photo by Best of the Better
Can I be frank for a minute? And forgive me if you already know this, but…it’s important that you, as someone who’s interested in investing or living in Latin America, understand that you can’t trust what anyone out there is telling you about international living.
Not even us.
Why, you ask?
Well, it should hopefully come as no surprise to you that those who write about topics like living and investing overseas aren’t just doing so out of the goodness of their heart. Like everyone else these days they’re ultimately looking to turn a profit in some form or fashion.
Whether it’s selling ads on their website, getting you to buy their ebooks, luring you to a seminar, or even selling you a piece of tropical real estate. And those are all perfectly acceptable means of making money. Just so long as you, the consumer, know to take their opinions and advice with a grain of salt.
Why we’re only slightly more trustworthy than other international living sites
Around a decade ago, my business partner and I both sat right where you are. Working in unfulfilling careers in corporate America, trying to get ahead, and dreaming about what it might be like to break free and start a life with our families in a completely new context.
Long story short…we both mustered up the courage and took the plunge. Now we and our families have never been happier.
What’s more, we think there are a lot of other North Americans (maybe even you) who might benefit from making a similar move. They just need a little guidance and reassurance. We wanted to serve as an unbiased, reliable resource for individuals like you.
I say unbiased, because we soon realized that there are a lot of marketers and gurus out there spouting a whole bunch of misinformation. Because they have something to gain from your subscription or your investment, they tell you a lot of what you want to hear and gloss over the tough parts about life abroad and the process of uprooting your family.
The truth is that becoming an expat isn’t always easy. You know how hard it is to move your family from one side of town to another. Imagine that multiplied exponentially when it comes to transitioning to a new country and a different culture.
We’ve seen the devastating effects that unrealistic expectations can have on families, marriages, finances, etc. We want to help you learn how to see through those scams and objectively evaluate tropical destinations and the expat lifestyle for yourself.
That being said, while we at VivaTropical try to provide you with the most relevant, accurate, and unbiased information available, even our articles are biased by our own opinions. It isn’t intentional. It’s just inevitable. There’s no substitute for forming your own objective opinion.
Pay close attention to the man behind the curtain.
The first step in evaluating any recommendation on tropical destinations or tropical real estate is to consider your source. And, if we’re being completely honest here, a lot of the articles out there about international living are written by people that you probably wouldn’t even listen to for more than 30 seconds if they were standing in front of you.
But a fancy website, a credible-sounding URL, and the word “Expert” after the author’s name can go a long way in making them seem a bit more legit. So, just make sure you remain as objective as possible and do your best to read between the lines.
For example, if you’re reading an article on a website called ElSalvadorBeachProperties.com then, yes, they’re probably going to tell you all about how that country has Latin America’s best beaches. They’re also probably going to gloss over its crime problem and poor education system.
The same goes for marketers who claim you can move to grand expat cities like Boquete, Panama, and Cuenca, Ecuador, and get by on some ridiculous amount of money. Yeah, you could live on less than $1000 per month. But only if you live like a local and don’t plan to take advantage of the amazing opportunities to travel the region.
Sometimes it’s a little harder to determine a site’s agenda when it’s not explicitly spelled out in their domain name. You might have to look for a copyright or a Contact Us page to find out who’s behind the information and what their motives might be.
But, once you know who you’re dealing with, you can view their information under the right lens and learn to spot a false claim a mile away.
Consider the folks who got married at McDonald’s.
That’s right. More than one engaged couple has, when faced with a plethora of options for a wedding venue, chosen to say their vows beneath the golden arches. We’re talking about linking arms and sipping from straw cups rather than champagne flutes and posing with wedding cakes built out of strategically stacked hot apple pie boxes.
That right there ought to be enough to tell you that what suits one individual or family is by no means right for everyone out there.
One man’s paradise can easily equate to another person’s idea of hell on earth. If you don’t believe us, then just go read an article about a Latin city–any city–and then read the comments people have posted below it.
For every article singing the praises of a certain destination there are usually at least a dozen critics who think it’s the worst place they’ve ever set foot in. Our articles included.
Does that mean we’re wrong about some of these places? No. Well, not exactly. It just means that not everyone is going to share our views about every destination we write about. Nor do we share the opinions of some of the other international living bloggers out there.
It’s all a matter of preference and priorities. The only way to settle on a destination that will make YOU happy is to consider your values and what’s important to your family. Then have the time of your life looking for the place that fits that bill.
Read everything you can find about a place, including the bad stuff.
Once you decide you’re serious about giving the expat lifestyle a try, start researching to narrow down your search. Read guides. Read articles from “experts.” Read the comments from people who think the author is an idiot or at least someone who’s clearly never set foot in that destination.
Join expat forums and chat with people who live in or have been to the city. Ask them questions and get real answers from people who aren’t trying to sell you a timeshare.
Learn to decipher some of the terms or descriptions marketers use to mask some of the less appealing aspects of some tropical cities. A lot of them are the same as the tricks North American realtors use. (You know the ones. A bedroom described as “cozy” might barely accommodate a twin bed. “Tranquil” means it’s in the middle of nowhere, while “convenient” can mean it’s in an area that’s noisy or busy.)
Likewise, with tropical destinations, there are similar cues you can look for. A place that’s “undiscovered” might be cheap, but it probably doesn’t have the most reliable utilities or even paved roads. In a city that enjoys daily afternoon rainbows, you’ll also have to contend with the necessary afternoon rain shower. Don’t miss what the author is really telling you.
Consider it a red flag if an author or source never has anything bad to say about a place. I assure you there’s no problem-free location in Central America, or anywhere for that matter. However, at the same time, don’t be turned off by the slightest negative detail about a city. The cool nights in towns at higher elevations may be too chilly for some, but could be ideal for you.
Always kick the tires and take her for a test drive before you buy.
You can learn a lot from reading articles, looking at pictures, and talking to other expats (and you should definitely do all of those things). But there is NO substitute for actually boarding a plane and flying down to see a place for yourself.
Sure you hear the stories about the folks who buy tropical real estate sight unseen, move their families down, start a business, and live happily ever after in paradise.
That is NOT the process that we recommend.
You need to really see and experience a place for yourself in order to determine if it’s a good fit for you. And not just for one weekend, during the dry season, with a driver, a tour guide and an interpreter. Plan to experience the place the way it would really feel if you lived there.
Walk around and talk to the locals. Eat something they consider a ‘delicacy.’ Go exploring and get lost somewhere. In town. In a jungle. (Ok, well, maybe you should have a tour guide for that excursion.)
Not only does taking a trip and enjoying an authentic experience in a new setting sound like an amazing vacation, it’s often the last step in nailing down that final decision on which tropical city would make the best backdrop for the next chapter of your life.
What are you waiting for? Turn the page. You’re gonna love how this one ends.
Everything you need to know that happened in the last 2 months in Panama.
Each day we sift through hundreds of articles in English & Spanish to bring you the very best ones from Central America.
From investment indicators to new infrastructure projects. Adventure stories to politics. It’s all here.
Panama May 2014.
Orban López Cruz
Panama Lifestyle
- Ask an Expat: 5 Questions About How Obamacare Applies to US Expats (Tico Times) Did you know that if you are an expat and decide to move back to the states you will qualify you for a 30-day special enrollment period? Tico Times explores this and 5 other Obamacare facts expats need to know.
- The True Cost of Retiring Overseas (Huffington Post) Yes, you can live cheaply abroad. But don’t be fooled by all the “low cost of living” articles, there really is a secret to how it is done, and Huffington Post tells you how to do it.
Roman Königshofer
Panama Tourism
- 5 Reasons to Visit Panama City Right Now (Huffington Post) Winter blues might pull you down, but there is lots waiting in caliente Panama City. Huffington Post gives you five, fabulous reasons to book your flight and visit Panama City, Panama.
- Crowne Plaza Panama Airport Hotel Set for 2015 Opening (Breaking Travel News) Travelers to Panama’s busy airport hub, Tocumen International Airport, will finally get an airport hotel. The Crowne Plaza Panama Airport hotel will be part of the Global Business Terminal, a 520,000 square foot modern complex with eight office towers, an exhibition hall, a conference centre and parking facilities for more than 700 vehicles.
- American Trade Hotel, Panama City (Financial Times) The American Trade Developing Company was built a century ago. Since then, Panama City has welcomed an influx of expats and a growing number of foreign business people and this building has weathered it all.
US Embassy Panama
Panama Politics
- The Rich Are Running Latin America – and Why That Matters (The Washington Post) Latin American democracies—like democracies all over the world—are disproportionately run by the rich.
- A Five-Year Term without Fiscal Reforms? (The Capital via Google Translate) The three presidential candidates at the top of the polls say they will not propose tax reforms during their tenure.
Chaundra
Panama Investment
- Panama Needs to Clean Up Its Act (Bloomberg) Home to the world’s second-largest free-trade zone, Latin America’s fourth-busiest airport, and numerous free-trade agreements, Panama is on its way to becoming the Singapore of the Americas. But to reap the full benefits of such investment, and to address one of the hemisphere’s worst cases of economic inequality, Panama needs to follow Singapore’s lead in fighting corruption.
- Panama Debuts Subway System (The Gleamer) Winding down his time in office, Panamanian President Ricardo Martinelli on April 5, 2014 inaugurated the flagship project of his five-year term — Central America’s first subway system.
- Panama: Latin America Champion (latinvex) Panama, scheduled to host the 2014 World Economic Forum Latin America, has become a regional champion when it comes to business. Growing imports, tourism and FDI helped boost the economy. Panama is expected to have Latin America’s highest economic growth rate this year, and as a result of recent economic growth, Panama last year became the second-richest country in Latin America after Chile.
- Tourism Revenues Almost Double Canal Tolls (The Capital via Google Translate) The growth in the number of visitors to Panama and the amount of money they spend in the country has been so rapid that it already far exceeds the revenue generated by tolls on the Canal. Tourists spent $ 3.316 million and toll revenues were $ 1,863 million in 2014.
- What Are the Biggest Threats to Panama in 2014? (The Panama Report) Panama is in its seventh year of economic success, fueled by consistent GDP growth, low unemployment, and a voracious national commitment to expanded infrastructure. At a glance, all seems in order, but political rumblings, an unexpected slowdown of two of the country’s major sources of revenue, and other new issues may end up rocking the boat in 2014.
