This way to safety!
Some people are looking for residency in a new country, not because they want to move there now, but because they want to have an alternate place to live, in case the economic and political situation in their home country becomes intolerable.
With the current problems happening in many countries, this might be a good idea.
I believe in always having a backup plan, and legal residency in a second country certainly gives you a bit of insurance.
However, if you never spend any time in your new country, how useful is it to get permanent residency there?
Let’s say that you spend a few weeks acquiring permanent residency in another country, and then immediately return home.
Eventually, something happens in your home country. Maybe there are riots, and you don’t feel safe anymore. Maybe the government passes new restrictions or taxes and you’ve reached your limit. Whatever it is, you decide it’s time to leave.
Hopefully you have the answers to these questions.
How are you going to get to your new country?
As we saw in several countries last year, situations can go from “bad” to “dangerous” very quickly, once the people have reached their limit.
If that happens in your home country, how will you get to your safe haven? Do you think you’ll be able to go online and buy tickets on the next flight out? That’s probably not a safe assumption.
Do you think you’ll be able to drive your car to the border? I’ve lived through a couple of hurricane evacuations, and can tell you from experience, if you wait too late, you may not get very far. Every highway will be jammed with other people trying to get to safety. Keep in mind, in these situations, most of the gas stations will be empty or closed.
Does your plan involve hiring a private pilot or boat captain? What if they decide to charge twenty times the typical rate, because so many people are willing to pay it? What if they only accept payment in gold or silver? What if they can’t get fuel? What if they’ll only take you across the border, and drop you off on an empty beach?
Will you be ready to live there?
Suppose you make it to your backup country. Now that you’re there, how are you going to live?
Do you have money accessible, so you can rent a home, get utilities installed, and buy food?
Do you have a credit history there, or the ability to pay cash for everything?
Do you speak the language well enough to get around?
Do you have a source of income that doesn’t rely on your home country?
Do you know where to get medical care, especially if you have any pre-existing problems?
Do you have plans on how you’ll live abroad for years?
Now that you’ve settled in to your new home, what are you going to do for the rest of your life?
Do you plan to live off your investments? If you have stocks and bonds, are they for companies back in your home country – which may be experiencing economic problems? Are you depending on retirement payments from a company, or country, which may be unable to pay?
Do you plan to get a job? If so, have you already had your degrees and certifications translated and legalized? Is there a demand for your skills? How much competition is there in the job market? Have you built up a professional network? Will you need to be fluent in the local language?
Make sure your backup plan is fully thought out
It takes more than having permanent residency, or citizenship, in a second country, for you to have a safe haven to escape to.
I’ve met several people who plan to get permanent residency as a backup. However, they don’t want to spend any time in the country where they get residency. They want to get “home” as quickly as possible.
If things go wrong, and they need to quickly move out of their home country, I expect they’ll run into some unpleasant surprises.
If you have a fire extinguisher, but don’t know how to use it, it won’t do you any good in a fire. If you have a spare tire, but don’t know how to change it, it won’t help you when you get a flat. And if you have permanent residency somewhere, but don’t have any idea how you’ll actually live there, then it won’t help you much when you suddenly need to get out of your home country.
Be sure you’d thought through your plans, and are capable of executing them.
{ 2 comments… read them below or add one }
More & more we see an Atlas Shrugged scenario happening in the U.S. I’m ready to move to Panama tomorrow, my husband is becoming more reluctant because of how are we going to get our money?we have also paid exorbitant S.S payments thru the years because of the kind of money we made on the c schedule(business income)and it’s money we were forced to pay and HE WANTS BACK!!!so…..we read Ayn Rand in our 20′s(30+ years ago)and really didn’t think it would happen in our lifetime, so the shock of the idiotic things that are taking place is a bit surreal, SO, my question is how to we find a reputable lawyer, counselor, etc. to advise us?I know we have to just GO to Panama for a visit, but if we do like it, how do we start with the basics to find a trustworthy advisor, etc?if you have a book(I believe it’s downloadable only)that’s helpful, etc., or any other ideas, would appreciate it, gotta start somewhere, gotta get serious….thanks much, Gayle
It is uncanny how events are moving along like “Atlas Shrugged”.
To find a good residency assistant, check the forums that are frequented by expats in that country. They usually have people who are going through the residency process, or have completed it recently. Those will be the best referrals you can find. When you visit the country, to see if you like it, meet the different residency assitants and find one you want to work with.
For Panama, some active forums you can check are: gringos.com, expatexchange.com, and panamatotal.com.
I do have a book I wrote to help you prepare for moving overseas – all the lessons I, and other expats, learned during our moves. You are correct that is downloadable only, from here.