For And Against Investing Overseas
If you're the type of person who
feels safe only with CDs or government bonds, who doesn't want to worry
about anything, maybe you shouldn't invest overseas at all. Local
conditions in many parts of the world make it difficult to know what will
happen in the future, and in many places it can be difficult to find accurate
information about investments.
If you're the type of person who
is a gambler, who plunges into things without thinking or worrying too
much, maybe you should think hard about investing overseas as well.
As a foreigner you won't have access to all of the information a local
would have, and it's a lot easier for you to get your clock cleaned.
You won't have the same legal protections you would have in the States.
If you end up in a legal dispute with a local who ripped you off, there
is a high probability that you will lose - just because you are a foreigner.
Or even if you are treated fairly, court cases in some countries can take
years, if not decades. And then collecting on a court judgement is
another matter altogether.
If you fall somewhere in between
- you worry some but not constantly, you have some skill at evaluating
risks, you don't mind taking a chance if you've got good information and
good projections, then it might be wise for you to consider investing in
your new country.
In general, if you have experience
in a certain kind of investment, like in stocks or real estate, you may
want to start out in that kind of investment overseas. You have knowledge
of how that market works, and don't have to learn all the ground rules
from scratch. Of course things in any given investment market will
probably work a little differently in another country - but houses involve
rent and plumbing, stocks involve liquidity and earnings, etc. Play
to your strengths, not your weaknesses.
If you don't have time to spend in
the country, maybe you should shy away from real estate investments or
local business ownership that requires a lot of management. Sure
you can find a manager, but you still have to ride hard on them to be sure
they do their job properly. If your manager knows you're in town
and may drop in, he's likely to run a tighter ship than if he knows you're
in another country. You come back after a long absence, and find
your manager has fired all the really competent employees and hired all
his relatives. Ouch.
It's also wise to choose an investment
vehicle that matches your lifestyle and tolerance for risk. If you
have a lifestyle that requires a regular cash flow, find a business that
provides one. If you have a low-stress lifestyle that requires a
fair amount of leisure time, choose a low-management investment.
Americans in general are underexposed
to overseas investing, and seem to have an exaggerated idea of the risks
involved. You can run into all sorts of problems, mostly from ignorance
or from trusting the wrong people, but many risks are no greater than they
are in the States. Currency risk was a real factor in many developing
countries until recently - but now many developing countries have huge
reserves of US dollars, plenty to weather a currency crisis. In most
countries your liability exposure in any business is very low, due to the
lack of punitive damages. In most countries the tax authorities don't
have nearly the power the IRS has.
Evaluating Risk
One of the first steps in evaluating
risk would be to get an idea of the level of corruption in a country.
Transparency International publishes
an index of corruption levels in most countries - their web site is at www.Transparency.org.
If a country has a high level of corruption, it doesn't mean that you can't
make money - just that things don't always go by the rules, and that some
officials may have their hands out from time to time. Or it could
mean that the cost to get anything done is astronomical. Regardless,
you'll have a heads up on what you may encounter with regard to corruption.
When investing in stocks it's usually
not necessary to visit a country, but for everything else it's mandatory.
There is no substitute for seeing all the rooms of the hotel you're interested
in, or the vehicles of the tour company you want to buy, or meeting the
partner who wants you to invest with him (and checking out his lifestyle,
family, house, etc). Every dollar you spend on checking things thoroughly
will save you many times that amount later on.
In many parts of the world It's hard
to get bonds for employees or some types of insurance or to even sue people
if you've been rooked, so you have to check out all the people and properties
involved so you know what you've got.
The downside of risk in overseas
investments is that you can lose your behind if you don't know what you're
doing or trust the wrong people.
The upside is that you can sometimes
make more than you could in the States if you know what you are doing and
trust the right people. Or if you don't make more, you can enjoy
it a lot more - a business you like running in a place you love, dealing
with people who are mostly happy to be there.
A slight risk in some countries is
expropriation - the government takes your property, and pays you (or in
a few cases doesn't pay you). Very rare, but it does happen in some
places.
In some countries different groups
of people have different businesses staked out. People from India
do small-scale money lending in Panama, many Lebanese and Indian merchants
handle much of the retail trade in many African countries. A key
step in evaluating risk would be to find out whether any particular ethnic
or business group dominates the type of business you want to buy or start.
