Becoming a Globetrotting Nomad at 58: Would You Pull the Rope?
(We thank the wonderful people and our good friends at Nextavenue.org, where this article was originally published July 28, 2016.)
Moving your household goods to Mexico is not the same as moving from one city to another in the US for several reasons, the most significant of which is that you cross an international border. At that border on the southern side are Mexican customs officials, who are tasked with making sure only certain items cross; that the rules for who can bring household goods into Mexico are followed depending on your immigration status; and collecting taxes when appropriate.
Moving your household goods to Mexico is not the same as moving from one city to another in the US for several reasons, the most significant of which is that you cross an international border. At that border on the southern side are Mexican customs officials, who are tasked with making sure only certain items cross; that the rules for who can bring household goods into Mexico are followed depending on your immigration status; and collecting taxes when appropriate.
We have the Seventh Day Adventist Hospital La Loma Luz in the Cayo District, Belize, which enables us to get cheaper medical services than in Belize City. Each service here in the Cayo District will have a different price but it’s very affordable.
We have the Seventh Day Adventist Hospital La Loma Luz in the Cayo District, Belize, which enables us to get cheaper medical services than in Belize City. Each service here in the Cayo District will have a different price but it’s very affordable.
There are cool places to buy and sell sofas in San Juan del Sur. There’s also some really cool towns half way between San Juan Del Sur and Managua that are known for their furniture. You can go to those towns and they’ll be what seems like 50 workshops on the side of the road, all building furniture. You can pick out some awesome hand crafted items and you can even order what you would want to get made specifically for you.
There are cool places to buy and sell sofas in San Juan del Sur. There’s also some really cool towns half way between San Juan Del Sur and Managua that are known for their furniture. You can go to those towns and they’ll be what seems like 50 workshops on the side of the road, all building furniture. You can pick out some awesome hand crafted items and you can even order what you would want to get made specifically for you. According to the Foreign Bank and Financial Authority (FBAR) regulations, the IRS must allow individuals to open private offshore bank accounts. So long as the aggregate value of all foreign financial accounts does not exceed $10,000 (USD) at any time during the calendar year, the assets need not be reported. Be mindful of interest bearing accounts, for if your total offshore accounts exceed $10,000 (USD) the IRS requires you to report it or risk facing a maximum penalty of five years in...
According to the Foreign Bank and Financial Authority (FBAR) regulations, the IRS must allow individuals to open private offshore bank accounts. So long as the aggregate value of all foreign financial accounts does not exceed $10,000 (USD) at any time during the calendar year, the assets need not be reported. Be mindful of interest bearing accounts, for if your total offshore accounts exceed $10,000 (USD) the IRS requires you to report it or risk facing a maximum penalty of five years in prison and the loss of up to 50% of your assets.
Properly executed, the benefit to such a strategy of moving money offshore lies in having a family open an offshore bank account in the name of each family member in the amount of $9,990 (USD) into a non-interest bearing account. Provided a person is careful to adhere to established guidelines this is a safe way to quickly move tens of thousands of dollars out of the country, depending on the number of family members in your household.
The Internal Revenue Service (IRS) considers all income reportable regardless of the source or location derived and most assets held offshore are reportable, however some are not. When looking to preserve your assets it is important to understand the difference between taxable income and reportable assets. As with all offshore structuring, consult with your legal or tax advisor to ensure your activities are in compliance with the laws of your resident country.
There are natural disasters in Algarve but we have not had one for many centuries. The entire country of Portugal is actually on an earthquake zone. The last major earthquake was in 1755, so it was clearly some time ago.
There are natural disasters in Algarve but we have not had one for many centuries. The entire country of Portugal is actually on an earthquake zone. The last major earthquake was in 1755, so it was clearly some time ago.
(We thank the wonderful people and our good friends at Nextavenue.org, where this article was originally published July 28, 2016.)
