Gold, banking offshore, and Egypt

I love this guy’s blog for the ways he gets you thinking.

This is just one example, but a timely one for many reasons.  And for those of you whose strategy for financial welfare – as well as health and wellness — is global in nature, it’s entertaining as well as educational.

Excerpts from the article “Mubarak’s out, Gold in Panama … am I nuts” are republished with permission from Simon Black, sovereignman.com.

Date: February 11, 2011
Reporting From: Temuco, Chile

I’m spending a long weekend in the beautiful city of Temuco, located in Araucania, Chile’s southern lakes and volcanoes region.  The further south you go in this country, the more the climate and geography changes from desert and semi-arid to something that looks like New Zealand’s south island.

Temuco looks a bit like Washington state or British Colombia– mountains, forests, and lush greens. I’m researching some real estate deals here before hopping on a plane for Panama next week for our first-ever Sovereign Man offshore workshop.

I’ll tell you more about Temuco on Monday– first, this week’s questions:

Gold – Where to store it outside the U.S.

To start us off, Jim asks, “Simon, I’m attending the workshop in Panama and I have gold (200 oz’s in total) I would like to store outside the US. I would really like to know if it is legal to carry gold into Panama, can you help?”

It’s perfectly legal to bring gold into Panama… however Panama considers gold coins to be merchandise. As such, gold coins need to be declared at Panamanian customs if the market value (not face value) is above $2,000. You may end up having to pay 7% tax.

Because of this, I think there are much better places to store gold outside of the United States– Switzerland, Austria, Hong Kong, and Dubai to name a few.

Opening a Foreign Corporate Bank Account in Panama

Next, Julian in Germany asks, “Simon, if I hire a local registered agent to open a corporate bank account on my behalf, will I have any certainty that such service provider will not keep any back door open to access my bank account?”

That’s a great question. Often, forming a corporation overseas requires relying on lawyers and registered agents to incorporate the entity and open a bank account. Among the important things to understand are the requirements for directors.

Directors have legal authority over a company and it bank accounts. Each jurisdiction has specific requirements for directors– how many are required, of what nationality, etc.

For example, Panama requires a board of at least three directors, each of whom must be a natural person (as opposed to a corporation).  This means that if you intend to own a company by yourself, you will need to pay annual fees to at least two strangers (your lawyers) to act as nominee directors.

Furthermore, Panama maintains a public registry of all corporations, and the names of each director are listed. This makes both control and anonymity difficult in Panama.

Conversely, in other jurisdictions, only one director may be required, and that director can be a legal entity which you control.

This makes it much easier to maintain complete control over the company, its bank accounts, and your privacy.

Belize as a Safe Banking Haven

Next, in response to yesterday’s letter, reader Eric T. chides me– “Simon are you nuts? Belize is no longer a safe banking haven. They will do whatever the USA wants. They have no choice.”

Cute. To be honest, I don’t particularly care for Belize as a banking jurisdiction, but I’m willing to make an exception for Caye Bank.  Why? Because I know the owners quite well– they are freedom-loving, libertarian-minded gringos who run a very conservative balance sheet.

Caye Bank is a reasonable place to establish a small account just to have a financial toehold outside of your home country, though it is by no means the -only- option… just one idea. Many options exist in better jurisdictions.

Last, Alexandra asks, “Simon, what do you make of this Egypt soap opera? Mubarak is such an ass… he’s in, he’s out, he’s in, he’s out….”

Who’s in and who’s out in Egypt

Ha. Well, as I have just received a flurry of emails and text messages from some friends in the area, I see that he seems to be unofficially ‘out’. We’ll see if it lasts.

I suggested early last month that this would be the year for Mubarak and other aging autocrats to finally croak or get kicked out.  I really admire Egyptians’ dedication vacating this thug from office… but at the end of the day, they are only going to trade one crook for another.

These protests are underpinned by the erroneous belief that government is capable of providing solutions, and if they can just get the ‘right’ government in place, things will start ginning.

This is the same attitude around the world– it’s all about getting the ‘right’ people into office, whether by ‘free and fair’ election, by protest, or by force.

What people just about always find out a few years later is that the new guy is just as bad as the old guy… and that the more things change, the more they stay the same.