If you just want to buy a hole-in-the wall hotel it may not be so important,
but it would be important to know for a larger business. If a group
of people dominates a business, they may resent your intrusion into their
little empire, and may make things tough on you. In lots of places
things are accomplished through relationships, and money may not always
smooth the way.
Risk can come in many forms, and
it's important to recognize the unique types of risk which are native to
the country you're investing in, and to the particular business you're
considering. Many of these risks may not exist at all in the States,
and many risks in the States may not exist there.
Estimating Return
An odd fact that few people are
probably aware of is that return on investment is higher in sub-Saharan
Africa than almost anywhere else in the world.
Why would this be ? Perhaps
there is a lack of investment, and so returns are much higher. I
don't suggest you run off to Africa any time soon, unless you were already
thinking about it, since it can be tough to start there. But it does
go to show that things are not always what they seem in international investing.
Return takes two main forms - operating
income from ongoing operations, and income from sale, when the business
or property is sold. With stocks it would of course be dividends
and sale proceeds.
Different people have a different
take, but in my opinion a business or piece of real estate without a cash
flow isn't a business. At best it's a speculation, at worst it's
an expensive hobby. In the States there is a very liquid market for
real estate, an extremely liquid market for stocks, and a semi-liquid market
for businesses. Translation, it's extremely easy to sell stocks, fairly
easy to sell real estate, and harder to sell a business.
If you keep these facts in mind it
will help you in making decisions about overseas investments. You
can bail out of a stock a lot easier than bailing out of a dud piece of
real estate or business. In many countries it will be that much harder
to sell than in the US, since in many countries only a very small percentage
of people will have the money to buy your business or real estate - and
locals will often have very high expectations of return on investment.
When you buy investment real estate,
cash flow will be hugely important, unless of course it's a personal dwelling.
You don't know exactly when you can sell, so in the meantime you have to
get a return. With real estate, many people overestimate the income,
and underestimate the expenses - a positive cash flow turns into a negative
due to optimism and ignorance.
A basic income projection for a hotel
would include :
GROSS INCOME
XXXXX
Less Expenses -
Payment Taxes
Insurance Gas (bottle or pipeline)
Metered water
Bottle water
Electric
Payroll
Payroll Tax
Cleaning supplies
Linens
Maintenance allowance
NET INCOME
XXXX
You may want to hire an accountant
for a projected income statement, especially if you feel they would have
a better handle on the expenses.
If you are buying or starting a business
not involving real estate, cash flow will be the only thing you can depend
on. You can't really depend on selling the business down the road
- you may not be able to, since even in the states it can take years to
sell a small business. So figure on getting your money out of the
business via cash flow, and if you can sell it down the road, then that's
a bonus.
Buying An Existing Business Or
Starting A Business
If you want to own a business in
a place and there's nothing there you want to buy or can buy, you'll have
to start your own. Some people are probably better off starting
a business anyway, since they like doing things their own way, and want
to build their own system. Buying an existing business can be a good
way to go for many people, though, since you're starting with an existing
cash flow, established customers, existing and trained employees.
If the seller isn't a crook and the
business is being run properly, you can step in and start making money
right away. If you have the time and money to spend, an excellent
course on purchasing an existing business is "How To Buy A Good Business
At A Great Price", at www.diomo.com.
The price is from $99.95 to $179.95 , depending on which media you want
(download, CD, or print). This course is geared toward buying
an existing business in the US, but you can find a lot of valuable info
that could be used to buy a business just about anywhere.
Buying an existing business can be
a can of worms if you don't know what you're doing, anybody with a serious
interest in buying one should consider this course or a similar one.
I have no connection with the publisher of the " How To Buy A Business"
course, but I did buy it myself and found more information in one place
than I've found elsewhere. In the States it's usual to pay more to
buy an existing business than to start one from scratch, but this may or
may not be the case where you are.
Operating A Local Business
The first thing to find out would
be whether a foreigner is permitted to operate a local business, and whether
or not you have to have residency or a special visa first. Some countries
will allow you to run a business with just a tourist card or your passport,
provided you jump through all the other hoops. In some countries
the easiest way is to find a reliable local partner, since it's very difficult
for foreigners to own a business without a local partner. The whole
point is to find out what the local rules are on ownership of businesses
as it relates to foreigners.
