I’ve spent the first part of May traveling throughout Central America, mostly Honduras, with my family. I absolutely love the country and the people! Anyway, my wife and I have been contemplating moving to the country permanently if can secure an online teaching position at my college or an online school. My question is one of finances. The cost of living in Honduras is unbelievably cheap (according to what i’ve seen and family members I’ve spoken with) but i’m worried about dollar exchange rate being pegged. I would be paid in dollars and i assume i could move my dollars into gold or some other currency like the Euro but i’m not sure of the logistics. Does anyone have friends or relatives that have retired to a third world country or know any articles of how to protect your income while living overseas?
You may want to peruse the Conversations with Casey archives on Doug Casey’s site. He writes a lot about this. Here is a relevant interview: http://www.caseyresearch.com/cwc/doug-casey-biggest-danger-your-wealth?active-tab=archives
Low cost of living in Argentina? What is this guy talking about? I wonder if ever spoke or met anyone who lives there.
He lives there. I’m pretty sure he is also extremely wealthy…
Small tip: start enquiring about buying a small farm or ranch in Honduras. You don’t need to actually till the land or tend to the cattle or see to the day-to-day side of the business. You can hire a farm manager to do it for you: this could generate a steady income in local currency.
Just an idea.
Thanks for the tips so far. Another question i have is about taxes. If i get paid in dollars for teaching online or from my website will i be paying the same taxes i’m paying now or is there a penality for the dollars being outsourced out of the county? Will i also be paying taxes from Honduras?
How do you get to stay forever? Don’t they make you leave after 3 months or so?