There’s right and wrong in this world… and standing against Mubarak is clearly right. But we all have a finite about of time, energy, and financial means at our disposal, and directing those resources towards political change, while just, generates a very low return and comes at a steep opportunity cost.

I would argue that resources are better spent solving problems at the individual and community level, not trying to get one set of criminals to relinquish control to another set of criminals.

Have a great weekend, more soon.

Simon Black
Senior Editor, SovereignMan.com

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DIY Medical Tourism? – Buyer Beware!

Do it Yourself Medical Tourism? Have you really thought that through?

Ever considered that internet shopping for medical tourism solutions can actually be hazardous to your health?

What if you had access to the SAME tools used by an insurance company when sending their cases for treatment abroad?  This would surely improve your confidence in choices offered you online.

Americans are big on “do-it-yourself” (DIY) solutions.  DIY eliminates the “middle-man” and reduces the cost of the end product or service.

Internet shopping works well for DIY customers as it provides the shopper with many options and lots of information.

Nevertheless, the ultimate challenge of internet shopping is the unreasonable pre-requisite that one must be a subject expert on the product or service that one wants to purchase.

In other words, UNLESS I know EXACTLY what I need, I best NOT shop online.  Nowhere is that more true than when shopping for healthcare information and specifically, medical tourism solutions.

Risk Assessment

While the web is the world’s largest “Yellow Pages”, it is clear that most users are at an extreme disadvantage when it comes to “expert assembly” of the information provided online about healthcare, in general, and medical tourism issues in particular.

Simply stated, information is power, power is important (and somewhat seductive)…yet absent knowledge about applicability, and integrity of the searched information, it would be safe to say that one should not shop for procedures or treatments online with the same nonchalance that one would price-shop for a brand name jacket – or designer label shoes.

So, while you may be are ready, willing and able to shop for medical treatment abroad (a/k/a medical tourism)… consider that you may not be “qualified” to judge the information you receive.  It is a confusing world of options, glossy web sites, seductive destinations and brokers that will move heaven and earth to “book” your medical travel.

Since the “average” healthcare consumer lacks “decision support tools” that area generally available to insurance companies, there is a greater probability for errors in selecting providers and treatment destinations.  This situation may lead to heightened risk for consumers.  The risk diminishes any possible cost benefits.

Health Travel

STOP! Before you ask about the price, ask yourself the following questions:

1.  Do I have sufficient knowledge to qualify the information I am provided?

2.  Does the “medical tourism” agency have the knowledge and qualifications to provide me with information about solutions for my health problem?

3.  Does the “medical tourism” agency have the knowledge, qualifications and organizational infrastructure to manage my case?

4.  What “the heck” should I look for?

5.  Should I get my local doctor involved?

6.  What if…..

a)  I am sent to a poor quality hospital?

b)  I am treated by an unqualified physician, or surgeon?

c)  There are complications?

These questions reflect the most important and profound aspects of medical tourism.

What if the self-pay patient had access to the SAME decision support tools used by an insurance company when sending their cases for treatment abroad?

Now, with “My Medical Trip Advisor”©, you can have it “your way”.

“My Medical Trip Advisor”©

We launched MMTA as a decision support service for SELF PAY patients who are at a disadvantage when faced with confusing options about a medical issue that exceeds their knowledge base.  The bottom line is that the average healthcare consumer is not a medical professional.

It is no different than how I feel when I take my car to the mechanic…. I have NO CLUE what needs to be fixed, or if it was fixed.  This way, the patient can reach out to an experienced case manager to evaluate their DIY plan. Optionally, we can serve as “Plan B” and schedule the patient for treatment in one of our US quality centers of excellence.

We charge a modest fee because philosophically, I believe that “free advice is worth exactly what it cost”…. When one considers the cost of travel abroad for treatment, $199.00 cannot possibly be viewed as a barrier.

We partnered with Traveling4Health.com because it is a unique social media and responsible publishing platform for medical tourism information.

Since 2004, our team has coordinated numerous cases for private pay patients and insurance companies.  No other medical tourism company has the experience that comes with managing some 3,000 cases and $150,000,000 in international medical services.

So, next time, you consider DIY medical tourism…..Do your best, but also call us: +1-305-517-3873.

