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Why Owning Real Estate in Colombia makes sense than ever
November 24, 2010
This is your link to the real estate market in Colombia
The newsletter for the international community with information about the Colombian Real Estate Market and all related issues.
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QUOTE OF THE DAY
"Luck is what happens when preparation meets opportunity."
- Seneca, Roman philosopher
"Like many Americans, you may already have seen your nest egg shrink, the value of your home fall, your investment portfolio lose half its worth or more...
The really bad news is that there's more hardship to come. As the United States bids farewell to the Bush tax cuts at the end of this year, new and higher taxes will have a huge impact on every American's pocketbook.
Putting your money into foreign real estate is becoming a more appealing strategy all the time. Thanks to a crazy piece of pork in the U.S. HIRE Act passed earlier this year, currency controls in that country have been seriously tightened.
If you're an American, I'm sure you realize that you have to report any financial accounts you hold outside the United States with a value of more than US$10,000. Now, though, foreign financial institutions are required to report on the investment activities of U.S. citizens.
It's been increasingly difficult for some time for an American to open an international account abroad, and Switzerland this year has taken the position that it doesn't want to do business with Americans, period. Not worth the hassle, thanks to HIRE Act requirements.
Options for Americans to protect their assets abroad are going to continue to disappear.
And, of course, Americans aren't the only ones who should be concerned about protecting their assets and preserving their privacy. If you aren't already holding a sizeable portion of your assets outside your home country, I strongly recommend that you make this a priority agenda--no matter what passport you hold.
A portfolio of international real estate holdings should be an important part of your strategy. First, if you're an American, it is one of two assets you can hold offshore without triggering a reporting requirement to Uncle Sam (the other is gold and other precious metals). The real estate you hold in another country is your own business.
Plus, it's unseizable. The IRS might be able to take your foreign bank accounts (the new legislation makes this easier than ever). But how are they going to take your condo in Cartagena?
When I left the States more than 13 years ago, I made the conscious decision that we would remain fully compliant from a U.S. reporting and tax point of view. We did not and do not want to do anything we shouldn't do, certainly nothing outside the law.
And that's not what I'm suggesting to you. What I am suggesting is that it just makes sense to do everything you can to protect the money you've earned and the assets you've accumulated. And holding some of your wealth in international real estate is an excellent way to do that.
You don't have to be super rich to take up the idea of buying real estate overseas to protect your wealth. Opportunities to buy land, houses, and apartments, for both investment and personal use, exist at all price levels.
This will be one important and timely topic of discussion at our upcoming Emergency Offshore Summit, taking place in December 2 and 3 in Panama City.
If you are interested in exploring every opportunity to protect and safeguard your wealth by taking advantage of strategies offshore, then I invite you to take your first step to a better, more secure future by joining us for the Emergency Offshore Summit.
Though Panama City will be the base for this Emergency Offshore Summit, conference experts will consider the best opportunities in the world--from the Americas to Europe--for safe-guarding your assets, minimizing your tax burden, making sure as much of your wealth as possible is passed directly to those you want to receive it after you're gone, and keeping your private affairs private.
I know it is a short time to plan your attending, but I think it worth the effort compared with the money you can save in the future, and the information you will have to get your house in order, as it were, in time to minimize the consequences for you and your family.
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