Nov. 13, 2009
Gascony, France
PLUS:
- Realisty Meets Reality In Prague...
- Where Can An American Open A Euro Bank Account Online?...
- Gringo Backlash...
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Dear Live and Invest Overseas Reader,
"When I met my husband, Pascal, on the island of Mallorca, Spain," writes new
France Correspondent Mitey de Aguiar, "he had been living there only a year and would have been happy to stay put.
"But I had itchy feet. Although I adored the lifestyle in Mallorca, I craved more living space and peace and quiet. I had always fantasized about a big stone farmhouse with land around it. This was an impossible dream in Mallorca, where big development means you need big bucks (millions) to have the kind of house I had my heart set on.
"I began considering other possibilities. I wanted to stay in Europe so I could be close to my elderly father. Italy? It seemed too far away, and I didn't want to have to learn a new language. Mainland Spain? I wanted a life in the country but didn't want to be too much in the middle of nowhere. England? That was out of the question--way too expensive.
"France? Ah, yes, I thought, this should make great sense, as Pascal is French!
"Pascal groaned at the suggestion. He had left Paris to escape, he said, to get away from the stress and to enjoy a more chilled-out lifestyle. Maybe Paris could be considered stressful, I replied, but what about the rest of France? Pascal agreed to consider the country beyond Paris.
"The more research I did, the more perfect our plan seemed. France is within traveling distance of all of Europe (by plane, train, and auto), and, to my amazement, I discovered that the rural farmhouse of my fondest daydreams, in some parts of the country, can be highly affordable.
"We drove around many parts of France exploring. We wanted warm weather but knew that the Cote d'Azur was too expensive. Plus I had been living amongst olive trees and wanted a change. Finally, in southwest France, the land of
foie gras, d'Artagnan, and good wine, we found the place for us, and it is here that we settled, less than two hours drive from the ocean at Biarritz and about 90 minutes to cosmopolitan cities Toulouse and Bordeaux.
"That was four years ago. Admittedly, it hasn't been all roses since. (Although we do have red roses climbing the facade of our stone house mid-May.) The restoration has been hard work, and it's cost more than we planned for. But when the big sunflowers surround the fields of our house in July...and when we pick the Cabernet Sauvignon grapes from our 3-acre vineyard come September...we have no doubts. We made the right choice.
"We're even more certain of our decision when we remember that we bought this house (sitting on nearly 7 acres of land with stunning views over rolling hills and woodlands) for less than I got for the one-bedroom apartment I sold in Palma, Mallorca. We have made a sound investment that is also allowing us to live the dream.
"We get fresh vegetables from the farmer's market every day and can buy a good bottle of wine for as little as 3 or 4 euro. If we splurge and spend 7 euro, we can get a delicious Bordeaux, Gaillac, or my local favorite, Buzet. The food is great, too, of course.
"And, no, four years later, it's not too late to join us. Bargains remain if you have the heart and the stomach for a little restoration work.
"Even on a tight budget, it is still possible to buy something special. How about a
pied-a-terre in a charming little town (with a stunning cathedral) for 32,000 euro?
"Or a furnished two-bedroom
colombage village house for 58,000 euro (ready to move in to)?
"Or a farmhouse in need of total restoration. The price tag of 64,000 euro includes an acre of land.
"For 55,000 euro, you could own part of an 11th-century château (Henri IV), also in need of restoration, situated in an historical Gascon village, southwest of a town called Condom (yes, really). Built of local stone, the place offers the possibility of 250 square meters of living place plus a large roof terrace and boasts meter-thick walls. How's that for charm and history?
"Once upon a time, our house, too, was built from stones gathered from the fields that surround it. One by one. Knowing that makes me feel like a caretaker of history.
"I also feel proud. People who come to visit today see our house all done up and say, 'You're so lucky.'
"I don't correct them, but I know the truth. We made our luck."
Kathleen Peddicord
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"Just a few doors away from the bagel shop and Internet cafe of
Prague from where I write," reports Correspondent Vivian Lewis (
www.global-investing.com), "there is a big sign reading (more or less) 'Kapital Investment Zwindel.' It is in Czech, a language I do not know. It probably does not mean what we think it means.
"Actually, the big deal in portfolios here is real estate, with restorations scattered around the Old Town and the outskirts skyline scarred by cranes putting up new high-rise apartment buildings.
