Best Places In The World To Retire
Recently Answered Questions
How safe are the banks in Mexico?
The banks are fine here in Mexico. I don’t see any problems, and certainly not comparing to what happened in 2008 or 2009 in the States. The banks in Mexico are strong.You need to know that, in general, the banks in Mexico are not Mexican. The only Mexican bank here in Mexico is Banorte. The others are foreign, and the shareholders are foreign. BBVA Bancomer is from Spain, HSBC is from England, Scotia Bank is Canadian, Banamex is US. Having banks in Mexico that are...
The banks are fine here in Mexico. I don’t see any problems, and certainly not comparing to what happened in 2008 or 2009 in the States. The banks in Mexico are strong.You need to know that, in general, the banks in Mexico are not Mexican. The only Mexican bank here in Mexico is Banorte. The others are foreign, and the shareholders are foreign. BBVA Bancomer is from Spain, HSBC is from England, Scotia Bank is Canadian, Banamex is US. Having banks in Mexico that are foreign-owned means that in theory they are strong because they have the backing of their home countries.
What's the best strategy for asset protection and wealth preservation offshore?
I generally recommend that Americans try and stay on-shore whenever reasonably possible because if you have a business with an international presence, offshore properties producing income, or wish to move more than $10,000 in cash per year offshore, such activities will invariably need to be reported on your annual income tax return and can raise suspicion with the IRS.
The benefit however to moving your business, investments, or larger quantities of money offshore is that it can place...
I generally recommend that Americans try and stay on-shore whenever reasonably possible because if you have a business with an international presence, offshore properties producing income, or wish to move more than $10,000 in cash per year offshore, such activities will invariably need to be reported on your annual income tax return and can raise suspicion with the IRS.
The benefit however to moving your business, investments, or larger quantities of money offshore is that it can place assets outside the reach of judgment creditors. And if such assets have not been moved offshore in an illegal manner (by not violating the badges of fraud for example), assets in a foreign jurisdiction are extremely difficult for the U.S. government to gain authorization to seize.
With the Foreign Account Tax Compliance Act (FATCA) having been enacted on January 1st of this year, you may want to have a competent international tax advisor assist you with some of these strategies from a tax perspective. Outbound wire transfers which exceed an aggregate of $50,000 during the calendar year are now subject to a 30% withholdings tax. You may be surprised when you send a $100,000 offshore to purchase a piece of real property and only $70,000 arrives.
If you are considering moving a (relatively) larger portion of your estate offshore, then you may want to consider making use of an irrevocable offshore trust or foundation. The $5 Million lifetime gift-tax allowance previously available during calendar years 2011 and 2012 has been extended through 2013. By taking advantage of IRS form 709, you may be able to gift upwards of 80-90% of your estate into a safe, zero-tax jurisdiction for the benefit of your children and future generations.
Overall, the best strategies for asset protection and wealth preservation offshore should be simple to understand and execute. If you cannot readily wrap your head around your structure, you may want to consider revising your current strategy.
Can I still vote in US elections if I live in Nicaragua?
How are Americans in Panama treated? How are expats in Panama treated generally?
As an American in Panama I can say with authority that it is an advantage to be an American in Panama. Why? Because the US has a long history in Panama. The association is extremely historical and strong. After all, it was Teddy Roosevelt who actually founded Panama. We built the Panama Canal from the former French development of the Canal. But he did it along very scientific and very updated engineering plans; only the best. And Teddy Roosevelt made sure to master disease and...
As an American in Panama I can say with authority that it is an advantage to be an American in Panama. Why? Because the US has a long history in Panama. The association is extremely historical and strong. After all, it was Teddy Roosevelt who actually founded Panama. We built the Panama Canal from the former French development of the Canal. But he did it along very scientific and very updated engineering plans; only the best. And Teddy Roosevelt made sure to master disease and engineering issues before the attempt and final success of the Canal were implemented by the Americans. How are Americans, British and Canadians in Algarve treated? How are expats in Algarve treated generally?
Americans and other expats in the Algarve are treated like kings.
Americans and other expats in the Algarve are treated like kings. How much does it cost for a housekeeper or maid in Belize?
A housekeeper in Belize costs about US $70 or $140 Belize a week. Based on your schedule, they can arrive as early as 6:30 in the morning and will prepare breakfast for the kids before going off to school. They will also prepare lunch and depending of you needs may get things ready for dinner. That might cost $30 more only as that will be a 12 or 14-hour day.
Housekeepers traditionally work 6 days a week with one day off. They should get...
A housekeeper in Belize costs about US $70 or $140 Belize a week. Based on your schedule, they can arrive as early as 6:30 in the morning and will prepare breakfast for the kids before going off to school. They will also prepare lunch and depending of you needs may get things ready for dinner. That might cost $30 more only as that will be a 12 or 14-hour day.
Housekeepers traditionally work 6 days a week with one day off. They should get overtime but most people in Belize don’t pay their workers overtime. You should.
It is possible to have housekeepers live with you. We had that situation recently and we provided their meals as well as accommodations. We took off $50 Belize (US $25) a week. So it works out to $90 Belize (US $45) a week, with a place to stay and their meals.
If you want to hire a housekeeper on a daily basis, usually a daily rate is about $40 Belize.
Recently Posted Expat Stories
An Oasis of Coolness in El Valle de Anton, Panama
Transportation in Panamá
Panamá has had an amazing history of transportation,
dating back to 15th century. The story tells us that at the beginning, horses transported gold and precious metals between Indian villages, and then, this transport was taken to the king's authorities in South América though Panamá, and, ultimately, to their final destination in Europe, most often, to Spain. After that, when Old Panamá was...