In many developing countries the
majority of businesses operate illegally, or at any rate without registering
with the government. You may hear advice on doing this yourself,
but this is kind of a judgement call. If things don't work out it
could cost you a lot of money later on, and you may be treated much differently
than a local. If you talk to a lot of other business-owning expatriates
and nobody registers with the government, fine, but at least know what
you're getting into.
In some countries foreigners are
allowed to operate certain businesses, but are prohibited from operating
others. It varies from one country to another, just have to do your
homework. There are probably lots of locals who would be glad to
take your money, but you really have to know everything before you plunk
down a dime. In the States we don't have much of a culture of people
going overseas and starting or buying a business. We've always had
people come to the US to start a business, but not the other way around.
Among the issues you'll need to research
are local labor laws (minimum wage, required paid holidays, social tax
contribution, etc), local methods of payment (all cash, bank transfer,
credit card, etc), local requirements to register a business, etc.
If you can find a reliable local accountant or lawyer, this is probably
the best way to go. Some fellow expatriates may have some of this
info, but better to go straight to an expert and pay a few bucks.
Hearsay (which is what a lot of information from fellow expatriates is)
is a poor foundation to base your investment decisions on.
It's also important to know what
the penalties are if you break small rules inadvertently. In some
countries, there would be no penalty at all. In other countries,
a large fine. Some places, they might yank your permits or licenses
to do certain things. It's hard to do everything right all the time,
best to know ahead of time what could happen. Keep in mind that as
a foreigner they may (or may not) treat you more harshly than a local.
One common mistake many business
owners make is to fall in love with the property or the location or whatever,
and neglect to understand how much real work a business can be to run.
Fall in love with the cash flow, fall in love with the lifestyle it offers
you if you have to fall in love with something. Love comes and goes,
but then what remains is the day to day work.
Being A Passive Investor In Local
Businesses
If you don't want to manage a business
on an everyday basis, this may be a good option. Keep in mind that
some countries seem to specialize in Ripping Off Foreigners. Even
big companies find they can't deal with the local bureaucracy and find
their local partners unreliable and more interested in stealing their trade
secrets than anything else (China comes to mind). Some
countries won't allow you to operate a local business by yourself, but
will allow you to be a passive investor in a local business. A number of
countries in Asia come to mind.
If you have expertise in a particular
business field and such businesses exist in the country you've chosen,
this can be a very good way to go. Like anything else it depends on your
local partners, and local business conditions, and it might not be a good
idea to go into a business that you don't have any understanding of.
It's better not to have too many variables - new country, new home, old
business may be better than new country, new home, and new business.
Personal relationships rather than
written contracts take precedence in much of the world, so it's important
to know your local partner(s) extremely well. You normally can't
just run off to court and sue everybody like in the states - and even if
you do go to court, things may go against you. This option,
if done right, can allow you to share in the profits of a growing business,
without having to be around all the time. This might also be the easiest
way to get ripped off if you deal with the wrong people or don't know what
you're doing.
Accurate information is imperative,
particularly accurate accounting information. You have to know the
numbers, and how accounting principles locally vary from those in the states.
It would pay you to spend some time with a reliable local accountant, to
have them explain the local accounting principles. If you have a
substantial amount of money at stake in a business, it might pay you to
have a local, reliable accountant on retainer, who can assist you with
any accounting issues, and who can audit the books of the company you have
invested in, should you deem it necessary. Professionals are normally
most loyal to those who pay them - if you pay your own accountant, and
you have a good relationship with him and he isn't related to anyone in
the company you've invested in, chances are he'll be loyal to you.
Another important issue would be
to know whether you are permitted to move your profits out of the country
without restriction. Most countries allow this, but a few countries
have banking restrictions. In countries where it's somewhat
difficult to do business and capital is scarce and expensive, being a partner
in a local business can be very profitable. You've got a local partner
who knows how to deal with the bureaucracy, labor laws, employees and so
on, and a very high return since capital is highly rewarded due to it's
scarcity. If you have a very good relationship with a trustworthy
local partner, it can be a real win-win situation.