Kaluyala
Panama Real Estate
- Panama, Nicaragua, Or Mexico? In Search of the Best Pacific Coastal Retirement Escape (Huffington Post) Dreaming of life with a Pacific Ocean view, then think of moving to Panama, Nicaragua, and Mexico, all boasting long and mystically beautiful Pacific coastlines.
- Panama Enjoys Historic Office Construction Boom (World Property Channel) Panama City, Panama is in the midst of a building boom. Driven by Panama’s real GDP growth, the highest in Latin America, there were approximately 175,000 square meters of office space delivered in 2013, with over 500,000 square meters planned for delivery in between 2014 and 2015.
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At VivaTropical, we’ve talked a lot about the benefits of owning an offshore bank account. Moving at least a portion of your portfolio overseas can help protect your assets from threats of litigation and the whims of the U.S. government.
Diversifying into international markets can also open wide the doors for a whole host of non-traditional investments that might not otherwise be available to you with a domestic bank or brokerage firm.
But with a whole world of options out there (literally), how do you choose which bank, or even which jurisdiction, to trust with your savings? And by what criteria should you judge the candidates you’re considering?
Well, that depends largely on your particular needs and investment goals. To some (even those doing business honestly), privacy is of the utmost necessity. To others who might be looking for income-earning opportunities overseas, favorable tax laws may be the most important factor.
Below, in no particular order, are what are considered to be some of the best overall offshore banking jurisdictions. We can’t say which characteristics might be most beneficial to you and your financial situation, but this list should give you a good idea of where to start your search.
Soman
Panama
Panama has long been a key player in the international banking industry, and the country’s recent economic growth has further solidified its place as a financial leader. With over 80 international banks, it has one of the world’s largest banking sectors.
The country has a good balance of stringent privacy guidelines combined with adequate controls to prevent money laundering. As a result, the industry is highly competitive, yet better monitored than many more peripheral jurisdictions.
Panama enjoys favorable tax laws, such as exemptions for foreign income, so you won’t be double-taxed. It’s also a great place to do business, invest in the growing tourism industry, or take advantage of great deals on Panama real estate. Many tax advantages exist for each of these types of investment.
Additional benefits to opening an offshore bank account in Panama are its close proximity to the U.S. if travel is needed to set up or maintain the account. English is widely spoken there. Plus, the dollarized economy eliminates any foreign exchange risks.
Seychelles
A rising star on the international scene, Seychelles scores big points for its high level of bank secrecy. Its long-standing privacy policy protects the identity of the beneficial owners of companies and corporations. As a result, it’s one of the world’s best places to set up a closely-held offshore corporation.
The nation is a bit lax about reporting interest income to foreign tax authorities, although it does maintain tax treaties with 46 countries, in compliance with the Organisation for Economic Co-operation and Development.
Interestingly, much of the local population of Seychelles has no access to banking services, and most of its businesses have virtually no way of borrowing capital. However, the country has been rapidly building its banking sector and has one of the fastest improving economies in the world.
Hong Kong
A number of key factors are working together to make Hong Kong one of the fastest growing offshore havens in the world today. It’s located near a rapidly-growing China, not to mention the rest of Asia. It’s also become the chosen destination of those who’ve moved their European and North American accounts due to the privacy crackdowns in those jurisdictions of late.
A perk to banking in Hong Kong is the ability to hold funds in a wide range of currencies and even change currency with the flip of a switch. Savings accounts can even be held in gold.
Interest rates are impressive, and tax laws are favorable for foreigners. There are no taxes on capital gains, inheritances, dividends, or deposit interest. Only local income is taxable. Even profits from overseas trades that pay to Hong Kong-managed accounts are usually exempt.
Singapore
Although Singapore regrettably earned its place as a top financial center by turning a blind eye to illegal foreign activity, it certainly hasn’t hurt this offshore haven. It’s currently one of the world’s fastest growing wealth management industries, expected to rival Switzerland by 2020.
It benefits greatly from its location as a hub for southeast Asia, and has a major advantage over rival Hong Kong whom many view as being too heavily influenced by China. Singapore’s tax rates are among, if not the lowest in Asia. A wide range of currencies, including gold, are available to account holders.
Today Singapore’s banking sector is much more compliant with banking regulations. However, due to the industry’s size, it exerts a high level of influence over the government, resulting in very little political opposition to its privacy practices.
twicepix
Switzerland
It’s hard to think of offshore banking without Switzerland coming immediately to mind. While it’s far from the picture most people have of James Bond making a withdrawal from an anonymous numbered bank account, Switzerland still offers some of the world’s strictest confidentiality.
The country is stable and politically neutral. The financial services industry is also protected by a strong consensus against any political changes that might affect the all-important offshore sector. As a result, Swiss banks offer a reliable, secure offshore banking environment.
Because of these benefits, Switzerland holds banking assets estimated to be roughly 820 percent of the country’s GDP. Switzerland has also been a leader in technology, with secure encryption, internet banking, electronic funds transfers, and electronic signatures.
United Arab Emirates
The UAE city of Dubai first emerged as an important financial center when it found itself lacking in some of the oil and gas reserves that some of its neighbors possessed. As a result, it shifted its focus to the flow of massive amounts of money circulating among its oil-rich neighbors and beyond.
It serves as a politically and financially stable banking option, amid a region plagued with turmoil. It’s also situated strategically along an all-important East to West trade route.
Benefits to banking in the UAE include low taxes, a number of tax-free zones, and a level of privacy that rivals that of Swiss banks. Due to its ask-no-questions philosophy, it’s home to considerable illegal activity. Much of the industry’s incoming funds are in the form of cash or gold.
H. Michael Miley
Cayman Islands
The offshore choice of political candidate Mitt Romney, the Cayman Islands benefit from the added support of being a territory of the United Kingdom. So, while still essentially autonomous politically and economically, it has a safer feel for those who are skeptical of international markets.
Like many of its competitors, the Caymans offer a number of tax-free incentives and little financial regulation and oversight. The nation has long held the opinion that savvy investors are perfectly capable of taking responsibility for their own compliance and that the markets always know best.
Today the country is the world’s fifth largest financial services center, taking on business from the world’s biggest banks and corporations. It plays host to over 10,000 mutual funds (only Luxembourg has more), over 200 banks, over 90,000 companies, and 140 trust companies. It’s the world’s top home for hedge funds and captive health insurance companies.
401k
Lebanon
Lebanon is often hailed as the “Switzerland of the Middle East” for its tight bank secrecy laws. Banking privacy in Lebanon is “absolute” and guaranteed by law, with violations being subject to criminal prosecution.
It’s also a tax haven, much like most of its competitors. Foreigners pay no local income tax on interest and revenues earned in Lebanese banks. Likewise there are no inheritance taxes, stamp duties on contracts, corporate income taxes, or taxes on dividend distributions or capital gains.
The country has a stable banking system, as well as measures in place to prevent money laundering.
Luxembourg
With over 12 percent of the world’s market for offshore banking, Luxembourg is a major player in the global financial sector. Like other banking secrecy jurisdictions, it’s full of tax loopholes and loose financial regulations.
It’s also extremely stable due to it political neutrality and the strong influence its financial sector holds over the nation’s political leanings. It’s central (both politically and geographically) to the heart of Europe and was a founding member of the European Union, giving it better access to European and international markets.
Its tight banking secrecy policies are based more on the principle behind professional lawyer-client relationships, with even more privacy laws in the works. The country is also reportedly setting up a high-security storage facility where clients can keep assets like paintings and gold with no fear of having these possessions reported to tax authorities in their home countries.
Whether you’re looking for a place to stow a Picasso or simply wanting to transfer your self-directed IRA where you’ll have a better variety of investment options, offshore bank accounts can open up a whole new world of possibilities.
Belize
Although only in its 3rd decade of international banking, Belize has been steadily growing its financial services industry since it first emerged on the scene in the early 1990s. Today it offers a myriad of products and services to international investors from all over the world.
It’s a popular choice among North Americans, due largely in part to its proximity and the fact that it’s an English-speaking nation. It’s also modeled after British (rather than Spanish) law, making a lot of legal processes much more familiar.
Belize is in close runnings with its international competitors in terms of the variety of its offerings. Clients can easily set up a corporation, trust, or limited liability partnership.
Before you choose a jurisdiction, do some additional research to determine the requirements for opening an account and to make sure the particular country or bank offers the best incentives to help you achieve your financial goals.
And, whatever you do, don’t forget to follow through with all of the latest forms the U.S. requires for offshore account holders. It doesn’t matter if your jurisdiction doesn’t report you. The IRS can and will find you.
The U.S. State Department estimates that there are currently 6.32 million Americans living overseas, in over 160 countries. But where exactly are they choosing to reside?
Thanks to a new interactive map that uses migration data from the United Nations Population Division, we can now tell where Americans are living abroad (as well as nationals of any other foreign country).
Not surprisingly, many of the countries that top the list of popular destinations for U.S. citizens are located just to the south, in Latin America. Due in part to their proximity, pleasant climates, and affordability, the countries of Central and South America are a natural choice for would-be expats who are looking to experience something new.
Here are a few of the most popular countries U.S. immigrants choose, along with what makes them such desirable destinations.
Joseph Martinez
849,000 Americans Live in Mexico
With an astounding number of U.S. immigrants (more than twice that of just a decade ago), Mexico is the #1 place Americans go when they leave the U.S. It’s also more than twice that of the second most popular country, Canada.
In fact, you might also be surprised to know that more people from the U.S. have moved south of the border than Mexicans have moved north. And the reasons for this choice are numerous.
For starters, relocating to Mexico is just easy. It’s close. There are plenty of other expats. You can access the country with only a short flight, or even drive across the border if you really want to.
In many places the infrastructure is good, quality health care abounds, and it can all be had at a fraction of the cost of living in the U.S. The long-standing U.S. expat presence has paved the way for newcomers, and there are plenty of the same U.S. franchises and name brands that foreigners recognize.
