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Belize: Banking services:
I live in Belize fulltime and have lived on Ambergris Caye for over five years. We received a notice that the BofA had cut their correspondent bank status with Atlantic, but that Atlantic is working on getting a new correspondent bank. This is what is on their website today:
" Rest assured we are working on several options at the moment and we are very confident that we will have both a temporary and permanent solution to the correspondent banking issue very shortly."
There are a variety of articles out there explaining that it is the BofA that is de-risking and getting out of being a correspondent bank in the Caribbean and Central America. Belize is the first to be impacted, but it appears that other nations will see the same thing happen in the future.
If you have a USA article or other reliable source That states all bank ties between the USA and Belize are being cut, could you please include that on this forum. I've read a lot of articles, but all of them specifically said that this is a BofA issue. I've done quite a bit of research and have not seen any article that states that all US banks have cut ties to Belize. .
It is possible to deposit checks at both Atlantic banks. It take longer for funds to clear, but still allows one to have US dollars in Belize. This week I did transfer US dollars from my Atlantic International Bank US dollar account to my BZ dollar account, on line, without any problem. So I plan to keep my US dollar account at Atlantic and just deposit checks into it, in the future. So the main issue here is the speed of movement.
But there is a growing trend in the world to make it hard for US citizens to keep US dollar accounts overseas.
Argentina: Help Harvest Grapes in Argentina:
David English, a consultant who lives full-time in Mendoza, coordinates university groups who come to Argentina to complement their education. He's written a book about expat entrepreneurs in Argentina, most of whom are in the wine district. It would be worth talking to him since he connects winery businesses with universities.
In reference to the other comments, it is actually very common for people to volunteer time as part of a vacation, in exchange for room and board. From what I've seen on line, a good number of vacationers pay quite a bit for planned vacations where they work doing something they want to experience, such as archaeology, or wine making. So your approach is logical. But given the physical demands it makes sense that you will need to rely mainly on younger tourists or university students.
Belize: Visiting Ambergris Caye from Mexico:
Yes, the water ferry runs daily from Chetumal to San Pedro. There are two water ferry companies that offer daily trips. They leave in the afternoon. I think one leaves around 2:30 PM and the other at 3:30 PM. But you should drop by there office earlier to buy your ticket and go through the process. The two offices are next to one another, close to where the main dock starts.
Argentina: Securing a Credit Card In Argentina:
The US only withholds 30% on transfers that are being made to banks that are not FATCA compliant. Most countries decided to comply with FATCA. But some banks don't want to deal with the paperwork, so refuse to open an account for Americans. It sounds like that is part of the issue in Argentina, which has more than enough money problems of their own.
Unfortunately, many Americans have moved outside of the USA thinking they can evade paying their income taxes. I have lived overseas for years and regularly meet expats who are pretty open about not paying their US income taxes. This is one of the reasons that FATCA was implemented...
Belize: Advise for Best Locations to Live:
You are right about Island Academy. It is an outstanding school, owned and operated by Lady Bowen, the late Lord Barry Bowen's wife. The challenge will be when your grandson reaches high school age. But by that time Island Academy will very likely have set up a quality high school since there are an increasing number of expats willing to pay for it on the island.
There is no need to "buy" a home in Belize when you can rent. Why lock yourself in? More expats are wising up and renting longterm so that they have more options. If you live off beach on Ambergris Caye, you will find much better rental deals. And if you are here in the off season, you will get the best deals. But expect to pay around $1000/month, or more, for rent for the four of you. If you want to be on the beach, it will be more costly.
A major difference between Belize and St. Lucia is that we are linked to the mainland, as part of Central American. That makes it easier to reach other countries, or the mainland. It only takes 15 minutes to fly from Ambergris Caye to the mainland. That makes life much easier. We can get off the island whenever we want a change of pace. We can choose between local planes that fly hourly, or the less expensive water taxis. It's not a big deal.
And many airlines fly to Belize daily. It only takes 2 hours to fly from Belize to Miami or Houston. So check the flights carefully and factor in how often you will go back to North America to visit family.
Another factor is that we are not in the direct hurricane zone. Belize's gets about 1/10th the hurricanes of the other Caribbean islands that are in the eastern Caribbean. We are also protected by the reef here on Ambergris Caye. That really does make a difference.
Belize: Attorney Starting a business in Belize:
Since your law degree is in the USA you are not qualified to practice law in Belize, and they do watch that closely... So you need to be careful. That being said, you could give advice to Americans on US based legal issues, but would be best to do that as an offshore service. Either way, you need advice from a Belizean attorney on what you can and can't do. Several other American attorneys who have lived in Belize for years do provide Americans with legal advice related more to the USA requirements for them as expats.
Ryan Wrobel is an American attorney who also became a Belizean attorney. He has focused on real estate and corporations in Belize. Contact him directly for advice. He is an independent attorney but works with others who have complimentary expertise.
Argentina: Banking Concerns:
Tom,
Please check your private message. I met you and your wife at an IL or LIO conference years ago. Isn't your wife's name Yvonne or something similar?
My husband and I are planning a trip from Belize to Argentina next March and it would be fun to hook up and see your vineyard. I remember when you had just started and were telling us about it. We moved from California to Belize, so were already missing the selection of wines... Must have been around 2009 or 2010 when we met.
Argentina: Tango classes in Buenos Aires:
I am planning a trip to Argentina for March of 2014. We plan to focus our time in Buenos Aires, Mendoza, and Uguazu Falls.
My husband and I are dancers. We took tango classes years ago, but are rusty. I'd like to spend some time in Buenos Aires taking tango classes during one of the weeks we visit, but just for a few hours a day. Then would like to go to milongas with a group. Can anyone suggest a good Tango workshop/business that holds such tango workshops for English speaking visitors? My husband and I get along in Spanish, but are not fluent, so prefer to take classes in English, if possible.
Belize: Building loan from Belize Bank:
Phill,
My husband and I did obtain a mortgage from Atlantic Bank International years ago, with our Belize business property as the collateral. At that time they charged us 9.5%, for a 10 year loan with a balloon payment.
I checked with a realtor friend recently and she said that most banks in Belize do now give mortgage loans out, for up to 60% of the value of the property. Interest rates can vary between banks, but are in the range of 8-11%, typically, with a ten year balloon payment. Check all local banks, as they tend to have different deals going on. But the realtor said it has been pretty easy to get a mortgage recently.
You asked about tips related to building your home and managing the contractor. Expats who are not on site during construction are more apte to have problems. If you can't closely scrutinize the quality of work, or the funds being spent, don't be surprised if the cost of your construction project goes up. In our 15 years of experience in Belize, the best home/construction results have come to those who were on site during construction, and who were able to control, on a day to day basis, how their money was being spent. We have had the experience of having the funds we gave our contractor, whom we trusted, be used on another of his projects. That occurred when my husband was back in the USA for surgery. and could not closely watch what was going on.
Belize: Ambergris Caye:
Daisy,
I'd recommend that you actually rent for a month in the regions that appeal to you before you buy. You won't learn many details about a region in 3 days. And once you stay in a place for at least a month, you have time to ask a variety of expats questions so that you don't make a mistake and invest before you have all of the facts. Knowing the neighborhoods is important, especially since break ins are common in some neighborhoods, especially on Ambergris Caye. If you spend a month here, you will quickly find out where the safest neighborhoods are.
In general, expats don't live in gated communities in Belize. But there are a number of nice condo developments on the beaches, (A.C., Caye Caulker and Placencia) where expats live primarily, since locals can't afford them. The cost of property is more in these beach oriented areas, so there are more condos.
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