Investing In Local Stock Markets
The easiest way to invest in stock
markets overseas would be via a country-specific mutual fund or ETF (exchange
traded fund). Barclays Global Investors has a group of ETFs called
iShares. They have a number of sector funds, and also a number of country-specific
funds in Asia, Latin America, and Europe. They can be found at www.iShares.com .
The web site www.ETFconnect.com has a listing of a large number of ETFs , some of them sector funds, and
a large number of country-specific funds. ETFs can be a good
way to go since the fees are often even lower than mutual fund fees, and
there's no holding period. Just because stocks are overseas doesn't
make them a bargain, but 75% of the world economy is outside the US - it
makes sense to put your money in more than one place. When the US is in
a recession, other countries may still be growing.
The web site www.ADR.com has
information on foreign stocks which trade as American Depositary Receipts.
If you're interested in individual foreign stocks, ADRs can be a good bet.
The larger fund groups like Vanguard and Fidelity offer some mutual funds
and ETF's for regions - For example, Vanguard has a Pacific fund, including
stocks from Japan, Australia, Hong Kong and Singapore. Matthews
Asia-Pacific specializes in Asian stocks with their mutual funds.
Some foreign stocks are also available
via the over the counter market. Not all brokers in the states handle
over the counter trades, so if yours doesn't you may need to open an account
with a broker who does. Keep in mind that over the counter stocks
often are less liquid, and may not have the ready market that's available
on the larger exchanges.
If you are the analytical sort and
don't mind wading through a lot of data and charts, the book, "Anatomy
of the Bear" by Russell Napier is a great book. It's about
how stock markets move from undervaluation to overvaluation and back.
Most people have heard the mantra "it doesn't matter when you buy if you
hold for the long term". It might matter if you buy at the top of
the market, and it takes ten years (or more) just to come back to even
money. This happened in the US from 1965 - 1982, and 1929-1954 .
The web site Economist.com has a
lot of information about economic, social and political conditions all
over the world. You probably won't find specific stocks to invest
in, but you might find industries or countries that are up and coming.
If you are in a country and are able
to set up a local brokerage account, you may be able to purchase stocks
which aren't commonly available outside the country. With many
of these stocks there won't be the army of analysts who cover every move
of the stock - you'll have to do more of your own research. The downside
of this situation is that there is a lack of information on many stocks,
and the local market may not be so liquid, sales taking longer with a bigger
spread between buy and sell. The upside is that you may find stocks which
are, depending on the local market, significantly underpriced. If
you can buy a stock for 4 times earnings that pays a 10% cash dividend,
and has done so consistently over a period of years, then a lack of information
may not be such a bad thing.
Many locally traded stocks will be
listed in the larger local newspapers.
Dealing With Local Professionals
In most countries, apart from the
very poorest, you should be able to find lawyers, accountants, real
estate professionals, and investment advisors.
A word to the wise - spending money
up front on professionals will save you a lot of money later on.
Lots of people get in a hurry and scrimp on professional advice, and find
later on, after they've lost their shirts, that it costs a lot of money
to recoup part of their investment. Better to get the best advice
upfront, before you commit a large sum of money. A good attitude
with investing is almost always, "Don't be in a hurry". People rush
into all sorts of ill thought out ventures because they are in a
hurry. And, a lot of people get greedy or overestimate demand, they're
counting the money they're going to make before they even buy the business.
They often underestimate the difficulties and overestimate the return.
You can normally find licensed lawyers
and accountants, but in many places real estate professionals are unregulated
and unlicensed - buyer beware. Regulation of stockbrokers is also
very loose in many countries, particularly developing countries.
Not to say that they are all crooks - just that you should investigate
who you plan to deal with. In many of the former Communist countries,
accounting and law separate from the government are a fairly recent phenomenon.
Look for someone with more recent training. You will probably
need a local accountant to help you with your local taxes on an ongoing
basis. You will probably need a local attorney at least at first to help
when you set up or purchase your business. One of these people should
also bring you up to speed on local employment law, if you will be having
any local employees. Things work differently in every country,
and until you gain a good familiarity with the local ways you should rely
on local professionals to fill you in.
