International Living

Is Actor Johnny Revilla Stateless?

"Actor Johnny Revilla, who starred in 'The Strangers', now sits as a representative of the Overseas Filipino Worker (OFW) Family Club in the Philippine House of Representatives, after taking oath on the 26th of June, 2014, could face up to seven years of imprisonment if he is a U.S. citizen. Documentation obtained from the Philippine Bureau of Immigration shows that he travelled using an American passport from 2002 up to 2009. According to OFW Family Club Rep. Roy Seneres of OFW, the former Philippine Ambassador to the United Arab Emirates, Johnny cannot be a citizen of the Philippines if he is a citizen of America. Yet, such is not the case." Continue reading →

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Before Sir John Marks Templeton, there was Cleveland Ferguson

"A few years before Templeton made his famous move to the Bahamas, another American went and made a name for himself by discussing his desire to give up his citizenship and resettle on that famous island of warm breezes and low taxes. Meet Mr. Cleveland Ferguson, Bahamian immigrant and disabled Korean War veteran. If Mr. Ferguson had been able to afford his day in court, he might have won early recognition of the fact finally recognised by a court in 2010: that no formal declaration of war is necessary to allow renunciations under that provision (now renumbered to § 349(a)(6)), as long as there exist hostilities." Continue reading →

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US – Sri Lankans “Asked” to Register with their Banks — What if they don’t do so voluntarily?

"This newspaper notice was placed in a Sri Lankan newspaper last month by the Sri Lanka Banker’s Association, requesting the voluntary ‘registration’ of U.S. Persons with their banks to facilitate the identification of U.S. Persons under FATCA. The voluntary registration was, apparently, not required by the Sri Lanka Central Bank, and Sri Lanka has not (yet) publicly signed an IGA or waived Sri Lankan banking secrecy to allow banks to directly enter into agreements with the IRS. Certainly, the notice for voluntarily registering oneself harkens back to 1939 for some of us, and exemplifies the positive discrimination that FATCA requires." Continue reading →

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Three key lessons from recent travels around the world

"One member is a sharp, contrarian hedge fund manager. He gave a brief presentation on why Greek stocks are a tremendous bargain right now, despite almost every other world market being overpriced near their all-time highs. Another friend of mine who is a real estate mogul said that much of the price rise we’re seeing in US housing is due to a wave of hedge funds that are buying vacant properties. He said he expects most of these hedge funds will liquidate within 18-24 months, flooding the market with homes and driving prices back down. When it came my turn to make some remarks, I told the group three things I’ve learned in my recent travels." Continue reading →

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Clean bills or bust in Myanmar

"When traveling in Myanmar, the last thing you want to put in your money pouch is your actual money. Across the country, the slightest tear, stain, corner crease or any imperfection will render a United States dollar-denominated bill unacceptable. The practice can be a special source of anxiety for travelers who have flocked to Myanmar since the country's recent political reform and opening to the wider world. Only in the past year or so has Myanmar's tourism economy matured beyond anything other than cash. With no access to overseas banks, a traveler who accidentally sat on their wallet and creased all the bills within had little recourse." Continue reading →

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It’s official – Renouncing US citizenship saved our home

"I wasn’t sure if I was making the best decision. Some people advised against renouncing US citizenship while others recommended it. Yet, after unsuccessfully warning American politicians, I elected mission safety and handed in the blue passport. Now, it is official. I could hardly believe it when I read it, but it is true. Renouncing US citizenship saved the mortgage for our primary residence. To the left is a picture of my buddies and myself on the right, loading a ship to bring us to Somalia. To the right is a picture of my grandfather who fought for America during WWII." Continue reading →

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Attractively Priced Real Estate, Courtesy of Pablo Escobar

"Colombia's economy has prospered: GDP growth has been strong; the average Colombian's income has doubled in less than a decade; and BusinessWeek even called Colombia 'the most extreme emerging market on Earth' in 2007. And the residential neighborhoods are keeping pace, too – they're dotted with cafés and restaurants that would rival those in European cities. As should be clear by now, there's a stark contrast between the perception of Colombia and its reality. While the country isn't perfect and drugs are still a problem, they are only a fraction of the problem they were 20 years ago. Though few are talking about it, Colombia is up and coming." Continue reading →

Continue ReadingAttractively Priced Real Estate, Courtesy of Pablo Escobar

Chile is on the Cusp

"Chile isn't just a safe place to park some savings (e.g., with Chilean real estate), it's also a country with lots of economic opportunity – where entrepreneurs and investors have the potential to make fortunes. More services are becoming readily available, and jobs are plentiful. Professionals from all sorts of fields (engineering, geology, medicine, etc.) have been arriving from 'first world' nations, and the country is beginning to have a much greater international feel than ever before. This will most likely pave the way for another, larger wave of newcomers that wouldn't have been willing to make the move previously." Continue reading →

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Why Foreign Real Estate is an Internationalization Grand Slam

"Obtaining real estate in a foreign country is an internationalization grand slam – it can accomplish four key goals all at once: 1. Move Savings/Wealth Abroad; 2. Create Other Internationalization Options; 3. Portfolio Diversification; 4. Privacy and Tax Benefits." Continue reading →

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Why Is My US Brokerage Firm Closing My Account?

"In many cases the agreement that countries have insisted on with respect to FATCA is reciprocal. In other words, a country will say that yes they are willing to exchange information on financial accounts with the USA but the key word is 'exchange' – that is, in return, US financial institutions must also agree to provide information regarding their clients who are citizens of the country entering into the FATCA agreement with the USA. Imagine the mess this will cause for the large US banks and brokerage firms when they have to start reporting to foreign governments on their accounts for residents of these other countries." Continue reading →

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