Yet despite its U.S. influence, Mexico maintains a rich culture that many say has been lost in other expat havens, such as countries in Europe. Mexico’s immigrants claim the country is alive with possibility and a vibrance that just isn’t found anywhere else right now.
Dave Bezaire
39,000 Americans Live in Ecuador
Ecuador continuously battles nearby Panama for top billing as the world’s best place to retire. In 2014 it lost by only .1 of a point, according to International Living’s annual survey. Among the reasons for its consistently high scores are its unrivaled scenery and its extremely affordable cost of living.
A couple can live quite comfortably in most Ecuadorian cities on $1500 to $1800 per month, which includes housing and even luxuries like a part-time maid. That same feat can be achieved elsewhere in Latin America, but it won’t come with the same quality of life.
Ecuador has historic colonial cities like Quito and Cuenca with their cathedrals and Spanish colonial architecture. The weather in the mountains is pleasantly mild, and even on the coast the temperature rarely reaches 90 degrees.
There’s good private health care, particularly in the large cities. Infrastructure is also improving, with enhancements like a new airport just outside Quito and the widening of the Pan-American Highway.
The country’s economy is stable and growing, The friendly and welcoming Ecuadorians are thriving, enjoying better lifestyles than previous generations.
Sergio Quesada
13,000 Americans Live in Costa Rica
For a few decades now, Americans have been flocking to Costa Rica for its natural beauty and the “pura vida” (pure life) atmosphere it offers. Named the world’s happiest country, accordingly to the 2009 and 2012 Happy Planet Indexes, it possesses a lot of factors that contribute to an overall fantastic quality of life.
Both Costa Rica’s locals (called Ticos) and expats enjoy a much slower pace of life than U.S. residents are used to. There are plenty of options for healthy living, including yoga classes and organic food options. The country is also committed to sustainability, and green initiatives abound.
The country’s public health system is among the best in the world (ranked higher than that of the U.S.). After a monthly payment that’s based on income (between $50 and $150 for most expats) residents receive health care that’s completely free and includes routine visits, prescriptions, and even major surgeries. No exclusions apply due to age or pre-existing conditions.
Costa Rica is safe, politically stable, and enjoys year-round warm weather, although the higher Central Valley is even milder than the tropical coasts. There’s also a great pension program for retirees earning an income of $1,0000 or more from an outside source.
Bocas del Toro via Tysnfst
12,000 Americans Live in Panama
Edging out Ecuador to take the top spot as the best place to retire in 2014, Panama is a popular choice among expats for its convenience and affordability, as well as its unmatched retirement program. Thanks to some new visa options, it’s also recently become an even easier place to live as an expat.
Its list of conveniences includes easy access, thanks to several international airports, a dollarized economy, widely-spoken English, and a thriving international community. The country is also undergoing a massive overhaul of infrastructure projects ranging from new highways and a metro system to an expansion of the canal.
Few Latin American countries can rival Panama’s variety and value. It has quaint mountain cities flanked by rainforests and coffee plantations, laid-back Caribbean beach towns, and a bustling first world capital city that has a national park within its city limits.
Panama’s pensionado visa has always been a popular choice. It’s available to anyone, regardless of age, who can prove $1,000 per month income from a guaranteed source. For those who qualify, the list of benefits and discounts are too extensive to list.
Much of Panama is more affordable than its Costa Rican neighbor, in many cases with the same or better amenities, making it a great place to invest in real estate or the growing tourism industry.
Guillén Pérez
8,000 Americans Live in Guatemala
Guatemala, known as the Land of the Eternal Spring, has also crept onto the radar of many U.S. expats in recent years. Its popularity is largely due to the fact that it shares many of the same perks as its Latin American neighbors (slower pace of life, beautiful surroundings, close proximity to the U.S.), without being too overcrowded.
It’s also a bit less expensive than some of its competitors, with expat couples claiming the ability to live comfortably on well under $1500 per month. Domestic help, like the services of a maid or gardener, is only $2-$3 per hour. And a week’s worth of fresh fruits and vegetables costs only $6-$10 at the market. Real estate in Guatemala is also on the affordable side.
One of the country’s biggest selling points is its authentic culture, particularly the area around Lake Atitlan, a popular expat destination. Located about 75 miles from Guatemala City, the lake is surrounded by volcanoes and a number of villages where natives still practice their ancient Mayan traditions.
Even closer to the capital is Antigua, which is full of cobblestone streets and colorful flora. Much of the country enjoys a mild climate with warm days, cool nights, almost no humidity, and little need for either heating or air conditioning.
David F. Barrero
4,000 Americans Live in Nicaragua
Two of Nicaragua’s most beautiful colonial cities, Granada and Leon, aren’t just impressive due to their shady parks and Spanish architecture. They’re also among the hemisphere’s most ancient.
Granada and Leon continually vie for the title of Oldest City in the Americas. Both boast colonial churches and public buildings, as well as plazas that are well-preserved specimens of the area’s rich history.
Equally breathtaking are the country’s two coastlines (one sand, one surf), its jungle and cloud forests, its lakes and volcanoes, its capuchin monkeys and rare orchids. Visually, Nicaragua is a rare gem, having much of the same ecotourism appeal as Costa Rica and Panama, just less discovered, less developed, and less expensive.
In fact real estate, even in some of the developed areas, is quite a bargain in Nicaragua. Land on the Pacific Coast selling at 40-50% below its peak, and a small Spanish-colonial home in Granada can go for as little as $40,000-$50,000. Many developers are quite eager to sell, offering special deals and discounts such as developer financing.
Zhu
3,000 Americans Live in Belize
Like its Latin American neighbors, Belize offers an amazing climate and an affordable lifestyle. It also delivers stunning natural beauty, much of which is completely unspoiled. Adventurous expats can explore its sandy white beaches, tropical rainforest, ancient Mayan ruins, mountains, waterfalls, and more.
Most notably, the warm waters off the coast of Belize are home to the world’s second largest barrier reef (the largest in the western hemisphere), which makes for excellent diving, snorkeling, fishing, windsurfing, and a number of other aquatic activities.
Also, as the only English-speaking country in Central America (due to its origins as a British, rather than Spanish colony), Belize is an easy place for expats to make themselves comfortable. The country’s system of law is also based on British principles.
Another perk of living and investing in Belize is its stable economy. It has one of the lowest inflation rates in the world and a number of tax benefits for residents and investors. As a result, it’s also a popular offshore banking center.
So, if you’re considering relocating to Latin America, those are a few of the places where you might be most likely to have other expats as neighbors.
But don’t read much into the numbers other than just that. No single expat destination is right for everyone, so a country that draws thousands of new immigrants each year might have no appeal for you at all.
The decision to become an expat is life-changing one. The process of deciding where is the fun part. Start exploring today.
S. Shumad
Like many U.S. citizens, you may consider offshore bank accounts to be tools best reserved for those who have something to hide. From the Internal Revenue Service, from the Drug Enforcement Administration, from their unsuspecting soon-to-be ex-spouse.
And, unfortunately, there are a few folks out there stashing cash overseas for some of those very reasons. But they’re far from the majority.
The people who make up the largest segment of offshore account holders are wealthy individuals who recognize the value and security of diversifying their portfolios to include overseas investments.
Also making an appearance are regular guys like you and me who have seen the light and realized that maybe–just maybe–all of these billionaires, their accountants, and their financial and legal advisors could actually be onto something.
Here are a few of the legitimate, if not compelling, reasons to get some of your money offshore sooner rather than later.
You could be the next defendant in a case that tops the “Stella” awards.
Named for the 79-year-old New Mexico woman who sued McDonald’s over a hot cup of coffee, the Stella awards list the most frivolous lawsuits filed in a given year. And they’re not all against multi-billion dollar corporations.
Average Joes get dragged into court every day over the most ridiculous of circumstances. Take the Massachusetts woman who was rescued from a near-drowning after her son-in-law crashed their car into the Connecticut River. She suffered some brain damage and sued the driver for damages. Also named in the suit? The rescue divers who risked their lives to save her.
And don’t forget the Alabama woman who accidentally got locked in the storage unit she had rented to store her belongings following the foreclosure of her home. She was inside late one night “looking for some papers” when the facility’s manager discovered her unit ajar–and locked it for her.
Despite being found 100% responsible for her own predicament, the jury awarded her $100,000 of the $10 million she sought for her distress, which included a total of 63 days locked inside and a grand total weight loss of almost 70 pounds. (Conveniently, she had some food stored inside the unit she claimed NOT to be living in.)
Then there was the D.C. man–an administrative law judge, mind you–who sued a mom-and-pop dry cleaners for $65,462,500 for losing a beloved pair of pants. While his case was thrown out (he’s appealing), there are many Americans each year who are forced to pay similarly ridiculous settlements that make tort reform look like a grass roots effort.
What does this have to do with offshore banking?
U.S. courts have no jurisdiction outside of the country. So, while you can’t protect yourself from being sued by your mailman when he trips over the package he just left on your doorstep, you can at least protect some of your assets by holding them overseas and away from the whims of the U.S. court system.
Bocas del Toro via Celine
Offshore funds are much more difficult to redistribute.
In addition to the litigation exposure, another common reason people seek places to house their money overseas is the perceived political risk. Common fears include the current administration’s socialistic undertones, increasing capital controls, threats of the redistribution of wealth, and other government rhetoric.
As a result, many U.S. citizens have never felt less confident in the intentions of their government or less secure within the confines of their country’s financial system. They have legitimate concerns about where the U.S. is headed.
What’s the solution for minimizing a non-systematic risk in your portfolio?
The answer is simple. Diversification. In this case it’s not only a matter of balancing out underperforming investments with more successful ones (although there are certainly many high-performing investment options overseas).
Here it’s more about jurisdictional diversification. Moving funds away from the reckless, unstable banking systems of the U.S. and securing them in a safer global environment.
Couldn’t the government just as well come after my funds in an offshore bank account in Panama or Belize, you ask? Well, sure. They could. And who’s to say they won’t? But it won’t likely be their first stop. Hopefully by the time they get around to going after money in the offshore accounts of its residents you’ll have time to apply for citizenship and meet up with your savings somewhere in a much more favorable climate.
The U.S. is having a hard time keeping pace with its competitors in an increasingly global marketplace.