In dealing with a real estate professional,
it's wise to seek verification of everything you are told. Don't
believe something just because they said so. If you buy a property,
they have your money and you have the property - in most countries, that's
the end of the story. If you were rooked, too bad, you should have
done your homework in advance. In most countries, your lawyer
will be your right hand man in any real estate transaction. He/she
should be able to tell you about any issues related to the title, contract
issues, etc. Your lawyer should write the contract for purchase,
and should have any relevant papers translated into English, if you're
not literate in the local language. He/she or your accountant should
also inform you of any tax issues related to the property - deed tax, annual
property tax, transfer tax, any taxes which may be due if and when you
sell the property.
With a stock broker, the main issues
would be integrity, and knowledge of local markets, industries, and companies.
The right broker can fill you in on opportunities that few people know
about, lots of investments that you would otherwise have no idea about.
Some important questions to your broker would include who their custodian
for trades is, how long it takes to execute trades, the length of the clearing
period, commission amounts, etc. Keep in mind that stock brokers
are salesmen and not analysts, but they still may have valuable information.
Import/Export
Import/Export is basically just
moving goods around from where they are worth less, to where they are worth
more. This might be as simple as listing things for sale on e-Bay
that you have picked up locally, to moving container loads of manufactured
products.
In many developing countries arts
and crafts are very cheap, as are most products which are labor intensive.
So these may be good candidates for export. In many developing countries
manufactured products are relatively expensive - making them good candidates
for import, provided you can get them through customs and the import duties
aren't too high. Some things as basic as ink cartridges for printers
to digital music players - you'll notice after a while the things which
are much more expensive locally than they are back in the States.
Import/Export has a lot of dimensions.
Many Costa Ricans go to Panama to buy things for their shops, since Panama
has the Colon Free Trade Zone, and products are much cheaper there.
Some people buy crafts on their overseas trips and sell them when they
get home. People from Singapore cross over to Malaysia to the various
free trade zones to buy alcohol. These are small scale examples,
but it's the same concept on a larger scale.
If you have some interest in importing
or exporting, find out what the applicable customs duties are for the products
you're interested in. In some cases you may be able to import or
export small quantities in your bags without paying customs duties.
The most important thing in import/export is to have a market for your
products, at a price that allows you to make a profit. Get a handle
on the market and the profit before you drop a lot of money on product.
Try some test marketing with small quantities first, and see how they sell.
It's pointless to buy a lot of a product that you like, and then take a
loss on it because it won't sell or won't sell for a profit. Sell
something that you can make a profit on - it may or may not be something
you "like". It could be something really mundane that is in short
supply or something more unique.
Taxes
IRS tax regulations on overseas
income are no simpler than for income earned in the US. As a US citizen
you're supposed to pay tax on any worldwide income earned - although you
are allowed to exclude up to a certain amount if you meet certain tests
- like spending at least 330 days overseas within a 12 month period.
Publication 54 from the IRS is the
relevant document to find out the treatment of overseas income. If
you don't mind wading through documents you could do some of your own research.
When it comes to doing your return you may want to retain the services
of a CPA, at least for the first year. To deal with taxes overseas
you should retain a local accountant. If you have only a small off-the-books
income from a business you run casually, taxes may not be an issue.
But if you have employees, a business location, sell to the public, etc,
you don't want to run afoul of the local tax authorities.
If you have an income that's difficult
to trace, then it's a judgement call. There is all sorts of
info out there on offshore tax havens, about which I'll say this : the
IRS may allow them for big companies, but for a small fish it probably
isn't worth the trouble. They can slap you hard for back taxes, interest
and penalties if they deem that you are evading taxes. Sometimes
they attach all your assets if you don't pay up. If you don't mind
the risk, fine, but at least I did warn you. In most countries
you'll find that there aren't so many different taxes as there are in the
States. In most countries the states and cities don't levy their
own separate taxes. For filing and paying your taxes, you may find
it easier to e-file, using a tax preparer or the appropriate tax prep software.
Many tax software programs allow you to e-file and to pay both your annual
taxes and estimated taxes electronically. In many countries the mail
system is less than reliable, and using e-file is a lot cheaper than a
courier service. For more information, visit the IRS web site
- IRS.gov.
