I recently got an email from Escape Artist, one of my favorite sites about living and investing overseas. I've probably followed Escape Artist for over 20 years, and truly enjoy their guidance on how to navigate the murky waters of living offshore. A lot of their content focuses on Latin America, and having lived in Costa Rica for many years, I can totally relate to many of the challenges that they lay out for people who haven't made that leap of faith to live abroad. Today they sent out an email about storing precious metals in Panama, and naturally, I felt it was worth sharing with you all.
The Advantages of Storing Precious Metals in Panama
After reading the full article, I noticed there are many compelling reasons to store your precious metals in a vault in Panama. Not only precious metals, but also treasured possessions and family heirlooms that you want held in a safe environment. I know what you are thinking - "Panama? Is that seriously safe? Isn't there corruption at all levels in Panama?"
I would think the same thing, and use extreme caution. In fact, whenever I invest in Latin America, I do triple due diligence. I'd never suggest sending anything of value to any foreign nation without visiting and meeting the people behind the operation and at least getting a tour of the facility.
Why Panama?
- Privacy laws are second to none
- Banking system is highly stable and complex
- Safe economy
- Duty free zone
- Tax system is territorial
- Second residency visa is quite simple to obtain
- Infrastructure is first world - the best in Central America
- Only 180 minutes from Miami via plane
- Panama Canal provides global trade access
Of course, there are other perks like gorgeous beaches, fine dining, and world class resort hotels featuring spa packages, golf, and much more.
I live in Miami, and have been to Panama many times. I can vouch for the banking and infrastructure, and the city is a "mini Miami" in the financial district. However, as a follower of the news in Central America, I have heard too many horror stories of Americans losing bank accounts, investments, corporations, and even properties, due to corruption. I'm not saying that storing your valuables in Panama is a bad idea, I'm just saying that you should exercise extreme caution before doing so. Going through court systems is 100 times more difficult in foreign countries, and in Latin America, unless you know someone, or have very deep pockets, you stand virtually no chance at justice as a foreigner trying to rightfully get what is yours.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started this website to share his expertise in using his Self-Directed IRA. Most recently he's been advising individuals to diversify into precious metals ahead of a certain recession. He invested with Goldco.
