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Overseas Residency
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Overseas Residency

Don’t procrastinate or it might be too late!

Before it’s too late, make sure you are prepared. Have you flipped through the channels lately watching all the turmoil around the world? Have you wondered what you would do if you no longer felt safe or secure living where you are? How easy would it be to uproot yourself and move? Would it even be possible? Think of the story of the boiling frog, which is used as a metaphor for people who don’t react to significant changes that occur slowly but surely.

What does it take to acquire a foreign residency or a second passport?

Most people probably think that if they were ever in danger, they could just book a flight and leave. Maybe, but maybe and probably not. Also, if you were planning to relocate, it would take months of planning and red tape before you were actually able to do so. Getting another residency or a second passport is not an easy or inexpensive endeavor. There are many steps that need to be taken over a period of time. Hopefully, having to flee would never happen, but it is always good to have choices and a back-up plan. Have you thought about where you would want to go? How much money would you need to live comfortably? Would you be able to continue your current line of employment, find new employment or exist on your savings? Which countries would be affordable both in terms of cost of living and residency application costs? What type of health care would be available and what would be the cost? What language do they speak? This is only a partial list, but you can see why it is important to work through all of these questions ahead of time. Those who wait until their choices are limited or near nonexistent will find themselves in a panic.

Make a list!

In order to start the process, make a list to include the following:

1. What countries would I be comfortable living in?

2. How much could I afford to invest in residency in another country?

3. What is a realistic plan for working in another country? Could I continue my current employment by working online? Would I need to find another job? What would it pay?

4. How long could I exist on my savings?

5. What are the monthly living expenses in the countries I am interested in?

6. Do I speak the language or how long would it take me to become fluent?

7. What are my health care needs and are they accessible in the country I am considering?

8. If you have a family, how would they adapt to this culture? What are schools like?

Get started!

If you have read through this article and asked yourself these questions, you are probably thinking ahead more than the average person. As you can see, it takes a lot of planning to prepare for what could happen. One country that attracted my wife’s and my attention is Paraguay. If you are interested in getting more information specifically on steps in obtaining residency in Paraguay feel free to visit Residency in Paraguay. The benefits of doing so could be numerous, but it is not for everyone. However, whatever you decide to do, better to plan now, while you still have time and choices.


Street Talk

spook  

OMG! did it three years ago....learned SO much the hard way. also, now include FACTA bill that may REALLY create unforeseen issues. jan.1 2013, moving USD over borders in either direction with ANY bank may be dicey! 30% tax BEFORE the money leaves either bank if NOT compliant with the US govt rules spelled out in FACTA. this is no joke and i just heard that some of the proposals may change....just pay attention. currency and citizenship are THE topics to consider. i am diversified out of the US, but it takes time and due diligence.

Reply
  about 1 decade ago
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