"As in many parts of the world, the property market here froze in the credit crisis. Or, to put it into Czech,
realisty has met reality.
Realisty is real estate.
"This is not the first time world economic messes have hurt the investors of Prague. Back in the 1920s, a well-known pension fund investment manager got into trouble for being too heavily invested in U.S. equities on behalf of his insurance company managed funds.
"The pension fund investor was Franz Kafka. While his pension funds went sour, his novels continue to sell well.
"Walking around this old city with its golden domes and incredible baroque Counter-Reformation gilded richness, I am relieved that, in Czech crowns, the price of gold has barely budged since my arrival, despite its reaching new heights in the declining terms of the U.S. dollar. There will be enough crowns to continue gilding away as Prague restores its historic sites..."
"Kathleen, do you have any connection at a bank where a 75-year-old U.S. citizen could open a
euro bank account online? I'll be traveling to explore some of your recommendations, but I'd like to be able to transfer promptly some euro currently in my French bank account to a reliable institution preferably in Latin America, as you seem to have many connections there."
-- Claudia C., United States
I recommend
Caye Bank in Belize and the
Banca Privada d'Andorra (
www.bpa.ad), with branches in Panama and Uruguay, both banks where you can open a euro account online. In other words, in neither case is a live interview required, so you don't have to wait until your next trip to Belize or to Panama or Uruguay to open your account. This is a luxury that is increasingly rare in the world of international banking.
"First, I would like to say that I appreciate your research. The expat question could become critical in the near future, as economic conditions continue to deteriorate in the United States.
"Which leads me to a question related to your response to a
recent Mailbag question regarding Costa Rica. I do not question your response, but reading it made me wonder how long it might be before the same conditions prevail in other countries. At some point, all the current top overseas retirement destinations may grow weary of being invaded by elderly U.S. citizens. The added burdens on their infrastructure and medical services could become an issue.
"You mentioned crime in Costa Rica. We knew a couple here in our small town of Idaho who went to Panama, built a home, and then were murdered by home intruders. Granted, this could happen anywhere, and you may still be safer in Panama than in many cities in the United States, but I wonder about your balanced view, in that you are promoting Panama. I do agree, however, that Panama has much to offer.
"I guess what I am speculating about, and would appreciate your opinion on, is to do with the longer-term security of foreign residents in certain retirement havens if economic conditions in those countries deteriorate...and they may!
"Many Boomer Americans are looking for a panacea for their retirement situations, myself included, but I wonder what the longer-term consequences of taking our retirements overseas might be.
"The answer to that question is unknowable, really, but I suggest that everyone should consider it, nevertheless. I think the world is on the cusp of a major transition."
-- John M., United States
You're right. The kind of gringo backlash taking place in Costa Rica now could happen elsewhere. In all these years spending time in places where foreign retirees and expats congregate around the world, I've not witnessed anything to compare with what I sense going on in Costa Rica these days, but, as you make the point, dear reader, the numbers of North Americans and others relocating overseas are increasing. Could it be that, in 5 or 10 years, Panama, Belize, Uruguay, etc., will also say, enough...no more expats!
Panamanians are well used to Americans living among them. Belize is a melting pot, as are Argentina and Uruguay (though the mix is European, not Caribbean and British).
Friend Paul Terhorst reports some anti-
farang (that is, foreigner) sentiment on the ground in Thailand these days. That's why he and his wife Vicki are considering moving on to Malaysia and China for a while.
When we decided to move from Ireland to Paris several years ago, my family tried hard to get me to rethink the plan. Parisians don't like Americans, they pointed out. You won't be welcome.
Maybe some Parisians don't like some Americans, but our neighbors on the rue de Verneuil treated us with nothing but courtesy and respect. Some became good friends.
There's no guarantee you'll like your neighbors or that they'll like you wherever you choose to settle. I'm a big believer in the notion that you get what you give.
Bottom line, the secret may be to remain flexible. Paul and Vicki are considering a move from one point in Asia to another. Many foreigners who settled in Costa Rica over the past decade-plus are moving on now, to Nicaragua or Panama, for example.
No move has to be forever, and most expats I know, like Lief and me, move...and then move again. And maybe again.
The first move is the toughest. Once made, a new world opens before you. It's bigger, brighter, broader, and less intimidating. You realize new options, and each step as you explore them brings more self-confidence. So that, after a while, the idea of moving again isn't cause for worry. It's a next step in the adventure.
.
