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July 03, 2006


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Free Money-This sounds good and looks good on paper but my family and friends mean so much to me. Don't people find it hard just to leave town?

Sounds like it's worth looking in to. A few other questions, however:
1) Can I deduct interest paid on a mortgage for a home in Panama on my U.S. returns?
2) Does investing in real estate in Panama qualify for an IRA?
3) If I buy and sell a property in Panama and make a profit, how can I bring it back to the U.S. and how is it taxed?

Perhaps you can direct me to a reliable source that has these answers if you do not have this expertise.

Thank you.

I have no expertise in this area. That's why I use a CPA to do my taxes. If I wanted to know the answers to questions like this, I'd ask her. :-)

Steve --

That's obviously a consideration. Many people (like me) already live away from family and actually may be moving closer to them by living in various foreign countries. Others may have to give up their wishes to live near loved ones simply to be able to afford their retirement.

Just some thoughts to consider.

Even if you don't move to another coountry permanently, see if your employer won't send you to another country for a year or so. My boss spent a year in Africa and told me it was one of the best financial moves of his life. Here's why:

*he kept his $200k/year salary (I'm guessing on the consverative side)

*the company paid ALL his expenses while in Africa (room, board, transportation, etc)

*he received a weekly CASH stipend of $200 for miscellaneous expenses (which he told me he pocketed most of it).

He took his wife with him, rented his house in Columbus and made out like a thief!


could you retire off your social security alone, in panama?

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