What do I need to know when buying a house in or other real estate in Mexico?
Mark O'Neill
If you are buying real estate in Mexico, I would encourage you do be sure that your title is free and clear. Make sure that whoever you are buying from has the legitimate right to sell the property and that there are no past owners or any liens on the property.
It’s my impression that title insurance is something that is needed if you were to secure a loan. If you are not borrowing the money, then title insurance is not needed. In the US, you...
If you are buying real estate in Mexico, I would encourage you do be sure that your title is free and clear. Make sure that whoever you are buying from has the legitimate right to sell the property and that there are no past owners or any liens on the property.
It’s my impression that title insurance is something that is needed if you were to secure a loan. If you are not borrowing the money, then title insurance is not needed. In the US, you don’t need title insurance if you purchase a property with more than 20% down payment. In Mexico, you typically pay a 100% down payment (in other words, you typically purchase real estate for cash) so title insurance is for naught.
This is one of the reasons why hopefully you have a good realtor to research who owns the title. In Mexico, just as in the US, you wouldn’t buy a property from someone who you weren’t certain was in a position to legally sell it to you.
If you are considering buying on the coastal areas, you might want to check if there are any water considerations and other items of that nature. Buyer beware. Make sure you are comfortable in your neighborhood. I would also look into the utilities, such as the source of power and water and Internet access.
The cost of food in restaurants here in Ambergris Caye in Belize is about the same as it is in Canada, where I come from. Ambergris Caye is a tourist island so they are going to charge you US $40 for a lobster tail.
You can have lunch for $10 in most places. If you are eating at a local restaurant, you could probably get a $5 meal and that consist of something like rice, beans, stew chicken, escabeche, cows foot and coleslaw. A hamburger meal...
The cost of food in restaurants here in Ambergris Caye in Belize is about the same as it is in Canada, where I come from. Ambergris Caye is a tourist island so they are going to charge you US $40 for a lobster tail.
You can have lunch for $10 in most places. If you are eating at a local restaurant, you could probably get a $5 meal and that consist of something like rice, beans, stew chicken, escabeche, cows foot and coleslaw. A hamburger meal is around $10 to $15. There are some foods that are less expensive, but these foods are a bit of an acquired taste
Cow’s foot, chicken feet, fish eyeballs, and pig’s tail are a big deal. People here eat the fish off of its skeleton, and they eat the face and eyeballs, too.
What is the cost for health insurance in Panama and how does it work?
Lourdes Townshend
The main issue determining the cost of health insurance in Panama is your age. If you are pre-retirement age, you work in Panamá and you are covered by your work private medical insurance , you only pay your co-payments. If you are a tourist for a limited time, you are 100% covered for the first 30 days, totally free of charge, by the Tourism Authority.
If you are retired and spend most of your time in Panama, you are...
The main issue determining the cost of health insurance in Panama is your age. If you are pre-retirement age, you work in Panamá and you are covered by your work private medical insurance , you only pay your co-payments. If you are a tourist for a limited time, you are 100% covered for the first 30 days, totally free of charge, by the Tourism Authority.
If you are retired and spend most of your time in Panama, you are not covered by any Panamanian state insurance nor Medicare (people from the US) as they do not have any agreement yet, meaning you will have to get your own private insurance with any of the many major insurance corporations, or brokers. If you are over 50 years old, the premium is pretty high.
There are also some hospitals, like Santa Fe and others, that offer individual coverage at a pretty low price and cover everything, but the monthly payment will increase based on your usage. There are also hospitals, like Clinica / Hospital Nacional, that offer a variety of options for foreigners including Blue Cross and Blue Shield, but sometimes paperwork is done after the service has been paid.
The good news is that Panamá offers tremendously good prices for private medical services, on an individual basis, as well as modern clinics and hospitals, that every day are getting more and more sophisticated. Sometimes an office visit could cost as little as $15 in good neighborhoods, and specialists charge around $50 to $175, depending on the service. X-rays and lab work is also available at a low cost, as well as surgeries, that easily could be half of the price of other countries, or less. For example, a cataract surgery is $2,000 in the best and most modern clinic in Panama City. One thing to take in consideration, though, is that some specialists do not accept credit cards in their private clinics.
