Live And Invest Overseas Podcast #6: Can an American open a bank account in Panama without a Panama address?

Sixth podcast episode by Kathleen Peddicord and Lief Simon – Podcast From Paris

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Here are the question addressed in today's episode:

Jane O. asks:

"I found your very informative website today and have a couple of questions before I subscribe to your e-letter. First, does the same information apply to Canadians as well as U.S. citizens?

"Also, do you know a publication like yours that's written specifically for Canadians?
 
"We have been thinking about doing this for a while but just need the right info before we take the plunge."


From Harry M.:

"Is it currently possible for an American citizen to open a bank account in Panama without a Panama address?


Jeff C. writes:

“I attended the live webinar last week and am interested in the Panama Hydroponics project. I have a couple questions regarding the process for purchasing using an SDIRA but have been unable to reach anyone at the number posted above (815-239-6414).

“I am a retired US air traffic controller with a FERS pension and a TSP account. My wife and I attended one of your Live and Invest Overseas seminars (Orlando, Nov 2015?) and have spent the last three years living in various locations throughout Europe as well as Mexico and Colombia.

“The basic issue is that I will need to pull money from my TSP account to purchase two or three "shares" of the Hydroponics project. I am 55 years old, so the only way to do this without paying penalties to the IRS is to set up a Self-Directed IRA and use it to purchase the hydroponics. I have found a company which is experienced with funding an SDIRA from a TSP account so that part should be fairly easy. The problem is just a matter of timing. I'm only willing to move money from the TSP to the SDIRA if there is still availability in the hydroponics project. With all the Coronavirus issues, it might take 6 weeks or so to get the money moved around and available.

“Could you please verify that you are still accepting applications and whether it would be possible to purchase 2 or 3 "shares" (I don't know what else to call them) using an SDIRA?”