Tag Archives: International Living

And the Media Gets It Wrong (Again)

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“The tax consequences of relinquishing and renouncing are identical. You can read more about them here (scroll down), but basically, if you’re wealthy enough, you’re a ‘covered expatriate.’ That means if you give up US citizenship or long-term US residence, you may have to pay an ‘exit tax’ on your unrealized capital gains. There are also unpleasant tax consequences for your IRAs, pension plans, and some trusts. Future gifts or bequests to future beneficiaries are penalized, too.  Expatriation is not something that the average journalist is equipped to write about. But because it’s politically controversial, the media, like moths drawn to a flame, can’t resist it.”

http://www.nestmann.com/and-the-media-gets-it-wrong-again

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Jim Rogers on Lucrative Investments Nobody Else Is Talking About

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“Everybody should have some of their money invested outside of their own country, outside of their own currency. No matter how positive things are in your home country, something could go wrong.  I do it because I think I can make some money finding opportunities outside your own country. Many people are a little reluctant, you know. It’s tough to leave your safe haven. So I try to explain to them, ‘Well, you have fire insurance, why don’t you look on investing abroad as another kind of insurance?’ and usually what happens is people invest more and more abroad because they say, ‘Oh, my gosh, look at these opportunities. Why didn’t somebody tell us there are all these things out there?'”

https://www.internationalman.com/78-global-perspectives/1063-jim-rogers-on-lucrative-investments-nobody-else-is-talking-about

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Second Passports from the Caribbean

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“A few months ago, I shared with International Man readers my experiences obtaining a second passport via the Dominica Economic Citizenship Program. At that time, the only other established and legitimate program like it was St. Kitts & Nevis’ program. Now there’s another option emerging—Antigua & Barbuda—also a tiny Caribbean island nation.  I was curious to do an apples-to-apples comparison to see how they stack up against each other.”

https://www.internationalman.com/78-global-perspectives/1061-second-passports-from-the-caribbean

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Ahead of the Herd—Nicaragua’s Enormous Potential

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“When I embarked on my journey I would never have guessed Nicaragua is where I would have ended up. Here I sit, writing, with the soothing sound of the waves on the beautiful beach of San Juan del Sur just outside of my balcony.  Nicaragua is the second safest country in all of Central America, behind only Costa Rica. Nicaraguans are kind and hospitable people. Walking down the street during the day or night, I am always greeted with a friendly ‘hola’ or ‘buenos dias’ from people walking past. I have never felt threatened or in danger in all the time I have been here.  Guatemala may be the only country that comes close to the low cost of living a person can enjoy in Nicaragua.”

http://www.internationalman.com/78-global-perspectives/1058-ahead-of-the-herd-nicaraguas-enormous-potential

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The Easiest Country to Obtain Residency: Panama

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“A law was passed in 2012 (Executive Order 343) to encourage certain foreign citizens to come to Panama.  This program is often referred to as the ‘Specific Countries’ or ‘Friendly Countries’ program.  Eligible countries include the USA, Canada, and many European countries. It requires one simple application and a deposit of at least $5,000 USD in a local bank account, plus an additional sum of $2,000 USD for each dependent.  Applicants will also have to show proof of some meaningful economic activity in Panama.  Incorporating a new LLC in Panama in order to qualify is not particularly difficult or expensive.  You become eligible to obtain full citizenship and a Panamanian passport after five years.”

https://www.internationalman.com/78-global-perspectives/1053-the-easiest-country-to-obtain-residency-panama

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Seeking a Bolthole Community

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“Consciously or unconsciously, the tendency exists to assume that the locals will so value the new people that they will change their laws, their living standards, their diets, and even their cultures, in a wish to conform to the incoming expatriates.  What happens is that, if the expats do not do what they can to adapt to the new country, they are often ‘frozen out,’ until they ultimately leave.  For this reason, those who are considering moving to a bolthole that is a planned community should consider the degree to which that new community has made an effort to be welcome in the country.  This one factor can decide whether the new community will ultimately succeed or fail.”

http://www.internationalman.com/78-global-perspectives/1059-seeking-a-bolthole-community

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A Glimpse into the Coming Collapse

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“The primary events are fairly predictable: they would include major collapses in the bond and stock markets and possible sudden deflation (primarily of assets), followed by dramatic inflation, if not hyperinflation (primarily of commodities), followed by a crash of several major currencies, particularly the euro and the US dollar.  The secondary events will be less certain, but likely: increased unemployment, currency controls, protective tariffs, severe depression, etc.  But, along the way, there will be numerous surprises—actions taken by governments that may be as unprecedented as they would be unlawful.”

https://www.internationalman.com/78-global-perspectives/1052-a-glimpse-into-the-coming-collapse

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Canadian banks to be compelled to share clients’ info with U.S.

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“Starting next July, Canadian banks will be required to ask anyone opening a new account if they are now, or ever have been, an American ‘person.’  It comes at the behest of the U.S. government and its efforts to ‘smoke out’ tax dodgers.  The Foreign Accounts Tax Compliance Act, or FATCA, was passed by the U.S. Congress in 2010 and comes into force July 1, 2014.  The law forces all banks and other financial institutions outside the U.S. to search for customers who have certain ‘indicia.’ Those are markers that show the person may be a U.S. citizen or a former permanent resident who, under U.S. law, must file income tax returns to Uncle Sam no matter where they reside in the world.”

http://www.cbc.ca/news/politics/canadian-banks-to-be-compelled-to-share-clients-info-with-u-s-1.2437975

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New tax law driving expats to renounce U.S. citizenship

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“For Ruth Anne Freeborn, it boiled down to a choice between country and family.  Born in Oklahoma, Freeborn has lived in Kingston, Ontario, for more than 30 years as an American expatriate, with a Canadian husband and 22-year-old son.  But a U.S. law passed in 2010 that will require international financial institutions to provide the Internal Revenue Service with information on their U.S. account holders forced her to weigh her citizenship. Her husband, a $51,000-a-year electronics technician and the family’s sole income earner, strenuously objected to having his financial data shared with a foreign nation.”

http://www.miamiherald.com/2013/11/27/v-fullstory/3781108/new-tax-law-driving-expats-to.html

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Getting Out Is Hard; Getting Back In Is Harder

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“As border control policies tighten, the consular officials who must approve visa applications are being placed under increasing pressure to comply with them. The ‘safe’ decision is to reject an application, rather than approve it.  At the same time, the information available to border officials that they can use to deny entry to the USA, or even arrest someone crossing the US border, has grown exponentially. Many types of records, including travel records, criminal records, and tax records, now are available at the click of a mouse to border officials. Again, the safe decision is to deny entry. When will this insanity end? One thing is clear: The situation is getting worse, not better.”

http://www.nestmann.com/getting-out-is-hard-getting-back-in-is-harder

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