If you do not have private insurance, and God forbid have a major emergency and an expensive or delicate situation, if you are from the US, you can always take an airplane and use your Medicare in the US.
In the "interior" of Panamá , for example, Boquete, Santiago, Chitré, Soná, Colón and other major small cities you can find hospitals and good doctors as well.
[Editor’s note: According to a press release August 1, 2014, the Panama Authority of Tourism stated that no charge tourist insurance coverage is no longer being offered.]
In general, what do I need to know about FBAR (Foreign Bank Account Report)?
Don Nelson - TaxMeLess
The FBAR form is now Form 114 and can no longer be filed on paper. You must file it on line at a special US Treasury Site. It is due for each calendar year on the following June 30th. That due date cannot be extended. You can incur a $10,000 or more penalty for failing to file the form for any year it applies or for filing the form late. There are ways around this penalty though and you should consult with an experienced CPA / Attorney to enter into one of these...
The FBAR form is now Form 114 and can no longer be filed on paper. You must file it on line at a special US Treasury Site. It is due for each calendar year on the following June 30th. That due date cannot be extended. You can incur a $10,000 or more penalty for failing to file the form for any year it applies or for filing the form late. There are ways around this penalty though and you should consult with an experienced CPA / Attorney to enter into one of these programs.
The form must be filed if the combined highest balances in your foreign financial accounts at any time during the calendar year exceed $10,000 US or more. Foreign financial accounts include banks, foreign stock brokers, foreign pension plans, foreign gold storage places, etc.
You must also report all income earned on these accounts on your Form 1040 and fill out the proper information on Schedule B stating that you are required to file an FBAR form.
The economy in Portugal is treading water at the moment. It is not in very good shape. Certain sectors of the economy are doing better than others; particularly tourism. Portugal had one of the best tourist seasons ever. Real estate is also doing extremely well. Property in Lisbon is like the new El Dorado for some property investors and we have had inquiries from American investors about buying property in Lisbon because of the price ratio compared to places like Madrid, Barcelona,...
The economy in Portugal is treading water at the moment. It is not in very good shape. Certain sectors of the economy are doing better than others; particularly tourism. Portugal had one of the best tourist seasons ever. Real estate is also doing extremely well. Property in Lisbon is like the new El Dorado for some property investors and we have had inquiries from American investors about buying property in Lisbon because of the price ratio compared to places like Madrid, Barcelona, Paris, and London. Real estate prices in Portugal are very competitive. The property experts recon that the market here is still quite undervalued relative to other centers.
Generally, tourism is one of the main drivers of the economy in Portugal. Other industries such as cork, wine production, and footwear are also some of the drivers of the economy here but they are becoming less competitive. A big drawback here in Portugal is that the labor laws are still very socialist and even communist-oriented so it’s not easy to fire somebody. It is quite a complicated process and it is expensive. This is one of the biggest drawbacks of the Portuguese economy. There is a lack of international competitiveness because of draconian labor laws.
What's my best strategy for health insurance for retiring in Nicaragua?
Esmerelda Vargas - Schuvar Tours
There is insurance that you can buy so that if you go to any private hospital, you will just pay 20% of the total fee. For example, the insurance that I have for my family has an annual fee of US $1,000 and I can go any time I want to any doctor. I will just pay 20% of the total of the amount. That is $1,000 a year for myself, my husband, and my kids and this is insurance that will cover everything. I have a deductible of $100 per person. After that, they will reimburse 80% of...
There is insurance that you can buy so that if you go to any private hospital, you will just pay 20% of the total fee. For example, the insurance that I have for my family has an annual fee of US $1,000 and I can go any time I want to any doctor. I will just pay 20% of the total of the amount. That is $1,000 a year for myself, my husband, and my kids and this is insurance that will cover everything. I have a deductible of $100 per person. After that, they will reimburse 80% of what I have spent. Normally, going to the doctor here, the appointment for one visit can go between $30 and $45. The insurance will pay everything for the first appointment and then you pay 20% of the difference.