In many cases, individuals’ decisions to hold capital in offshore accounts has less to do with any legal or political agendas and more to do with the fact that it just makes good financial sense. Our world is becoming increasingly flatter, and your options are no longer limited to only the financial instruments and institutions in your home country.
Similar to how large multi-national companies search the globe for the best places to house their communications centers or manufacturing operations, many individuals are now following suit when it comes to their own personal finances. And, not surprisingly, all of the popular offshore financial centers are outperforming U.S. banks in a number of ways.
One of the most obvious differences between domestic vs. global financial institutions is in the privacy they offer. The U.S. banking system is plagued with level after level of bureaucracy and government regulation, thus increasing banks’ cost of operation.
Some argue that this high overhead is in itself a sort of tax levied on domestic banking operations, resulting in higher fees, lower interest rates on deposits, and other unfavorable effects on customers’ bottom lines.
Speaking of taxes, that’s another benefit of owning an offshore bank account. Not in the sense that you’re exempt from paying taxes entirely, as U.S. citizens are taxed on their worldwide income. However, offshore accounts do afford you the ability to do business through an offshore corporation, trust, or other entity which may offer some specific tax advantages.
VivaTropical
So what’s the bottom line?
If you were about to buy a new luxury automobile, I doubt you’d just drive to the closest dealership to your house, choose the model you want from a list of options, agree without hesitation to the price and all the terms, sign on the dotted line, and call it a day.
Of course not. You’d probably research the different models and their features, take a few out for a test drive, call or visit a few dealerships to see where you could get the best deal, and drive away knowing you made the best possible decision in buying your new vehicle.
And that’s just a car. Why make such un-researched, limited, one-size-fits-all decisions when it comes to your entire life’s savings?
There are more and better options out there. Don’t you at least owe yourself a little time to look into them?
Anoldent
The beautiful island of Ambergris Caye, Belize, was recently named the best island in the world by the readers of TripAvisor. The island takes top billing for the second year in a row, knocking out favorites like Bora Bora and Chile’s Easter Island.
When choosing it as their top pick, voters cited its beautiful natural environment, its perfect balance of quaint-meets-contemporary, and the myriad of activities the island offers. Here are a few of the things that make Ambergris Caye such a great choice for tourists and expats.
It has a relaxing laid-back feel.
Despite being popular enough to rank tops with TripAdvisor travelers, Ambergris Caye has retained its quaint island atmosphere. There are no high-rise buildings, no traffic lights, and nothing but palm trees lining the long stretches of beautiful beach.
Most everything is within walking distance, and most inhabitants do their walking in bare feet. Beyond that, golf carts are about the most sophisticated vehicles you’ll see on the sandy roads.
The people are an eclectic mix of locals as well as expats from all over the globe. Many residents come over from mainland Belize, but there are also immigrants from other Latin American countries, the U.S., and elsewhere. They’re all helpful, super friendly, and eager to share their love for the island with other newcomers.
Yet it’s far from sleepy.
Even though Ambergris Caye can be peaceful and quiet, there’s no shortage of things to do, thanks to its well-developed tourist culture. There are a variety of restaurants, due largely to its diverse blend of cultures.
You can visit a hot dog or burrito stand for lunch, snack on ceviche or stuffed jalapenos from a street vendor, and enjoy dinner at an elegant restaurant serving authentic Belizean cuisine. The island also has a happening evening scene, with plenty of bars, beach parties, and more.
It offers some of the world’s best scuba diving.
Ambergris Caye is less than a mile from the Belize Barrier Reef, the largest in the Western Hemisphere and the second largest in the world. It’s also a short distance from the Great Blue Hole, one of the world’s top diving sites.
The waters around the island are also great for snorkeling. The fishing is great, and you can also sail to the nearby cayes, like Caye Caulker which is another popular Belize vacation spot.
Not to mention, the amazing scenery.
Ambergris Caye is much more than the sand and sea of your average beach town. It does have some great sand beaches that have been cleared for the enjoyment of sunbathing tourists. But what’s even more interesting are the other ecosystems on and around the island.
From the mangrove swamp that occupies the center of the island to the jungles on the surrounding cayes to the reef itself, there’s so much to observe in Ambergris Caye. If you’re only looking for the white sand beaches with shady palms, you can definitely find them. But don’t miss the other opportunities the island offers.
If you like Ambergris Caye, you’ll love these options…
James Willamore
Roatan, Honduras
Located just off the country’s northern coast, Roatan is also only a short hop from the reef. As a result, it offers the same opportunities to explore seawalls and shipwrecks while swimming with dolphins and sea turtles in the warm waters of the Caribbean.
Except when there are cruise ships docked offshore, Roatan is pleasantly uncrowded compared to some of its Central American competitors. Yet it also enjoys all of the same amenities tourists and locals seek, like great bars and restaurants.
It has equally friendly locals, many of whom speak English, and plenty of expats. Prices there are also still relatively affordable.
Roman Königshofer
Bocas del Toro, Panama
Also located in the Caribbean is the archipelago of Bocas del Toro, Panama. The country’s vacation destination, it’s popular among travelers from all over the world.
With its network of buildings built on stilts out in the water, it’s everything you picture when dreaming about a Caribbean vacation. It also enjoys the same easygoing vibe as the other destinations.
Visitors to Bocas del Toro can participate in diving, snorkeling, world-class surfing, jungle hiking, or just relaxing on the beautiful beaches.
Jackiemora01
Nosara, Costa Rica
A longtime popular choice among expats, Nosara is a great mainland beach option. It’s known for its fantastic surfing and healthy, active culture. It’s also gaining popularity among young expat families.
It’s a safe community that lacks the drug problem that plagues many other destinations. Its longstanding status as an expat haven has resulted in the addition of many amenities families seek, such as quality schools.
It also has some of the country’s most beautiful beaches, which are protected from the scars of any large-scale developments. They offer nothing but shady palms, rocky cliffs, and long expanses of sand.
VivaTropical
Boca Chica Island, Panama
Located in an archipelago in the Gulf of Chiriqui, off Panama’s Pacific Coast, Boca Chica Island is one of the country’s final frontiers. Its sandy beaches give way to lush virgin rainforests, making it the perfect place to relax in a tranquil setting away from the crowds and noise.
From Boca Chica, you can hop to one of the over 50 surrounding islands and explore deserted beaches, eerie mangroves, and ancient jungles. The area also offers some of the world’s best sport fishing.
While it sounds remote (and it certainly feels that way), Boca Chica Island is only a 10 minute boat ride from the town of Boca Chica on the mainland, and then it’s less than an hour to the city of David (Panama’s 3rd largest).
Because of its excellent location, plus the massive renovation of David’s airport that now allows for international flights from the U.S., property on Boca Chica Island is also a fantastic investment. It’s the perfect place to enjoy an active tropical lifestyle without giving up any modern conveniences.
And thanks to our newest Adventure Colony development, you can still buy oceanfront lots in this up-and-coming area at unbelievable prices. For more information on the Adventure Colony experience and its investment potential, here are some helpful insights and cool video of the area.
Map of Ambergris Caye, Belize
Belize Fast Facts
- Population: 324,060
- Typical temperature: mid-80s
- Nearest airport with U.S. flights: Philip S. W. Goldson International Airport, Belize City
- Nearest U.S. consulate: Belmopan, Belize
There are a lot of misconceptions surrounding offshore banking. And if you think owning an offshore bank account is a maneuver only reserved for the likes of Al Capone, James Bond, and Mitt Romney (i.e. tax evaders, international spies, the super wealthy), then think again.
EPSos
The truth is that there are a number of important benefits to diversifying your assets into foreign accounts. Even for normal folks like you and me.
Ignore the Bad Rap Associated with an Offshore Bank Account
Even though Hollywood & the press like to associate them with crooks, mobsters, and otherwise shady characters, offshore accounts are actually quite common. In and of themselves, they aren’t illegal or immoral or whatever else the media tried to convince you of during the last presidential election.
The name itself came from the fact of the Channel Islands being “offshore” for account holders in the U.K. The term stuck, and today it refers to banks in any place other than the account owner’s home country, whether an island nation or a landlocked country like Switzerland or Luxembourg.
Despite their questionable reputation, an offshore bank account can be an excellent tool for the savvy investor. They’re of particular importance in a time when U.S. regulations and controls are becoming more stringent and restricting, all in the name of preventing terrorism.
Here are a few of the benefits they provide:
Increased Privacy
In the U.S., the walls protecting your personal financial activities are becoming more and more transparent. Any number of governmental agencies can easily gain information on your accounts, a trend that’s becoming even more common thanks to bills like the Patriot Act.
Not so with international banks. While foreign financial institutions are required to report to the IRS on their U.S. account holders, your information is generally much more private. Particularly if you own the account under the name of a foreign corporation or partnership.
Why Does This Matter?
Say, for instance, you’re wanting to buy up stock in a company you plan to take over. In the U.S., large trades like this are public record, and such activity could attract the attention of other investors who could then follow suit, driving up prices. Buying through an offshore bank account could help protect your identity.
Asset Protection
Another benefit of the privacy associated with offshore banking is the ability to protect the funds you have deposited in offshore accounts. In the incredibly litigious environment in the U.S., lawyers don’t think twice before suing you for all you’ve got.
But since U.S. courts don’t have jurisdiction overseas, your foreign accounts could be safe from the whims of the court. The same is true for any inexplicable government seizure of your assets.
Who Benefits from This Advantage?
This kind of protection could be beneficial to those whose occupations or activities put them at high risk for lawsuits, such as physicians who could be sued for malpractice.
Lower Taxes and Fees
Foreign banks generally have lower operating costs and overhead than their domestic counterparts, and that savings is generally passed on to you, the customer, in the form of lower fees.
An offshore bank account also offer some tax advantages, although not to the extent that you might be thinking. Americans are required to report and pay taxes on income earned anywhere in the world, and the punishments for failing to do so are severe. So evading (or fudging on) tax liabilities is not the goal I’m talking about here.
So What Are the Tax Savings?
The tax benefits are realized more so in the sense of avoiding or deferring taxes associated with conducting business from a foreign account. If you have an account in the country where you’re investing, interest can be paid gross without the withholding tax that might be imposed on a U.S. account.