MMTA is brought to you by International-Triage, LLC and Traveling4Health.com, leading experts in international medical services, related online publishing and social media. Whatever your choice, or medical issue, we wish you happy, safe and healthy holiday season.

Read Shai Gold’s Blog “6 Tips on How to Pick a Medical Tourism Company.”

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Medicare crushed by Baby Boomers . . . or by dumbed-down thinkers?

Medicare -- How about a little common sense thinking?

David Cote, CEO of Honeywell and one of a handful of private-sector chiefs appointed to the 18-member fiscal reform commission issuing its final recommendations on Dec. 1, said he didn’t realize — even perched at the top of his field — that the next decade will be disastrous to the nation’s accounts ledger unless something drastic is done. (Source Fox News story posted this morning “Debt Commissioners: Baby Boomers Will Crush Social Security, Medicare”)

We can all do the math – it’s the solutions that are lacking.  Every time I read an article like this I’m amazed that only the polarized and politicized “raise taxes” or “cut benefits” solutions are being discussed.

The creative people of the world would never settle for a “cut and run” attitude when a river of revenue dries up — not with so much at stake.  So why do we have to put up with a government that is so bloated and inflexible that it can’t think creatively when the consequences to our economy and our social structure are so dire?

Look – can’t we all move on to look at other options?  Where’s the “creative” thinking vs. the case building for either raising taxes or cutting benefits?

Let’s discuss ways we can “adapt” and revamp existing programs to cut costs without bringing in more revenue or cutting benefits. (more…)

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Defeat Depression and Arteriosclerosis with Cocoa Powder

Chocolate Cure for Depression

A Health Article:  Pure Cocoa health benefits – a report from Costa Rica

The history of science corroborates how breakthroughs in scientific thinking are often ushered into the accepted world of science through a single person’s dogged determination to find a cure for what ails them (or a loved one).

Gene Warneke, a photojournalist living in Costa Rica since 2005, has authored several reports for Traveling4health comparing his medical and health care in the U.S. to his care in Costa Rica.

“My vascular surgeon listened intently with her ultrasound to the pulses along my right leg and then at the top of my foot.  She and the attending female intern looked up at me with bright smiles on their faces.  “Gene,” she said, “This is the best and strongest pulse you’ve had in the two and a half years since I’ve attended you.  It’s better than a normal person your age.  Are you taking a new medication?”

I had also been listening to the strong whooshing sounds of the pulses from several feet away.  “No,” I replied. “The only changes I’ve made in my life have been in my diet.  For the last few months, I’ve been eating a cup of yogurt mixed with about three tablespoons (20 grams) of pure cacao (pronounced ka-kow) or cocoa powder each morning and I occasionally drink a glass of diluted noni juice to rid myself of depression.  I’m no longer feeling depressed and I’ve also stopped having leg and foot cramps in my right leg.”  She said quietly to the intern in Spanish, “We should start studying the effects of cacao on the cardiovascular system and here in Costa Rica.”

“The form of cocoa I’m talking about,” says Warneke, “is unadulterated- pure and unrefined, which is much different from commercial chocolate products and contains no additives such as sugar, hydrogenated fats, milk, etc. and agro-chemicals and solvents.  The same goes for noni juice.  You can find it in health food stores in the States, but check to see how pure it is.”

Read the complete story on Warneke’s Traveling4Health blog “Treat Yourself with Pure Cocoa Powder to Defeat Depression and Arteriosclerosis”.

According to Warneke, “There is a ton of misinformation about chocolate on the internet.  There are counter claims for much of what I’ve said [in the article Treat Yourself with Pure Cocoa Powder to Defeat Depression and Arteriosclerosis].  I’ve done due diligence to sort out as much of the unfounded claims as possible.  I’ve been able to pretty much isolate pure cacao as the probable causes of my vascular improvement, but I’m only a sample of one.  Much needs to be studied about chocolate in its pure forms before the most ardent critics of chocolate health benefits will be appeased.”

…In the meantime, I’m just going to continue enjoying my “box of chocolates.”

Gene Warneke is Associate & Environmental Editor, “Neotropica, The Costa Rican Magazine for Living in the New Tropics” at www.neotropica.info

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