How I lost a Customer to Panama – A Concerning Bummer!

I flew to Miami in January to attend an investment conference with some of the brightest finance minds in the world. Walking the hallways, I was greeted by folks just like me, seeking to gain knowledge about international markets and investment strategies. I was in seventh-heaven!

I never thought “seventh-heaven” would be in Miami – but it was that weekend!

One of the people I really wanted to meet (I will call him “Doc”) was lurking in the hallways. We connected, began talking about wine, when I noticed another couple waiting eagerly to speak with him. They noticed my nametag with the country Costa Rica below my name. We shared pleasantries, exchanged email addresses and off we went…

As soon as I returned to Dominical, I received an email from this this couple that said, “John, remember us? We are coming to Costa Rica to look at retirement options, can you help us?” I was overjoyed. We scheduled a date to see homes together. It was perfect!

We met in Manuel Antonio three weeks later. After seeing a morning worth of homes, we sat for a beer and chatted about our encounter in Miami.

The remainder of the day was in my neighborhood of Dominical and they were blown away by the natural beauty and also by the quality of residential options. I was excited as I foresaw a sale in my imminent future to like-minded individuals.

I often critique myself after a day with customers and think of things I could have improved, dialog I may have changed, questions I did not ask… I gave myself an “A+!” A sale was forthcoming.

Wrong.

They began asking about medical insurance costs, how to open up a bank account, and the immigration process, to name a few. I answered with my 12 years of experience.

What I did not know was that FATCA in all its novel-like fine print, was screwing with me. (I was aware of some things, but had not read all 8,000 pages – sorry).

“You mean that the costs of CAJA (the socialized medical system in Costa Rica) will be $200/mo? For retirees?”

I had to do my homework. That is not what I have been paying into the system as a permanent resident. Huh? Really?

“The costs of obtaining residency is what? And to open a bank account I need to provide my social security number?” Are you serious? I was in shock because though all of this is par for the course in the U.S., it is new for Costa Rica.

I thought I finally knew it all but things changed on July 1st, 2014. The rules of international living have changed. We are now an open book. Peel back the onion people and get ready for the new world order.

“Thank You John, you have been incredibly helpful since we met you in Miami. You were prompt and professional, but we are sorry. We will not be retiring in Costa Rica. Our sites are now on Panama.”

Apparently, things are changing faster than I can read 8000 pages. Time to sharpen my saw (which is always good advice anyway).

I just lost a customer to Panama. That was my first in many, many years.

Get to know your personal retirement (or international investment) needs really well. Get educated. Laws are changing very fast - faster than most of us can keep up with.

I will do a better job next time, I promise. I just hope that is good enough so that I secure those customers that want to enjoy Pura Vida.