Public Stock
Better Rates
This one’s pretty self-explanatory. Due to the aforementioned lower operating costs, foreign banks can often offer much better interest rates on savings and money market accounts than those in the U.S. And, no, I’m not surprised your domestic bank has failed to mention that recommendation.
What’s more, you can also often find lower rates on personal and business loans as well.
Who Could This Help?
Well, anyone really. From someone who’s looking for a better alternative to low-risk low-interest U.S. savings accounts to someone who wants to move to the tropics and open up a small business.
Less Political Risk
Many U.S. citizens have concerns about America’s financial situation and where the country’s headed. As a result, many are embracing the opportunity for “jurisdictional diversification.”
Ambiguous privacy laws leave U.S. citizens subject to search and seizure with little justification. The national debt is growing at alarming rates, and Americans’ retirement money has become the government’s latest target. It’s easy to understand why many would be in a hurry to get their funds offshore.
Who Does This Motivate?
Anyone who doesn’t want their assets frozen, seized, or redistributed. Or at least those who want to have some money set aside to hire an attorney if they do wake up to find all of their domestic accounts frozen.
Greater Investment Opportunities
Having an international account often makes it much easier for individuals to enter the global market and access a variety of investments. While the U.S. places legal restrictions on a number of transactions, those regulations won’t be a problem offshore.
What’s more, you’ll absolutely need an account in any country where you intend to invest, live, work, or even visit frequently.
How Does This Help You?
The U.S. has a special way of making transactions, even those that aren’t illegal, so much of a hassle that they might as well be.
Take IRAs, for example. While real estate is an ideal investment vehicle for long-term retirement accounts, the overwhelming amount of bureaucracy associated with most U.S. custodians and brokerage firms makes it next to impossible to purchase land with IRA money.
By changing to a Self-Directed IRA, you can have the freedom to transfer those funds offshore and invest in whatever you choose. You can find out more about our experience with raw land investment and why it’s such a great option by downloading our free ebook, Pay Dirt.
Explore these and other opportunities for getting the best return on your investments by broadening your horizons to include offshore options.
Chaz Jaz
With its beautiful beaches, world class amenities, and excellent location, Coronado, Panama, has often been compared to the glamorous beaches of South Florida. Except without the jaw-dropping price tag.
In fact, despite the area’s incredible growth and development, Coronado, Panama, real estate remains rather affordable. Especially when you consider all the amazing perks that come with owning a piece of this Pacific paradise.
How Coronado, Panama, Real Estate Became So Popular
Like most towns in Latin America, Coronado’s story starts with a Spanish takeover of the native tribes. However, rather than a Colonial city, the Spaniards had a different purpose for the area in and around present-day Coronado.
Recognizing its natural beauty and vast resources, they established large estates where they farmed produce and raised livestock to sell in nearby Panama City and other towns. They also fished the rich waters off the Pacific Coast.
The region remained a largely agrarian settlement until the early 1940’s when the beach town of Coronado was officially founded. The rest, as they say, is history.
In its early days, Coronado attracted Panama’s elite. Its inhabitants included wealthy nationals who purchased second homes in the area, as well as weekend visitors from Panama City looking to escape the urban hustle.
Today, no longer content to hide in the shadow of the Capital, Coronado has become an established destination in its own right. With many of the same conveniences as the big city, offered in a cleaner, quieter, and less frantic package, it’s a popular destination for tourists and expats from all over the world.
R. Moreno H
The Best of What Coronado Has to Offer
It’s hard to compile a concise list of all of the benefits to owning Coronado, Panama, real estate. There are just so many. Here are a few of the biggest perks that make owning property in the area so satisfying.
Coronado’s beaches are postcard-worthy.
It’s hard to talk about the great things about Coronado without first mentioning its gorgeous beaches. Made up of white and volcanic black sand, the town’s pristine shoreline stretches on for miles and miles. On a weekday, you can probably even mark off a whole secluded section just for yourself.
At no point is Coronado’s coast more beautiful than at sunset when the orange sun and pink-streaked sky are reflected in the warm, crystal clear waters. It’s a great time to dine al fresco at one of the seaside resort restaurants or enjoy a cocktail poolside.
Its coastal location also makes Coronado a great place to enjoy all kinds of water sports. Popular favorites are surfing, scuba diving, kiteboarding, sailing, and deep sea fishing.
Its list of amenities is a mile long.
Perhaps because it was the first vacation haven of its kind in Panama, Coronado is light years ahead of most other Latin beach towns. Despite the fact that it’s a developing country, Coronado’s list of features and attractions reads more like that of a first-world resort community.
For starters, it has excellent infrastructure. The roads, transportation systems, and other public services are top notch. Utilities are reliable, and wireless internet is accessible and affordable. Coronado residents can enjoy far less inconveniences than inhabitants of many inferior beach towns.
Beyond the basics, Coronado also offers a wealth of options for shopping and other professional services. There are 3 supermarkets (open 24/7), pharmacies, restaurants serving all types of cuisines, and a private medical facility. Other businesses include a veterinarian, a health club, a dry cleaner, a home improvement store, and a Mailboxes Etc.
For families with children, there are 3 international schools in Coronado. There are also plenty of options for recreation, including tennis courts and a professional 18-hole golf course designed by the world’s top-ranked designer Tom Fazio.
Other amenities include pool and spa facilities, which are included with a resort membership. There’s also an equestrian club for boarding horses.
It’s true what they say about location.
One of the most attractive benefits of Coronado, Panama, real estate is its easy access to…well, anywhere really. It’s situated just a short distance off the Pan-American highway, making the drive to nearby Panama City doable in about an hour (a little longer on weekends or holidays). As a result it’s easy quite easy to get to Coronado by way of Tocumen National Airport.
In addition to the airport, the Capital city also offers any retail solutions that residents aren’t able to find in Coronado, although the beach town now offers almost everything its residents could ever need.
In Panama City, however, the options are much more varied. There are 18-screen movie theaters, high-end boutiques offering brand name clothing, cultural offerings such as museums and art galleries, every type of cuisine imaginable, and a vibrant nightlife. Between the two cities, residents would be hard pressed to find anything they lack.
Despite its well-developed amenities, Coronado maintains a small town feel.
Don’t be fooled by Coronado’s big city conveniences. It’s still a relaxed beach town at heart.
The population is an eclectic mix of native Panamanians and expats from all over North and South America, the U.K., and many other places across the globe. In fact Coronado’s expat community is Panama’s second largest. Only Boquete has more immigrants.
The expat community, as well as the locals, enjoy a deep camaraderie and a lively social scene. The town is welcoming to all foreigners, particularly the many North American immigrants. English is also widely spoken.
Coronado is a great place to get, or stay, fit.
Coronado’s residents are generally very health-conscious. Many grow their own fruits and vegetables, as well as spices for cooking. Those who don’t can easily find fresh options to purchase from numerous street vendors. There are also papaya, mango, and plantain trees everywhere you look.
Not to mention, there are plenty of options for staying active. I mentioned the health club, golf, tennis, and water sports. You can also find groups or classes for practicing yoga or meditation. It also helps that practically everything in Coronado is within walking distance.
Panama Realtor
Coronado Offers a Wealth of Real Estate Options
Obviously Coronado is a great choice for those who are looking for an upscale, turnkey property with loads of amenities for a reasonable price. But thanks to its variety of housing options, it has something to offer buyers with all sorts of interests and at a wide range of price points.
For that first group, there’s Coronado’s central neighborhood, which is gated, guarded, and situated right next to the Coronado Police Department for added safety. For the rest, there’s everything from efficiency apartments to beachside bungalows to sprawling villas on multiple acres.
Prices can vary greatly, depending on the amenities and location of the property, but there are smaller homes to be found in Coronado for as little as $250,000 (or less than that just outside of town). While relatively expensive for Panama, this is extremely affordable by North American standards, especially considering you’re talking about a South Florida lifestyle on a Central American budget.
Some of the less central locations that offer great bargains include Punta Chame, Gorgonia, Santa Clara, Playa Blanca, and Farallon. If you prefer a higher elevation (and a bit of a relief from the heat), there’s El Valle and Altos Del Maria.
Rental rates are also all over the board, with options as low as $700 or as high as $3000 for high-end properties in the most desirable areas. You should also keep in mind that Coronado, like most of Panama, enjoys an incredibly low cost of living.
Luxuries like resort memberships and domestic help are viable options even for those on a moderate budget. For those who qualify for Panama’s pensionado visa, even those who aren’t near retirement age, there are even more savings to be had.
Coronado, Panama, Real Estate Outlook
Don’t be turned off by the fact that Coronado is an established destination that has already arrived. With the area still growing at a rapid pace, there are still plenty of opportunities to profit from real estate investments, as well as new business ventures.
New neighborhoods and communities have been popping up in the Coronado area, even within the past few years. A few example are the Decameron Resort, Breezes, Nikki Beach, Buenaventura, Playa Blanca, Vista Mar, and Bijao.
Along with these new developments comes the need for more and varied retail establishments and other services, making the Coronado area a great choice for the entrepreneurial expat. And with more and more expats continuing to settle there, Coronado, Panama, real estate still has plenty of room for appreciation.
Here’s What You Can Get for Your Money in Coronado
This is a great example of how much pricing can vary in an area, depending on what you’re looking for. Here are some actual properties that are currently listed for sale in Coronado.
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A mere $115,000 is the price of a 3 bedroom, 2 bath home in a gated community in nearby Las Lajas.
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For $275,000 you can have a 3,000 square foot 3 bedroom, 4 bath apartment with an ocean view, a maid’s quarters, and only a short walk to the beach.
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$375,000 buy you a 4 bedroom, 5 bath furnished condo on the golf course with two private balconies offering views of both the sea and the surrounding lush mountains.
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In the same building, $650,000 will get you the 3 bedroom, 3.5 bath penthouse, which includes terrace with stunning wrap-around views and a lifetime membership to the Coronado Golf and Beach Resort.
Coronado truly has something for everyone: the beach bum, the sports enthusiast, the socialite, and more. It’s just a matter of finding your niche.
And with such amazing natural beauty and some of Central America’s best amenities, there’s no better place to look. See what particular piece of Coronado, Panama, real estate might be calling your name.
