The Expat Files - Cooked Books - 04/26/13

-Latins regularly cheat on their taxes with impunity and almost always get away with it. That means if you are looking to buy, rent or lease an existing business, you can be 100% sure that the books are cooked (undercooked actually) for the taxman’s benefit. So then, how can you get a true picture of the health of that business? Here are some tips….

-The only Latin government departments that are actually somewhat organized along first(or second) world lines are IVA tax collections (called VAT tax in Europe). And it figures. When it comes to the money shakedown, even government slugs get off their dead asses. In fact Latin governments even have an 800 number “snitch” hotline for civilians to report on businesses that do not give out official receipts (facturas). Tax evasion is considered a minor crime that can generally be fixed with a bribe.

-Some “off the books” items to consider along with some questions to ask the seller, if you plan on buying an existing business in Latin America

-A few words about property and business option clauses in Latin contracts, and what to be on the look out for- if a Latino happens to make you an offer on YOUR little mom and pop business.

-The upcoming Expat Wisdom “Latin American Insider Seminar” (well off the gringo tourist trail of course) will be Sunday, June 23, thru Friday, June 28… a full six days. Be be sure to go to ExpatWisdom.com and click on the seminar link for full details, pricing and earlybird signup bonus…

-Follow the link on the main page at www.ExpatWisdom.com to schedule a private consultation with me. If you want to discuss the details of living, working, playing, doing business and/or retiring in Latin America, now you and I can talk about your situation one on one