Self-Sufficient Lifestyle At Maya Spring Estates, Cayo, Belize

Belize
BelizeIf The World Collapses, Here’s Where You’ll Find Me

Oct. 20, 2014
Cayo, Belize

Dear Offshore Living Letter Reader,

I’m in Belize this week for my Global Asset Protection And Wealth Summit taking place Wednesday through Friday. Kathleen and I arrived in Belize City yesterday afternoon and took an in-country flight out to Cayo to visit our neem trees. When we were last in Belize, in August, we commissioned this first round of tree planting, about 100 neem trees to create a hedge around the border of the 10 acres we own in Maya Spring Estates. The neem will act not only as a hedge, but also as a deterrent to pests. That’s the theory.

Ten acres isn’t a huge piece of land, but it’s big enough for us to begin to learn what we’re trying to learn. Kathleen and I both have an interest in farming and the sustainable life, but neither of us has much practical experience. Our 10-acre parcel in Cayo, Belize, is our first investment in fixing that.
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How To Identify Which Banks Around The World Are Compliant With IRS FATCA Requirements

Banks Around The World
Banks Around The WorldIs Your Offshore Bank FATCA-Compliant?

Oct. 16, 2014
Panama City, Panama

Dear Offshore Living Letter Reader,

A friend living in Thailand wrote this week to tell me about a rumor going around in Chiang Mai. Word on the street is that the IRS is checking up on banks in that city to confirm that they’re FATCA-compliant.

At this point, banks worldwide aren’t required to be sending account information for every account held by an American. They are required to be preparing to hand over relevant account information to the IRS. Further, the number of Americans with bank accounts in Chiang Mai can’t be big enough to warrant such close scrutiny. If IRS agents are roaming around town, I’d guess they’re there for some other reason…maybe a government-sponsored vacation.

However, as FATCA moves into the final stages of authority, we should expect the IRS to begin looking closely at foreign banks to confirm that they’re providing the information on American account-holders required under the regulations…and, if not, that they’re paying the associated fines for being noncompliant.
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