Wikimedia
The idea of opening an offshore bank account may conjure up thoughts of 007 with a suitcase full of foreign currency or of mobsters having somebody whacked in the Caymans. But the reality of opening and maintaining an offshore account couldn’t be farther from those scenarios.
There are a number of misconceptions surrounding offshore accounts and those who hold them. (They aren’t limited to crooks, spies, and the super wealthy.) They offer a number of unrivaled benefits over domestic options, but they can also be a bit of a hassle.
For instance, using an offshore account is the perfect way to open up your investment options to include non-traditional alternatives, like international real estate. On the other hand, there are serious implications if you fail to follow IRS reporting guidelines on your foreign accounts.
To help you decide if an offshore account is right for you, here are a few reasons you should (or shouldn’t) consider opening one.
Don’t Open an Offshore Account If…
You’re Planning to Do Something Illegal
You’ve seen the movies. The bad guys never come out on the good end of that deal. Don’t assume that most people who bank offshore are doing something illegal and getting away with it. That’s just not the case.
Instead, people opt to bank overseas to take advantage of better privacy, more favorable interest rates, political and economic stability, and other benefits.
You’re Trying to Avoid Paying Taxes
See above. The penalties for tax evasion are fierce, and they’re often even steeper for offshore offenders. Not to mention, the perks that sparked the offshore craze are virtually a thing of the past.
While some tax benefits do still exist, they’re far from the perceived notion that any money on foreign soil is out of Uncle Sam’s reach. U.S. citizens are taxed on their worldwide income. However, foreign account holders can enjoy benefits like tax exemption on U.S. investments when operating through their foreign corporation.
You’re Bad with Paperwork
Even if offshore account holders have no tax liability for their overseas funds, there is still a stack of paperwork that must be filed: Schedule B, TDF, FBAR. Failure to report offshore accounts can result in hefty fines and even jail time.
Neglecting to file the FBAR alone can cost you $10,000 and up to 10 years in prison. That’s for a NON-willful violation. And you don’t want to know who gets to decide what is or isn’t willful. Hint: It won’t be a jury of your peers.
The paperwork isn’t overly complicated but it’s not something that you can skip.
Your Deposit Would Barely Cover the Start-up Costs
While simple checking and savings accounts with foreign banks have generally low minimum balance requirements and little to no fees, anything more complicated may involve considerable costs.
For instance, if you’re hoping to buy property or do business overseas, you’ll likely need to set up a foreign corporation to do so. This will involve legal fees, registration costs, and possibly even minimum deposit requirements.
Breezy Baldwin
Do Open an Offshore Account If…
You Want to Impress Your Friends on Your Next Overseas Vacation
One of the perks of owning an offshore account with an international bank is the ability to access your money anywhere in the world. Forget exchanging currency or carrying around wads of cash. With an ATM card from your overseas bank, you can walk up to any participating teller machine and withdraw funds in the local currency.
You’re Concerned About Your Financial Privacy
Foreign banks offer account holders the highest level of confidentiality, a benefit that’s no longer a reality in the U.S. As a result, facts such as customer identities, shareholder information, and other private details are much safer overseas.
This feature is important for investors who wish to keep aspects of their business dealings, such as stock purchases, a secret. Illegal activities, such as money laundering and drug trafficking, are clear exceptions to this rule.
You Need to Protect Your Assets
Many U.S. residents opt to protect a portion of their wealth by transferring it to an offshore account and holding it in the name of a trust, corporation, or other entities. Doing so makes those funds less susceptible to seizure.
Examples of situations where this would apply might be in the event of a foreclosure, lawsuit, or other domestic dealings.
You Want More Investment Options
One of the biggest benefits of opening an offshore account is the access it gives to a variety of investments. From simple options like higher interest savings accounts to foreign CDs and other instruments, there is a wealth of options available to foreign account holders.
Owning an offshore account allows you the freedom to take advantage of non-traditional options that aren’t offered by U.S. financial institutions. It also allows you to engage in transactions, such as real estate purchases, that wouldn’t be possible without an account in that country.
An increasingly popular option among U.S. citizens is foreign real estate. While not usually an option through a typical investment firm (although it’s perfectly legal), land investments are entirely possible through Self-Directed IRA funds held in a local LLC.
Land investments are one of the easiest ways to profit abroad, and they’re something we’ve researched extensively during our time in Latin America. You can find out more by downloading our ebook, Pay Dirt, where we’ve outlined our blueprint for investing in raw land.
This is just one of the many options you have if you readjust your financial sights on the incredible opportunities available abroad. Learn more about your overseas options. Your friends are sure to be impressed.
Shantanu Bhar
You probably knew the Patriot Act threatens the privacy of presumed terrorists. But did you know it can do the very same for you as an innocent citizen? Or that it, and other measures like it, are slowly eliminating the options you, as an American, have for protecting your hard-earned assets.
How is that possible? The same stringent reporting criteria required of U.S. financial institutions (all in the name of preventing terrorism) is being enforced on their foreign counterparts, and the accompanying risks and hassles are becoming entirely too cumbersome for them to bear.
In fact, over the course of a dozen years since the Act first passed, it has been systematically used to destroy people’s ability to move money offshore as the government reaches for new ways to keep capital from fleeing its borders. As a result, there has never been a more urgent need for Americans to mobilize and diversify their investments while they still can.
Many overseas options, like land and investment properties, or opening a new bank account offer asset protection potential in addition to investment returns. Allowing investment or funds to grow outside the country gives you more tax options and best of all tremendous protection from political and litigious liability. But the window of opportunity for taking advantage of these and other options is closing fast.
Most Americans Have No Idea What the Patriot Act Does
The sad part is that so few Americans realize that, or understand the extent to which, laws like the Patriot Act even affect them. Most people’s awareness of its scope is limited to rumors of roving wiretaps and the based-on-a-true-story movie “Rendition” (2007) where an innocent man (playing opposite Reese Witherspoon) was detained, interrogated, and tortured for his suspected involvement in a terrorist bombing.
These events, while shocking, have been brushed aside by most U.S. citizens who think (or at least hope) that “that’ll never happen to me.” Alas, there’s so much more to the law and how it affects private individuals on a day-to-day basis. And the trends of decreasing privacy and increasing bureaucracy show no signs of stopping.
kevin H.
You Mean the Patriot Act Isn’t Just Used to Prevent Terrorism?
Introduced on October 23, 2001, following the tragic events of September 11th of the same year, the bill was approved by a whopping majority of both the House and Congress over the course of the next two days.
And, while it may have been well-intentioned and warranted to some extent, the Act’s ambiguity has allowed it to be misused and abused in case after case. Individuals have had their accounts frozen. Banks have been shut down. All based on mere suspicion or failure to comply with the new stringent regulations, not because of any actual illegal or unpatriotic activity.
Much debate has been raised over the constitutionality of the USA Patriot Act and its provisions for rendering even the most private information of its citizens into fair game for the FBI, IRS, and other governmental entities.
While a few of these arguments have been heard, and some provisions of the law even repealed, the Patriot Act has also opened the doors wide for a number of similar laws that continue to infringe on the privacy of everyday citizens and limit their ability to do business both at home and abroad. One of the biggest impacts is the way the bill affects everyday U.S. citizens who are attempting to conduct perfectly legal business transactions overseas.
Otto Nassar
So, What Exactly Does the Act Do?
The USA Patriot Act, whose full title is the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act, implemented major changes to a few key U.S. laws, namely the Foreign Intelligence Surveillance Act of 1978 (FISA), the Electronic Communications Privacy Act of 1986 (ECPA), the Money Laundering Control Act of 1986 and Bank Secrecy Act (BSA), as well as the Immigration and Nationality Act.
Here are some of the most important changes:
Searches and Surveillance
Title II of the Act governs the monitoring of suspected terrorists’ communications. This is the section that allows for things like email and phone surveillance and makes getting these techniques authorized much simpler, as they eliminate the need for a warrant. With relative ease, the government can seize electronic communications, voicemail messages, and other information and share the same with a network of law enforcement agencies.
Section 215
Of utmost concern to most citizens is Section 215 of Title II. This section broadens the scope of the situations under which the government can obtain your records. Basically, as long as they claim to be doing so in order to protect against terrorism (Note: they need not even suspect that YOU are a terrorist), they can get their hands on information from your financial institution, church/mosque/synagogue, medical providers, library, phone company, travel agent, and video store. True story.
It’s hard to say when or how often this being done (or whether or not it’s already been done to you), as law enforcement officials are not required to release any details of searches or surveillance that are performed.
Foreign Intelligence Investigations
This section deals specifically with investigations into other countries and their citizens. As a result, it’s received far less attention since it doesn’t explicitly impact the rights of U.S. citizens.
What it does do, though, is give an incredible amount of unchecked freedom to governmental agencies, as these investigations aren’t even limited to criminal activity or suspected terrorism.
The law also provides immunity from any civil liability to those who assist the authorities with a Foreign Intelligence Investigation.
Money Laundering
This is the section that has the most direct impact on U.S. citizens. For starters, it requires brokers, commodity dealers, advisors, and financial institutions to file Suspicious Activity Reports (SARs) regarding any questionable financial activities. It also prevents them from tipping off these clients when the report is filed.
Section 312
Under Section 312, all U.S. financial institutions are required to implement policies and procedures for identifying foreign accounts that could potentially be used for money laundering. This results in escalated due diligence to identify the ownership of foreign financial institutions, monitor account activities, and hold these foreign banks to the same standards of U.S. financial institutions.
Sections 311 and 313
In the event of a money laundering concern, these sections enforce even more stringent requirements on U.S. financial institutions. They can require beneficial ownership information, enforce stricter “know your client” requirements, and take additional measures when some part of the transaction seems questionable.
Under Section 313, they can even refuse a relationship with a foreign shell bank (one with no physical place of business) that isn’t subject to the appropriate regulatory supervisions.
Section 328
Under this section, U.S. regulatory authorities have the ability to require foreign banks to determine the identification of the originator of any foreign wire transfers into the U.S.
Trader Group
I’m Not a Terrorist, Tax Evader, or Money Launderer. Why Should This Matter to Me?