With this insurance, we can see any doctor. The total amount the insurance company will pay out in one year is $25,000. With this insurance, you can go wherever you want. You can go to the hospital or to the private doctors. You just need to pay and the insurance will partially refund you the amount you paid, as per the policy I just described.
If you need a knee operation, for example, it would be very expensive, and would cause you to go over the $25,000 per year total amount the insurance company is liable to pay. In order to deal with this situation, I have insurance in the US, for which I pay $5,000 a year. As per this insurance plan, I have to pay the first $5,000; that’s a deductible. Then I have $1 million limit the insurance company will pay out in one year. I just have that for the US and I use it only on big emergencies but for not very serious illnesses, I use the other insurance we have in Nicaragua. Not serious illnesses would include going to the doctor if you have a cold or if you have general problems like a stomachache.
(The logo for Hospital Bautista, a private hospital in Managua, Nicaragua, pictured.)
I felt sweaty, and my left arm was sore - I thought it was because: A) I live in the beach area of Panama, and B) I had scrubbed the sides of our swimming pool yesterday. However, even after sitting in the air con with a fan, and I was still sweating profusely, I Googled: "Symptoms of a Heart Attack" The final symptom struck home: An overwhelming feeling of doom".
Mistake # 1: I drove myself to the medical clinic in Coronado instead of...
If you were on a quest to find and talk with the single expat who knew more of the inside story, either by witnessing it, or by being part of it, of the evolution of Boquete from a sleepy Panamanian hamlet into the famous expat retirement destination it is today, you could find no one better than Paul McBride. Visit with Paul as he takes Jet from the time when everyone (but one person) thought that Boquete would stay as a Panamanian backwater.
The Flower and Coffee International Fair in Boquete is one of the most important in the region. The town of about 25,000, plays host to an expected 130,000 visitors during the 10 day run, which estimates about $2 million dollars to the economy. The floral offerings come from Canada, the US, Central and South America. The crowds come quite literally from around the world.
If you are buying real estate in Mexico, I would encourage you do be sure that your title is free and clear. Make sure that whoever you are buying from has the legitimate right to sell the property and that there are no past owners or any liens on the property. 
The FBAR form is now Form 114 and can no longer be filed on paper. You must file it on line at a special US Treasury Site. It is due for each calendar year on the following June 30th. That due date cannot be extended. You can incur a $10,000 or more penalty for failing to file the form for any year it applies or for filing the form late. There are ways around this penalty though and you should consult with an experienced CPA / Attorney to enter into one of these...
The economy in Portugal is treading water at the moment. It is not in very good shape. Certain sectors of the economy are doing better than others; particularly tourism. Portugal had one of the best tourist seasons ever. Real estate is also doing extremely well. Property in Lisbon is like the new El Dorado for some property investors and we have had inquiries from American investors about buying property in Lisbon because of the price ratio compared to places like Madrid, Barcelona,...
There is insurance that you can buy so that if you go to any private hospital, you will just pay 20% of the total fee. For example, the insurance that I have for my family has an annual fee of US $1,000 and I can go any time I want to any doctor. I will just pay 20% of the total of the amount. That is $1,000 a year for myself, my husband, and my kids and this is insurance that will cover everything. I have a deductible of $100 per person. After that, they will reimburse 80% of...
I felt sweaty, and my left arm was sore - I thought it was because: A) I live in the beach area of Panama, and B) I had scrubbed the sides of our swimming pool yesterday. However, even after sitting in the air con with a fan, and I was still sweating profusely, I Googled: "Symptoms of a Heart Attack" The final symptom struck home: An overwhelming feeling of doom". 
The Flower and Coffee International Fair in Boquete is one of the most important in the region. The town of about 25,000, plays host to an expected 130,000 visitors during the 10 day run, which estimates about $2 million dollars to the economy. The floral offerings come from Canada, the US, Central and South America. The crowds come quite literally from around the world. 
