March 6, 2014
Panama City, Panama
Dear Offshore Living Letter Reader,
This is Carnival week. Depending where in the world you find yourself, that’s more or less a big deal.
Here in Panama, Carnaval (yes, they spell it with an “a”) is a very big deal. I managed to avoid the drinking, the loud music, and the up-all-night craziness by staying in Panama City. Most all residents of the capital leave the city and travel to the interior of the country, where the real Carnavales are held in places like Las Tablas and Penonome.
The quiet has been nice, and it’s been much easier to get around the city without the usual traffic. On the other hand, the fact that all Panamanians have bugged out for their Carnavales celebrations means that most businesses in this town, including the banks, have been shut down for two or three days or longer. While the locals know nothing is open and take for granted that no work gets done during this period, the uninitiated foreigner can stumble into a productivity vacuum if he doesn’t plan ahead. Continue reading “Challenges Of Doing Business Offshore” »
A Hole In Your Back Yard
March 3, 2014
Panama City, Panama
Dear Offshore Living Letter Reader,
A California couple recently found 1,400 US$20 gold coins from the mid-1800s buried on their property. The store is estimated to be worth as much as US$10 million due to the rarity and quality of some of the coins. The value of the gold alone is about US$2 million at today’s prices.
What was the guy who buried those coins back in the 1800s thinking? He was thinking he was protecting his assets in a world where banks were robbed and anyone with a six-shooter could decide to grab whatever he could get his hands on.
Or maybe the guy who buried the coins stole them but got nabbed by the marshal before he was able to retrieve his loot.
Either way, neither the guy nor whatever heirs he may have had were able to enjoy the value of what he had. Continue reading “Why An Offshore Trust Is Better Than A Hole In Your Back Yard” »