It’s easy to read about changes that affect the extent to which the government can access your private information and monitor your financial activities and think “What does this have to do with me? I have nothing to hide.”
Well, let me break it down for you. As a U.S. citizen, in order to invest, conduct business, live, work, or obtain residency in a foreign country, you’ll need a bank account in that country. In order to fund that account or take distributions from it, you’ll need to be able to send and receive wire transfers to/from a U.S. financial institution.
Under the revised laws, U.S. financial institutions are required to enforce on foreign banks the same standards imposed under the Patriot Act. If the foreign banks don’t comply, the U.S. bank can refuse any transactions.
And since the law’s guidance on what information it’s necessary to ascertain is so vague, most U.S. banks are erring on the side of caution. Compliance departments continue to add additional asinine requirements. Application forms are getting longer and longer. All due to an increasing fear of failing to meet a threshold of due diligence that hasn’t even been clearly defined.
Lukas
The U.S. Has Made Doing Business With Its Citizens Unattractive to Foreign Banks
These procedures create quite a hassle for even domestic dealings, but imagine the ramifications for foreign banks. Think of the added cost associated with unnecessary internal policies, increased staff training, more stringent client screening processes, and additional oversight measures at every level.
Not only must they jump through a series of hoops and hurdles in order to open an account for and accept funds from U.S. citizens, they also run the risk of being denied consideration by their U.S. institution.
And Let’s Not Forget FATCA
Another doozie enacted by the U.S. government was the 2010 Hiring Incentives to Restore Employment (HIRE) Act, just one of the dozens like it for which the Patriot Act paved the way. A portion of this bill, the Foreign Account Tax Compliance Act (a.k.a. FATCA…a.k.a. “the worst law that most Americans have never even heard of“), requires foreign financial institutions to report to the IRS about their U.S. clients or else face a 30% withholding tax.
What have foreign banks been doing to combat these issues? Exactly what you or I would do if faced with that choice. They’ve started unloading their U.S. clients like a sinking ship tosses excess cargo. Many foreign businesses have also followed suit, eliminating U.S. citizens as directors, partners, and shareholders.
Instead of listing with the NYSE, foreign companies are turning to the stock exchanges of more welcoming Hong Kong or Singapore. The U.S. is becoming increasingly less competitive in the global market, and the economic power is shifting to our overseas opponents.
Matt Smeltzer
What Recourse Do I Have?
So, what about the privacy of U.S. citizens? What about the Fourth Amendment? Is the U.S. Constitution still even worth the paper it’s written on?
The answer to those questions is that Americans have sadly little defense against the infringements described above. Even the Fourth Amendment only prohibits specifically “unreasonable” search and seizure.
I already mentioned the fact that the government need only cite a motive of preventing terrorism to justify their actions under the Patriot Act. If they can then prove that those specific investigations were effective at uncovering any amount of illegal activities (even other peoples’), then I’d say you’d have a pretty weak argument against their reasonableness.
Not to mention, since government agencies, law enforcement, and even foreign entities have zero obligation to notify you of any private information that’s being shared, you’ll likely never even be aware your privacy has been violated.
Opposition to these and other laws, as there are plenty more I didn’t specifically mention here, has been met with little success. And grassroots efforts have proved futile. The U.S. is headed down the same road as countries like Italy which has now placed restrictions on cash transactions over a certain amount.
Countries from Argentina to Ireland have already nationalized private retirement accounts and pensions. Think that won’t happen in the U.S.? Just Google “myIRA,” Obama’s new scheme to fund the deficit…er, I mean…help people save for retirement, which will likely work its way towards becoming mandatory.
Viva Tropical
Get Out While You Still Can
My advice? Stop trying to fight city hall and focus your time and energy on watching out for yourself and your own interests, whatever that looks like for you. Whether it’s making Folgers or Maxwell House your account holder of choice or taking your family (and your money) and getting the hell out of Dodge while you still can.
There are a number of foreign banks, not to mention an overwhelming number of foreign borders, that still welcome U.S. citizens. And many of the investment options available overseas offer the potential for incredible returns that would be unheard of in North America.
Take raw land investments, for example. From my years of experience in the Central American market, I’ve learned that one of the best ways to profit on real estate is by buying virgin property (think wild jungles, deserted islands, and untouched coastlines) that’s primed for growth due to proposed developments or coming infrastructure projects.
In fact, my business partner and I have written an informative ebook about our experiences where we outline our proven model for successfully investing in Central American real estate. You can download our free how-to guide and start learning more about your options.
The good news here is that there are still opportunities for protecting your assets, your privacy, and your freedom. But there are clear and obvious trends that cannot be ignored. You can’t afford to leave your head in the sand for too long.
Boquete, Panama real estate has become a hot commodity in recent years, ever since the town emerged on the scene as one of the hottest expat destinations in the world. Once a small farming community, the city has gained immense popularity due to a number of factors, most notably its beautiful natural surroundings and year-round spring-like weather.
Finca Lerida
Conveniently located near David, the capital of the Chiriqui province, Boquete is easily accessible. And at an elevation of almost 4,000 feet above sea level, it offers a pleasant respite from the heat and humidity of the nearby coastal cities.
Although it’s grown considerably, Boquete still maintains a quaint small-town feel. Its population is made up of locals, including the indigenous Ngobe-Bugle people, as well as a growing number of expats. With these immigrants has come a wealth of businesses and services that many would-be expats find attractive when looking for a place to call home abroad.
Rita Willaert
Boquete, Panama Real Estate Looked Very Different a Decade Ago
Like most desirable expat destinations, you usually needn’t look too far backwards to discover the town’s humble beginnings and an era when property values were nowhere near their present day prices.
With real estate in Boquete, you’ll only have to rewind about a dozen years or so. Back then it was made up of mostly local coffee farmers, with only a few expats and tourists who trickled in and out of town while birdwatching in the nearby rainforests or hiking the slopes of Volcan Baru, the nation’s highest peak.
As interest in the area began to grow, a number of developments sprang up. A major one was Valle Escondido, an exclusive resort community that offered its residents a first-world lifestyle in an amazing setting…and all for bargain basement housing prices, coupled with a low overall cost of living.
This project helped set the stage for Boquete’s growth when it drew international attention and was featured by networks and publications such as HGTV and Forbes. It was named AARP’s #1 retirement destination in the western hemisphere in 2002, and in 2005 it made Fortune’s list of the top 5 best lifestyle values in the world.
In those early years of its emergence on the expat scene, not only was real estate in Boquete, Panama, a great buy, but the cost of living was insanely cheap when compared to other destinations with the same amenities.
The next few years saw continued growth for Boquete, along with a corresponding boom in its real estate market (and a steady uptick in its cost of living). And the growth in Boquete did much to fuel what turned out to be a nationwide real estate boom throughout much of Panama, which continues to earn accolades as one of the best countries in the world to call home as an expat.
Boquete, Panama Real Estate Is Still a Great Value
Despite the fact that Boquete, Panama real estate prices have risen steadily over the last decade, properties in the area still offer a lot of bang for your investment buck. However, before diving too deep into the specifics of what houses in the area cost, it’s important to understand the nature of Panama’s real estate market.
From our experience, it’s best to approach property valuation based on how the area measures up in terms of the 5 market stages we’ve created for classifying developing areas. The stages range from 1, which is a small local community, to 5, which is a full scale town like Panama City. On this scale, Boquete is a stage 4 area. What that means is that it has a good-sized population with an established sense of community, as well as all the things you’d expect in an organized town (e.g. restaurants, shopping, repair shops, financial services, and tourism operations).
As a result, Boquete is most suited for those who are looking for a more developed city with an established expat community. You won’t find as many rock bottom deals on real estate, but at this point it’s all about the value.
That isn’t to say that there aren’t any investment opportunities left in Boquete. They’re still there. They just look a little different at this stage of the model.
Rather than pioneers hoping to buy large tracts of land they can subdivide and sell to end users, stage 4 opportunities are all about catering to those end users. Boquete is the perfect place for investors who want to open a niche business, like a German bakery or an English bookstore. Other business opportunities include boutique hotels and tourism companies.
Why Boquete’s Popularity Won’t Be a Passing Craze
The very factors that drew the first newcomers to Boquete are the same delightful characteristics that are sure to keep expats relocating to this mountain town in droves in the coming years. There are also a few recent developments (as well as some others on the horizon) that may even lead to another spike in its popularity.
One that that will never change is the natural beauty that surrounds the city. Known as the Valley of Flowers and the Eternal Spring, it offers breathtaking vistas of the surrounding mountains, as well as frequent rainbows as a result of its almost-daily afternoon drizzle. Its weather conditions, with temps perpetually between 70 and 80 degrees Fahrenheit, are what some would argue to be the world’s most perfect.
Not only are the surrounding areas beautiful, but they also offer a whole host of activities for those who want to take every opportunity to enjoy the great outdoors. From whitewater rafting to zip-lining through the rainforest canopy, Boquete can entertain even the most intrepid adventurer.
People also love Boquete for its friendly population. Both locals and expats alike are extremely welcoming to new folks, and the small-town atmosphere makes it an easy place to meet people. The city is home to people of all walks of life, so if you’re willing to put in a little effort you’ll have no trouble finding a network of like-minded individuals.
Some Insider Information on Why Property in Boquete Is about to Become Even More Valuable
We mentioned its accessibility earlier, but we failed to point out that it’s about to improve dramatically. To help explain, here’s another little nugget we’ve picked up during the time we’ve spent learning the ins and outs of the Central American real estate market. When it comes to increasing the value of land and homes in a given area, there’s one key ingredient that never fails to have a huge impact on prices: infrastructure.
As infrastructure improves, more people have access to a given area. That opens the door for more residents, an influx of tourists, new businesses, better services and amenities, and increasing property values.
This is about to happen for Boquete.
A large-scale airport expansion is currently underway at the nearby Enrique Malek International Airport in David, which will enable the area to welcome international flights from the U.S. as well as many other countries. What’s more, a newly constructed 4-lane highway has shortened the drive from Boquete to David to a mere 35 minutes.
It’s never been easier for tourists, expats, and entrepreneurs to make their way to Boquete from all over the globe. This increased demand will mean big things for the Boquete, Panama real estate market.
