Today I want to share with you a couple of options for legally and safely getting your assets out of the US without the requirement of federal reporting. There are really only two ways to do this. Buy real estate or hold precious metals like gold outside of the US. If you hold any other asset like cash, securities, private businesses, mineral rights, or anything else, the US wants to know what you are up to. They want to know what you own, and what’s more, they want their piece.
Real estate and precious metals are the exception here. By holding real estate or precious metals outside of the US, this gives you significant asset protection from creditors and government intervention. To be clear though, for US citizens or residents, all worldwide income must be reported and is taxable regardless of where you live. So if you own a beach house on the coast of Spain and rent it out for holiday, you must report the income.
I have been recently acquainted with a man in Costa Rica who is developing a very interesting wellness resort and spa on 83 acres of forest surrounded by protected areas and a national park. He has already built several residences, a wellness spa, a bed and breakfast, and will soon be opening several restaurants and a medical facility. This is a great opportunity for someone looking to retire, have a second home, go on a vacation, or take advantage of investment opportunities. Hugo, the owner, is looking for business partners to develop additional amenities like a hotel and restaurants. With certain qualifications, Hugo has even offered to pay for your trip to check the place out.
At this point I have not visited Hugo’s place in Costa Rica. I have read though his investment offering and I have looked extensively at his business plan. It is very appealing. I will be making a trip there later this year to put my boots on the ground. I would encourage any of you that may have some interest to at least check it out. Do your due diligence. Hugo is even willing to pay for your plane ticket.
Buying real estate outside of the US is a great way to hold assets and minimize your US holdings while diversifying at the same time. As stated in previous newsletters, this is not for everyone. If you are a small investor or business owner and uncomfortable with offshore holdings, you should just disregard this. But for many of you reading this, you already have a vacation house, or are considering buying one, liquid investments like securities, business holdings, and are interested in ways to diversify your holdings while giving you options. You are the ones who would benefit.
If you want to contact Hugo, please send me an email and I will forward you his contact details. If you have further questions or would like to schedule a free 30 minute consultation, you can contact me by phone or email. Live well.