the parts of the world where they spend their time (primarily, right now, Asia) will go very, very far toward covering any emergency medical expenses.

The final panel of our program–Lief, Lee Harrison, and Paul Terhorst–spent the next hour walking the group through everything they need to know to organize their administrative and financial lives as retirees and investors overseas. Virtual IPs, pay-as-you-go cell phones, VOIP systems, brokerage accounts with debit cards, exchanging currency on the official versus the unofficial (that is, black) markets, accessing cash, transferring money, getting a local driver’s license, choosing local car insurance, shipping a car (don’t), shipping household belongings, setting up a Checkbook IRA, reducing ATM fees, local bank accounts, private bank accounts, corporate bank accounts…

Enough to make your head swim but much more easily addressed with the benefit of the dozens of tips and secrets Lief, Lee, and Paul shared with the group this morning.

This afternoon, expats from Brazil, Colombia, Nicaragua, Mexico, and Ireland will showcase current opportunities for living, retiring, and investing in their respective countries. I’m looking forward to it.

Kathleen Peddicord

Continue Reading: Retire To San Miguel De Allende, Mexico

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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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