Long the champion and beneficiary of free trade and free capital flows, the United States has enacted recent legislation which a growing number of commentators and professionals believe could be the start of capital controls in America.
It’s still a very serious situation for retirees. Stories and reports of the economic crisis continue ad nauseum in the traditional news media because bad news sells. “If it bleeds, it leads,” as they say. But the future is not fixed in stone. Individuals are free actors and are able to make choices that impact their lives in positive ways. Whether they do or not is an interesting study in human nature. More on that later, but for now let’s examine the current circumstances for retirees and explore options for a brighter future given the reality that currently exists.
Fundamental and technical factors for gold are now in total harmony and gold is entering a virtuous circle that will drive the price up at its fastest pace since this bull market started in 1999.
Many investors feel they are losing too large a percentage of their investment gains to income taxes each and every year. These aggressive investors, whose portfolios turn over a number of times during the tax year, often lose as much as 40% of their gains to a combination of federal and state income taxes. What investors really want are products that: 1) Grow income tax free; 2) Allow for all types of investments; 3) Distribute monies as needed without triggering a recognition of gain/taxes; 4) Never pay any tax on the investment growth; 5) Pass the investments on to the next generation without any income or estate taxes; and 6) Maintain privacy and maximum asset protection over their investment property. Sounds impossible?
Belize is a leading Central American international jurisdiction, and many visitors are intrigued about international banking. The growth in international travel, coupled with the increasing use of the Internet to make a living or help manage businesses from afar, have led to growing use of international banking and international trusts. Others have made the same decisions to relocate or diversify their financial affairs and open international accounts.
During the last two years, Ambergris Caye, Belize, has been the recipient of a flurry of awards, recognizing its enticing Caribbean island lifestyle. Here are just a few:
Why is this quirky little Caribbean island, that sits 35 miles off the coast of Belize, garnering so much attention? And, more importantly, what’s it really like to live and retire there?
The Qualified Retired Persons Program was created for people forty-five years of age or older who wish to retire in Belize. The program is very simple compared to other jurisdictions in the Caribbean and Central America that offer similar programs where requirements are more demanding. Applicants are required to provide an authentic police record from their last place of residency; certified copy of birth certificate and passport; certify and sign an agreement that the applicant is in receipt of a minimum income of US$2,000 monthly (US$24,000 annually) from abroad; and a medical clearance certificate. A qualified applicant can also include his or her dependents such as a spouse and children under the age of eighteen.
Since 1975 when the first IRA account was opened, investing in real estate, and indeed, even foreign real estate was a distinct possibility. The problem was, most of us were never informed by our broker or financial advisor, as they often had competing financial products they wanted to offer in our retirement plans.
But now you know better; as long as the investment is titled and held according to the IRS guidelines, and there is no personal use or prohibited transactions, you may own investment real estate in your self-directed IRA, both in the USA and elsewhere. Better yet, with a Roth IRA, the possibilities may be better than ever.
Please join me in Belize for Caye Bank’s 2010 Global Asset Protection and Investment Forum taking place November 6 - 10, 2010. This event will provide you with critical, meaningful, and useful tools to counter the ongoing threats to your wealth. You will also see opportunities to own assets outside North America and outside the US or Canadian dollar, providing another important aspect of asset protection, real portfolio diversification.
