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Author Topic: 10,000 a month question  (Read 21782 times)
H2Oh
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« on: October 29, 2002, 05:00:00 AM »
A friend of mine was reading the board with me yesterday and saw the post that Ricky asked about where to live. My friend asked would it make a difference if you had 10,000. per month to live on as to what country in South or Central America you would live and retire to.I said, I don't know let's ask the board.

Thanks, H2-Oh
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Pete E
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« Reply #1 on: October 30, 2002, 05:00:00 AM »
... in response to 10,000 a month question, posted by H2Oh on Oct 29, 2002

With $10,000 a month you can live just about anywhere.This person does not have to live in a country that is inexpensive.Latin countries are inexpensive by US standards and are appealing to people with much more modest incomes,which is a big advantage.Along with the advantage may come disadvantages,such as security in Colombia.
Would it be of some value to this person to spend less than the $10,000 if an acceptable place could be found?
For the person who really wants to spend the $10,000 I would say some island in the Caribean.It is very expensive by Latin standards but security issues could be very minimal.
More important to he person might be what type of place do I want to live?I was inserting my own values about an island in the Caribean.Islands,beaches and sunshine are high on my list.
For a person with this kind of money I think Colombia would be a place to avoid.Why risk your safety when you don't need to?Perhaps take a hint from rich Colombians,Miami.Not only do you get the good weather and beaches but the safety,convenience and vast array of choices in everything we get in the US.
Alot of the beauty of third world escapes is it can be done cheaply.If that is not important the US or Europe may be the place to live.

Pete
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H2Oh
Guest
« Reply #2 on: October 30, 2002, 05:00:00 AM »
... in response to Re: 10,000 a month question, posted by Pete E on Oct 30, 2002

Hi Petey !!

How's everyone? Buddy still chasing cats? I think my friend was thinking more like Ecuador or Panama maybe Colombia. I think he just wants to get away from the US and have a change from this rat race. He just wasn't sure what kind of house, could he get one on a beach somewhere, that kind of stuff. Any suggestions?HuhHuhHuh? be specific.

Thanks, H2-Oh
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Cali vet
Guest
« Reply #3 on: October 30, 2002, 05:00:00 AM »
... in response to Re: Re: 10,000 a month question, posted by H2Oh on Oct 30, 2002

I saw houses for sale fronting the beach in Bahia Solano. You'd need a generater and satalite internet connection but during migration you can watch humpbacked whales. Isla Providencia is a more upscale option but strict immigration restrictions would make it difficult to stay there permanently.
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Hoda
Guest
« Reply #4 on: October 30, 2002, 05:00:00 AM »
... in response to 10,000 a month question, posted by H2Oh on Oct 29, 2002


you can live any dayyum place you want!!!! Moving to a foreign country, one should consider immigration status, income verification, taxes or fees that you newly adopted country will bleed....err, charge you! Also keep in mind that Uncle Sam, will get his before you get yours...

No matter where you live....
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H2Oh
Guest
« Reply #5 on: October 30, 2002, 05:00:00 AM »
... in response to 10 G's a month?!!!!!!!....., posted by Hoda on Oct 30, 2002

My friend told me he know about some of the tax laws, but this would be after tax money. He wants to know what countries you guys have visited that would be good retirement/second homes.

Thanks, H2-Oh
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Cali vet
Guest
« Reply #6 on: October 30, 2002, 05:00:00 AM »
... in response to 10 G's a month?!!!!!!!....., posted by Hoda on Oct 30, 2002

Absolutely right. If you leave the country you can quit paying state income tax if your state charges it but you'll always be responsible for federal tax if the income is earned in the US.
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H2Oh
Guest
« Reply #7 on: October 30, 2002, 05:00:00 AM »
... in response to Re: 10 G's a month?!!!!!!!....., posted by Cali vet on Oct 30, 2002

N/T
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Cali vet
Guest
« Reply #8 on: October 30, 2002, 05:00:00 AM »
... in response to Hey Vet, where would you live?HuhHuh, posted by H2Oh on Oct 30, 2002

I moved to Cali mostly for my novia's benifit. After we marry here maybe we'll go somewhere else. For now I like it just fine.
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burbuja2
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« Reply #9 on: October 30, 2002, 05:00:00 AM »
... in response to Re: Hey Vet, where would you live?HuhHuh, posted by Cali vet on Oct 30, 2002

When are you getting married?  If its in December, I'll bet I'll knock you right off the social pages!
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Cali vet
Guest
« Reply #10 on: October 31, 2002, 05:00:00 AM »
... in response to Yo Vet..., posted by burbuja2 on Oct 30, 2002

How 'bout you just knock yourself out.
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burbuja2
Guest
« Reply #11 on: October 31, 2002, 05:00:00 AM »
... in response to Re: Yo Vet..., posted by Cali vet on Oct 31, 2002

I think I just knocked you out!
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burbuja2
Guest
« Reply #12 on: October 30, 2002, 05:00:00 AM »
... in response to Re: 10 G's a month?!!!!!!!....., posted by Cali vet on Oct 30, 2002

[This message has been edited by burbuja2]

It doesn't make any difference where the money is earned.  A US citizen has tax liability for world wide income.  There are, however, some exceptions depending upon how long the citizen may be residing out of the US and the amount of income earned abroad.  Please consult your tax professional for further details.
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Cali vet
Guest
« Reply #13 on: October 30, 2002, 05:00:00 AM »
... in response to Re: Re: 10 G's a month?!!!!!!!....., posted by burbuja2 on Oct 30, 2002

Wrong.
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burbuja2
Guest
« Reply #14 on: October 30, 2002, 05:00:00 AM »
... in response to Re: Re: Re: 10 G's a month?!!!!!!!....., posted by Cali vet on Oct 30, 2002

Yo Vet! Checkout the Foreign Earned Income Exclusion clause to the Internal Revenue Code.  Do you see the part where it says you can exclude $80,000 of foreign earned income (to be inflation indexed begining in 2003) under certain circumstances and then only if you are out of the US for a minimum of 330 days during the calendar year?  Please read it twice, and then report back to us who is wrong.  I'll expect to have that report on my desk by morning!
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