Preparations and Waiting

Since returning from Panama I am basically in a waiting position - with a few loose ends to tie up in the US.

First I have to sell my condo in Atlanta. Then I can buy the teak-plantation to get my residency visa process rolling. 

So nothing is happening until my condo is on sale. In order to sell it, however, I'll have to do some renovations. So, I drive the 780 miles (~1300km) to Atlanta - with a rental from the dealership. Because my dear old Prius gets "renovated", too - 6,500$ for a new big battery, replacement of dashboard cluster, new small battery, new tires, and a few other things. The trunk is full of tools and work-clothes. I'm anticipating a week or two of work.

Luckily, the real-estate market in the US is piping hot! When I arrive in Atlanta, the day before my appointment with the realtor I get one of those text-messages from a whole-sale buyer. I respond, and they agree to a price that I find fair towards me and towards them! And I don't have to do any work, they buy it as-is! Yeay! 

First they say they'd close in 3 weeks. But, three days before the closing they postpone by another 2 weeks! Well, no problem that gives me time to get my things organized in Wilmington. So, I drive back to Wilmington, get the last few items that my now-ex-wife Suzanne has put together and placed in her garage for me, and move everything into a storage unit. 

Then I pack the items that I think I will need for the next year in Panama: my kitchenaid (so I can bake my rye-bread) the rye flower and other bread ingredients, the Kelomat pressure cooker, some simple tools, a few gifts for my girls in Panama, the computers, and 2 shirts, 2 pants, 2 underwear (you see my priorities?) - all in all three 50 lb suitcases, my backpack, and another carry-on bag. Aye aye aye! Will I ever be able to travel light?

But now. finally, everything in Wilmington is settled. Time to drive the Prius back to Atlanta. But beofre that, three days before the closing, the buyer calls and says they want to change the price, reducing it by 10,000$! I stay firm, though - the due diligence period has expired, so they are bound by the purchase&sales contract. I tell them, they can breach the contract and forfeit their ernest money, or they follow through on the contractual agreement! They try to pressure me a little more, offering 5,000$ price reduction ("Do you really want to let the deal go for 5,000$" they ask), but I'm firm... So they agree to stay with the original agreement (apparently, they don't want to lose the deal and their 2,000$ earnest money over a 5,000$ either!) And we close as planned!

Hint to you: don't let these sharks mess with your mind! Once the due diligence period is done, they can't reduce the price anymore - except if you agree to it! Just don't!!!

The closing happens as planned! Yeay! The money arrives the same day in my account! Now I am ready to start the next big step: purchasing the teak plantation!

My Teak Plantation

Now that I have the proceeds of the sale of my condo in my account, I can make the transfer to Panama to pay for the teak plantation. But, wait, not so fast!

10 year old teak trees!

It takes 70 years for spruce and fir, but only 25 years +/- for teak!

I am buying the teak plantation to be eligible for a reforestation visa. Jeff, the CEO of Panama Teak Forestry, and their lawyer Lill of Kery Cruz are very helpful in telling me exactly how to go about it, and what to be careful about.

The rule says, the plantation has to be in my name (that is, not in the name of a foundation or company I might have in Panama), and the funds have to be transferred from a Non-Panamanian account in my name straight to the PTF account. Plus, they want a notarized and apostilled confirmation of the transfer from the bank where my account is from which I make the transfer.

Well, E*Trade is a 21st century bank, where everything is done online. There is no branch, where I could go to get a document with a signature of a live person that can be notarized and apostilled! 

Panama is a developing country, which is under strong pressure from the US to be diligent about money transfers, due to a history of money laundering. So, the Panamanian banks, as well as the Panamanian government want to make sure everything is in right order, but they use 20th century processes. 

I talk to Customer Service at E*Trade, but they, too, are at their wit's end about how to get this accomplished. They can send me a transfer confirmation, no problem. And it is on their letter head, no problem either. But, it is an email attachment, thus doesn't have a live-ink signature.

I end up printing the email document, and writing on it that I swear by perjury of law that this is an authentic document. I sign it in front of the notary and get his seal. Then I submit that form to the GSCCA who apostilles Georgia notarizations. I hope, this will satisfy the Panamanian Immigration department. We'll see...

Two days after I initiated the transfer, I get an email from PTF notifying me that their bank is threatening to reject the wire if we all don't submit within 2 days a bunch of documents! 

They request: The singed contract (of course), six months worth of statements of the account where the money originated (well, ok, too) that also shows this transfer. Heck! How am I getting a bank statement in the middle of April, that shows a transaction that happened in the middle of April? Impossible! Statements are created at the beginning of the month for the previous month! 

I decide to take a screenshot of my online-banking recent transactions page and submit that, together with the 6 months statements. Plus, for good measures, I add the HUD statement of my condo sale, too, to prove where the big deposit came from, that showed up on the account 5 days before the wire to Panama went out.

Two days later PTF emails me, that the transfer was accepted and the funds were credited to their account. Yeay! First hurdle taken successfully!

Now I can go back to Panama, buy my land, and start building my home...