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Home Retirement/Living

Five Flags Approach To Going Offshore

Kathleen Peddicord by Kathleen Peddicord
Dec 02, 2010
in Retirement/Living
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Planting Flags

“The times they are a-changin’…”

In the face of the kinds of market, economic, and political uncertainties the world is currently presenting, how can you protect yourself?

That’s the question we’re convened in Panama City this week to address. For this Emergency Offshore Summit, we’re joined by our key banking, residency, citizenship, tax, asset-protection, and offshore structures experts. With their counsel, insight, and experience, we aim to help each attendee conceive and execute his own “going-offshore” plan.

Perhaps the most important thing to understand about this offshore world, I explained in my opening remarks this morning, is that it’s forever changing.

Tax laws and treaties, residency visa requirements, opportunities for obtaining second citizenship, documentation required to open a bank account…as well as the political situations, the values of local currency, and the ease of coming and going from other parts of the world…all these things change all the time.

Just this week, for example, Panama has signed an exchange of information treaty with the United States. This has important implications for this country’s status as an offshore banking haven. It doesn’t make Panama unattractive for the would-be foreign retiree, entrepreneur, or investor (far from it), but it certainly makes this jurisdiction less interesting as a place to keep an offshore bank account.

As this very recent development highlights, any list of the World’s Top Offshore Havens is a moving target. How then can you make a plan and take action?

You’ve got to diversify.

Just as it’s smart to invest in different markets and to hold assets of different types in different currencies, so, too, are there advantages to spreading your life among different jurisdictions.

I didn’t invent this strategy, of course. It’s written of often, as the “Five Flags” plan. It’s about organizing both your time and your money to your greatest advantage, spreading your life across multiple flags (that is, countries).

In fact, when you consider the Five Flags approach in the context of your own life, you may find that you need more than five.

You could do your banking in one country (where you can feel reasonably secure your deposits are safe), reside in another (where you pay no tax), run your business in a third (where entrepreneurs are respected and incentivized) hold a passport (and maybe a second passport) elsewhere…

Have gold on deposit in one jurisdiction, keep a physical mailing address in another, and arrange for phone and fax services, again, someplace else…

No, not everyone needs this level of diversification. Again, it depends on what you’re trying to accomplish.

My point is that, to protect yourself and to maximize your opportunities, you need to remain open-minded and flexible.

Plant your flags based on your current circumstances and agendas. But don’t plant them in concrete. You might want to be able to move them around from time to time.

Kathleen Peddicord

Tags: asset protectionFive FlagsOffshore BankingPanama
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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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