IMIX
What Your Dollars Will Currently Buy in Boquete
Naturally Boquete, Panama real estate values are going to fluctuate from time to time based on availability and the state of the housing market. But here are a few examples of what you might find if you were looking at properties for sale in the area today:
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$198,000 will buy a newer home that’s over 2,500 square feet, with 3 bedrooms, 2.5 baths, a walk-in closet, an outdoor fireplace, a gated entrance, and an in-ground pool.
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$279,000 is the listing price for a 4 bedroom/4 bath home with a massive kitchen, multiple outdoor storage buildings, a small pond, and immaculate landscaping.
- $375,000 will get you a fully furnished home with 3.5 bathrooms, 3 bedrooms (plus a bonus room), 2 floors connected by an impressive staircase with tile detail, and a large private back yard with mature trees.
- $875,000 is the price tag for an almost 6,000 square foot home in an upscale private community within walking distance of restaurants and shopping, complete with a guest house and many custom features.
What Boquete Has That Other Mountain Towns Lack
So, Boquete has great weather, affordable home prices, a friendly expat community, and lots of room to explore. Well, so do a lot of other mountain towns in Central America and even Panama.
So, what is it that sets Boquete apart? The beach.
Yeah, that’s right.
While Boquete isn’t located on the beach, it is situated awfully close to it. Just a short drive south of David is the coastal town of Boca Chica, which is surrounded by 50+ islands, most of which are uninhabited.
As a result, it’s entirely possible for you to sip your delicious, locally-grown morning coffee in the cool Boquete mountain air and then, an hour later, step ashore on a sun-kissed white sand island beach in an other-worldly archipelago off Panama’s Pacific coast.
It’s like having the best of both worlds. In fact, a lot of Boquete residents do, as many choose to own a home in the mountains as well as one at the beach.
It’s because of this rich natural beauty and ideal location that we’re thinking of developing our next Adventure Colony in the highlands surrounding Boquete. We have our eye on several properties that are within a 30 minute drive from Boquete that we think would be ideally suited for the simple, nature-loving lifestyle.
Map of Boquete, Panama
Boquete Fast Facts
- Population: About 22,435
- Typical temperature: Average temperature is 70 degrees
- Nearest airport with U.S. flights: U.S. Bound flights leave daily from Tocumen Airport, both domestic and international flights to San Jose, Costa Rica depart from Enrique Malek International Airport in David
- Nearest U.S. consulate: Panama City
Burica Panama Coastline
Burica, Panama, is one of the country’s best kept real estate secrets. But you needn’t take our word for it. One visit to this remote paradise is enough to make any traveler or would-be expat feel like a pioneering explorer.
It’s as pristinely beautiful as it is mysterious and secluded. And both nature and adventure abound in Burica.
However, before you categorize it as a place meant only for those who want to live out their childhood Swiss Family Robinson dreams, there’s a lot more to this place than just its raw, undisturbed natural beauty.
Despite its remote feel, Burica is surprisingly close to civilization. And not just any old town either. It’s less than a 2 hour drive from David, Panama’s second largest metropolis.
And the wheels are currently turning on several large-scale infrastructure and private development projects that have Burica, Panama, primed for a tremendous boom and accompanying increase in property value.
However, for now, it’s still relatively off the radar of most buyers. That’s why we think Burica is one of Panama’s last remaining secret investment opportunities.
But, for those hoping to score a killer bargain on a property in a place with exploding investment potential, we recommend you act fast. The best deals could soon be gone.
Here are a few of the things that make real estate in Burica, Panama, such a great investment.
Accessing Burica, Panama is an adventure in itself.
Nothing says “remote destination” like having to go off-road to get there. Burica is located on Panama’s Pacific coast on a peninsula the country shares with Costa Rica. And up until about three years ago, there wasn’t even a road to get you to the end of the Burica peninsula. The landscape is made up of dense jungles that just don’t lend themselves well to vehicle travel.
Viva Tropical
In fact, the end of the peninsula was once only accessible during low tide, when residents were able to drive directly on the beach. Otherwise, it was a no go. So, here you had this stunning tropical paradise that virtually no one in the world even knew about or could get to. Talk about exclusive!
Well a few years ago, the government finally put in a road that created access to the entire peninsula. It’s still a rough ride, but the views at the end are totally worth it for those who don’t mind being bounced around in a jeep for the last few miles.
The Burica landscape is otherworldly.
What awaits you at the end of the road to the Burica peninsula is a lush tropical paradise situated on a volcanic reef that juts out over 200 meters in some places. This makes for some amazing waves that serve as an impressive view and calming background noise as you relax in your hammock beneath the coconut palms.
During low tide, the underwater reef is exposed, creating a completely different silhouette that literally makes the shore look like a completely different place. It also makes for an amazing moonscape.
Viva Tropical
There’s also no shortage of wildlife, as Burica is home to a number of exotic species. Among the most prevalent are monkeys. Howler monkeys and capuchins, with their white faces, are all over the place. You can also see the endangered red-backed squirrel monkeys, which are unique to the region and can’t be seen anywhere else.
Burica is an ocean lover’s paradise.
Whatever your choice of aquatic thrill, you can find it in Burica, Panama. If enjoying the coastal breeze while you watch the waves roll in is as adventurous as you get, then you can while your days away in solitude on the beaches of Burica. If that’s merely where your adventure begins, then Burica makes the perfect jumping off point for a long list of aquatic activities.
For starters, it’s full of incredible surf spots that are mostly only known by the locals, who guard these secrets with their life. The great surfing conditions are made possible by the peninsula’s exposure to southern swells, combined with the reef, which drops to depths as low as 300 feet and makes for some amazing waves.
Burica is also home to world-class deep sea fishing. Nearby Islas Ladrones and Isla Montuosa formed the backdrop for many a world record tuna, black marlin, wahoo, and dorado. So far, Burica has one great fishing lodge called Hooked on Panama. And many more are sure to follow as the area develops.
Viva Tropical
Burica, Panama, is home to the first-ever Adventure Colony.
After reading the above, you can probably imagine why we saw such potential in the Burica area when choosing the location for our first Adventure Colony, Playa Burica. Not only did it have the atmosphere and great natural resources that we value, but we also realized what a great investment opportunity it was due to several proposed improvements (like the road we mentioned, which was only a rumor when we first discovered the area).
Our Adventure Colonies are developments for people like us who value wild and beautiful places and want to live in harmony with their natural environment, while also taking advantage of all of the opportunities it offers for adventure. However, even we couldn’t have imagined the success Playa Burica would have.
We’ve sold lots to retired doctors from the midwest U.S., young entrepreneurs from Poland and the U.K., restaurant owners from the Caribbean, and many more individuals who now make up a diverse population that shares our vision and is committed to our dream of maintaining the pristine natural beauty of Burica, Panama.
Viva Tropical
There’s never been a better time to invest in Burica, Panama, real estate.
Over our years of experience in the Central American real estate market, we’ve identified the various stages every area goes through on its way to becoming an established expat community. We’ve also pinpointed the exact step in that process where maximum return on investment is achieved.
In Burica, Panama, it’s about to happen.
Burica is currently in market stage 2 of our development model. Pretty much the only people who’ve been buying land there are pioneers like us who’ve been able to purchase large tracts of land at rock bottom prices based solely on its agricultural use to the locals who owned it.
It required a lot of work and due diligence, but the end result is that we’re now able to offer the land in manageable plots to end users who otherwise wouldn’t have been able to enter such a market on their own.
Well, when large land investors and pioneering developers start buying up land in an area, people start to talk. Interest is generated in the area and even more investors start to show up and begin developing the area.
That’s already happening around Playa Burica. Our scouts tell us that two large pieces of property have been purchased at prices that quite honestly shocked us. This is good news for Playa Burica owners and buyers.
Not only are their property values automatically going to increase, but those nearby developments will have to include more and better amenities in order to be financially feasible in this market. So, Playa Burica owners will also benefit from the businesses and services being offered in the surrounding areas.
That’s why it’s important to act fast if you’re considering investing in the Burica, Panama area. It’s too late to be the first on the scene. But it isn’t too late to profit from the improvements that are coming.
Thomas Richman
Two ongoing projects that will have a major impact on Playa Burica
We’ve already seen the effects that the new road has had on property values in Burica. It’s part of the reason we saw such great potential in the area. Well, it doesn’t stop there. Panama’s government is currently in the process of completing two huge infrastructure projects that will have an even bigger impact on the area.
New Access Via Air
The first is the airport in nearby David. The city’s Enrique Malek International Airport is undergoing a massive expansion and renovation, which will ultimately open its runways to flights from the U.S. and many other nations for the first time ever. That means that people from all over the world will soon have access to Playa Burica via a world-class airport that’s a mere two hour drive away. For now, that is.
Improved Ground Transportation
Why’s that? You guessed it. Construction has just begun on a new 4-lane road from Paso Canoas (at the Costa Rican border) to Puerto Armuelles, the last stop before you begin the trek across the Burica Peninsula. Not only is that good news in terms of access, it’s also a good indication that the government plans to continue to invest in Puerto Armuelles.
And, while the city itself isn’t the type of place that caters to people who enjoy the Adventure Colony lifestyle, it’s the closest place for those in Burica to stock up on supplies. So any growth in Puerto Armuelles is a tremendous benefit to Playa Burica owners and residents.
Bonus offer for Viva Tropical readers!
We realize that, as much as we love Playa Burica, it isn’t for everyone. Namely those who need to be within walking distance to shopping malls and movie theaters. But if you love the idea of getting back to nature on your own private piece of tropical paradise, just a short drive from those other conveniences, then Playa Burica could be right for you.
If so, you should check out our free Adventure Colony book, which explains a little bit more about the concept and what it means to live the Adventure Colony lifestyle, something that’s only available in places like Burica, Panama. The book also contains over $20,000 in exclusive real estate discounts, so download it today!
Map of Burica
Burica Fast Facts
- Population: About 1,360 (Numbers are hard to nail down, but this is a good guestimate)
- Typical temperature: Low 90s
- Nearest airport with U.S. flights: Tocumen Airport. Domestic flights to Panama City, Panama and international flights to Costa Rica depart from Enrique Malek International Airport in David
- Nearest U.S. consulate: Panama City