How does FBAR (Foreign Bank Account Report) affect me if I move to Mexico?
Don Nelson - TaxMeLess
Whether you live in Mexico or not, you must file form 114 (on line) if your combined highest balances in foreign bank or financial accounts is $10,000 or more at any moment during the calendar year. Failure to file this form reporting certain factual information on the accounts can result is a $10,000 penalty.
(Bank in Nogales, Mexico, pictured.)
Whether you live in Mexico or not, you must file form 114 (on line) if your combined highest balances in foreign bank or financial accounts is $10,000 or more at any moment during the calendar year. Failure to file this form reporting certain factual information on the accounts can result is a $10,000 penalty.
Can I still vote in US elections if I live in Belize?
Ryan Wrobel - Wrobel & Co., Attorneys-at-Law
Yes, you can vote in US elections if you live in Belize by way of an absentee ballot. How you get that ballot really depends on the state in the US where you are registered to vote.
There are many expats who vote not only presidential elections but also the local elections in their local municipalities by way of absentee ballot. I know that some of the states have actually a hard copy ballot. Others, I do believe, allow for voting online and again you have...
Yes, you can vote in US elections if you live in Belize by way of an absentee ballot. How you get that ballot really depends on the state in the US where you are registered to vote.
There are many expats who vote not only presidential elections but also the local elections in their local municipalities by way of absentee ballot. I know that some of the states have actually a hard copy ballot. Others, I do believe, allow for voting online and again you have to check your home country, state, or city to find out how they handle absentee ballots.
Starting a business in Portugal can be relatively simple because Portugal has an “On The Hour” facility whereby you can walk into a government department and basically set up a company in an hour.
Once you get the company running, that’s the only time the problem starts, because the bureaucracy comes in. It’s easy to start a business but it’s the rules after that which makes it a bit frustrating.
...
Starting a business in Portugal can be relatively simple because Portugal has an “On The Hour” facility whereby you can walk into a government department and basically set up a company in an hour.
Once you get the company running, that’s the only time the problem starts, because the bureaucracy comes in. It’s easy to start a business but it’s the rules after that which makes it a bit frustrating.
(Mário Centeno Minister of Finance, Portugal, pictured.)
What are the home mortgages like in Panama? How long are home mortgage terms and how much down payment is required?
Wee-Yiong Fung - Prestige Panama Realty
If you are a foreigner, a Panama bank will ask you for between 10% to 30% down payment. The three main items the bank will use in order to determine how much down payment to require are:
The strength of your credit.
Does the bank feel that, as a result of having you as a customer, it can have a longer-term relationship and get more of your business in the future?
Any referral you may or may not receive from a source the bank feels is...
If you are a foreigner, a Panama bank will ask you for between 10% to 30% down payment. The three main items the bank will use in order to determine how much down payment to require are:
The strength of your credit.
Does the bank feel that, as a result of having you as a customer, it can have a longer-term relationship and get more of your business in the future?
Any referral you may or may not receive from a source the bank feels is credible. For example, if I refer you and I tell the bank that you are a good credit risk or that you’re a good candidate for future business with the bank, they will lower the amount of down payment required. That’s how things are done in Panama; through personal relationships.
The term of the loan will depend on the amount of the down payment, your credit strength and income, and the age of the person taking out the loan. For example, if a person is 60 years old and wants to buy a home for $250,000, the bank would view a 30-year loan as risky, because, in order for the loan to be paid off in full, the person paying on the loan would be 90 years old.
How are the roads in Granada, Nicaragua? Do I need a four-wheel drive in Granada, Nicaragua?
Carlos Roman Gutierrez Solis - Casa Granada Properties
You don’t need a four-wheel drive in Granada, Nicaragua. When you drive in Granada, you could tell that the government is working hard in improving the roads. You can easily drive around Granada in a sedan, even in the rainy season.
You can go to the Pueblos Blancos, the White Towns, to Rivas, and everywhere you want to go and you will be driving on good roads. If you go to the countryside, that’s another story. If you go to the country,...
You don’t need a four-wheel drive in Granada, Nicaragua. When you drive in Granada, you could tell that the government is working hard in improving the roads. You can easily drive around Granada in a sedan, even in the rainy season.
You can go to the Pueblos Blancos, the White Towns, to Rivas, and everywhere you want to go and you will be driving on good roads. If you go to the countryside, that’s another story. If you go to the country, then it is much better to drive a 4 by 4.
The worst reasons to retire overseas are financial and health reasons. If you’re moving overseas because you need to be in a country where it’s less expensive, that sets you off to a bad direction. If you’re moving overseas with the primary reason of a lower cost of living, you need to be careful.
Many retirees move overseas for a lower cost of healthcare. When you move overseas for healthcare, you need to understand that the...
The worst reasons to retire overseas are financial and health reasons. If you’re moving overseas because you need to be in a country where it’s less expensive, that sets you off to a bad direction. If you’re moving overseas with the primary reason of a lower cost of living, you need to be careful.
Many retirees move overseas for a lower cost of healthcare. When you move overseas for healthcare, you need to understand that the quality of healthcare is typically lower than in the US, and the US healthcare that you may have through insurance or Medicare probably won’t work abroad.
You should be retiring overseas because you want to explore the world and its different cultures. Don’t retire overseas because it’s going to save you money or because you can get cheap healthcare. Generally, it would save you money, but if that’s your primary reason for retiring overseas, that’s one of the worst reasons to do so.
If you’re retiring overseas, you have to love and enjoy where you’re going, and you have to want to immerse yourself in that culture. If not, you would be miserable spending half as much money in the US, but you would still be miserable.
Organizing walking/bus tours in David has been interesting, in a good way. One question that keeps coming up from those new to the area is “What advice do you have for navigating these streets?” When I thought about it, I agreed it was somewhat scary to walk the streets in Panama City when I first arrived. However, for me the experience reminded me of some Caribbean countries. The truth is, after one month in Panama City, I felt as if I was risking my life...
Just a short drive from the traffic and hectic city life of Panama City is the beautiful oasis called El Valle de Anton. This charming and picturesque community is a growing retirement community for many ex-pats and Panamanians as well.
A paved road winds its way off the Pan-American Highway towards the mountains. One can feel the air grow cooler as the road climes ever...
On a windy day in February three of us ladies drove the hour and forty-five minute scenic route to Boca Chica. Bright as a blue umbrella the sky above us was a vivid blue. Strong winds pushed us down the narrow, two-lane road toward the Pan America Highway. it was definitely time for the A/C in the car! We chatted and laughed all along the way. Donna was making the trip to spruce up and change out her jewelry display at the Seagull Cove Lodge gift shop....