February 7, 2014
I did not previously mention that I invested in a sports bar in Illinois. I made this investment while I was on my trip to Chile and Panama in April of 2013. The idea came from a longtime friend of my brother’s (I’ll call him Sam). He is a businessman who seems to make money in every business venture he tries. Sam’s brother, Joe, had already successfully established two sports bars in Phoenix so Joe acted as a consultant for the bar in Illinois that Sam, my brother, and I own.
The bar opened at the end of August and is already quite profitable. I invested $37,500 and received my first profit payment of $1250 in December. If I got a payment of that amount every month this year, I would be making 40% per year on my investment. In fact, my brother told me in early January that he and I got a payout of $5000 in January. And now he says that even though January was the slowest month yet, we’ll each be getting a payout of $2500 in February. If I make $2500/month each month in 2014, I’ll be making a profit of 80% in one year! I don’t want to be too hopeful, but I think I may have finally achieved my goal of financial freedom.
5 gambling machines were installed in the sports bar in mid-December and this looks like it will greatly improve our return. My brother told me we made $1000 in one week and $1200 another week. My share of all the profits will be ¼ because I own ¼ of the bar.
This investment could help me to qualify for some of the residency programs offered by other countries I’m interested in. I may want to increase my options for a second passport. Panama was the easiest for my circumstances at the time I started that process and I’m glad I did it.
In December, I learned that Panama proposed a law saying that they are going to start taxing their citizens and residents on all their worldwide income. That’s what the U.S. does and one of the primary benefits of renouncing U.S. citizenship (although you cannot renounce citizenship for that reason). There was such a big uproar about this proposed law in Panama that President Martinelli said the law would be repealed the following week (the first week in January). That doesn’t change the fact that the thought is out there. It changes my desire to get citizenship in Panama. Why would I want to go from citizenship in one country that taxes my worldwide income to another? There’s really no point. Which means that I’ll start looking around for another country with a good residency program for which I will qualify.
Yours in Prosperity,