Local Bank Accounts and Money
Issues
Banking laws vary from one place
to another. In some countries (like Mexico) you can basically walk
in off the street and open up a bank account. In others (like Costa
Rica) you have to have residency to open an account. In many
countries you will get better service with a private bank than with a state-owned
bank, but not always. Ask around locally and visit several banks
to get a handle on which would suit your needs best. Private banks
may have fewer hoops to jump through in many cases. A state-owned
bank may tell you that this or that is impossible, but you walk in to a
private bank and they say "of course we offer that service" when you ask.
If you plan to open or operate a
local business, ask about all the business banking services. Credit
card merchant fees, cards which are accepted, length of time to clear local
and foreign checks, minimum balances, and monthly fees. If you anticipate
ever needing to borrow money, check on interest rates, conditions,etc.
The situation on interest rates in developing countries has changed dramatically
in the last few years, in many places local interest rates have dropped
drastically - and good to know the local conditions if you ever need to
borrow. It might be a lot easier to borrow locally than seeking a
business loan back in the States - most banks in the States won't lend
on overseas assets.
Evaluating Currency Risk
Currency risk is the risk that you
receive money in one currency, which weakens against another currency in
which you have liabilities. Let's say you borrow money in dollars
to invest in a hotel in country X. The country X currency then drops
35% against the dollar over a few months. You still owe the dollars,
but your hotel is worth 35% less, other things being equal.
Currency risk shouldn't be much of an issue unless you are borrowing in
one currency to invest in a country which uses a different currency, or
if you are doing export/import. If you have a lot of money in a bank
in a country with a falling currency it would also be an issue.
In many countries with unstable currencies
local interest rates can be very high - that 17% interest looks great,
but if the currency drops 20% a year against the dollar you haven't made
anything. So if you plan to put a large sum of money on deposit in
a local bank, compare the interest you receive to the annual depreciation
or appreciation against the dollar. A fairly new phenomenon is the
appreciation of many developing country currencies against the dollar.
One other word of advice - the economies
of many Latin American countries depend heavily on remittances from workers
in the US - especially Mexico and several of the Central American countries.
When the US economy slows down, remittances drop, and the local currency
can also drop in value.
Yes Doesn't Always Mean Yes, No
Isn't Always No
Business culture in the States basically
dictates that people say yes when they mean yes, no when they mean no.
In many countries this isn't considered polite. So people give you
an answer to a question out of politeness, even when they have no idea
of the right answer. Or they say no to something out of politeness,
since you're supposed to say no three times before you say yes in some
places. This kind of thing will drive you nuts until you figure
out the local etiquette. I've noticed this in many places -
like in Mexico, I ask four locals for directions to the same place and
get four different answers. They might not know the answer, but they
were being polite. Most countries don't have "cultural consultants"
to tip you off to all the local quirks, so ask other expatriates or even
your lawyer or any local people you are on good terms with - misunderstandings
are easy to clear up if you know what the local cultural forms are.
Developing Right Relationships
A large part of your success in
any sort of business venture overseas will depend on trusting the right
people. And on developing the right relationships with those people
you trust. In the States we pay people to be trustworthy and
to do business with us. In many parts of the world, money is not
the universal language. You have to have a good relationship with
people, then you can do business. But not until then.
Often people won't tell you about
real problems right away, especially if you don't have a good relationship
with them. In many parts of the world, US business culture is considered
harsh and uncaring. So it's important not to leave your local employees,
customers and suppliers with this impression - if you have a good relationship
with them, they'll tend to tell you about problems before they become a
crisis.
Many people have difficulties in
their overseas ventures because they expect things to work the same in
other countries as they do in the States. They expect people to act
in similar ways, even though they consciously know that things are different.
If you put some conscious effort into dealing with people in the locally
accepted ways where they make sense, you may find that it eases your transition
into the local economy and society. Also keep in mind that
contracts in other countries don't always have the same effect that they
do in the States. Some contracts may be enforceable, some may not
be - and regardless it may cost too much and take too long to enforce them
anyway. The key is to know who you are dealing with, and to have
good relationships with them. And watch people like a hawk until
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or not and regardless of your background or situation. This remarkable
approach is based on 19 years of experience and proven systems. |
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