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Investing Money in the Domincian Republic
07-18-2012, 05:16 PM
I'm certainly not a financial guru, so I'll post this up to get a consensus.
It has been brought to my attention that the interests rates on U.S. dollars are high here.
http://www.ascotadvisory.com/OffshoreArticleINT.html
This website is claiming 7-8% on a 90 day CD. There has to be a catch. If not, I have enough in the bank to bring down here and start living off interest.
Thoughts?
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Investing Money in the Domincian Republic
07-18-2012, 06:50 PM
http://www.dr1.com/forums/new-members-in...ngs-2.html
Here's a link to the DR1 forum with an interest chart from the local banks. Some are paying pretty high. Enough to live on a 20K investment. It sounds too good to be true.
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Investing Money in the Domincian Republic
07-18-2012, 09:09 PM
This is quite intriguing! Anyone in here has or is investing in these foreign accounts? I remember a few years ago, think in 2004-2007, Brasil was offering 12, 13 and even up to 15% rates per annum on their savings accounts. I'm definitely going to look into investing funds into overseas account in the near future on an on going basis. Much better than letting them rot here at abysmal rates...
If you do go ahead with this Ali, let us know how it goes. I'm going to be following this thread with great interest.
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Investing Money in the Domincian Republic
07-18-2012, 09:47 PM
Quote: (07-18-2012 09:09 PM)Vacancier Permanent Wrote:
This is quite intriguing! Anyone in here has or is investing in these foreign accounts? I remember a few years ago, think in 2004-2007, Brasil was offering 12, 13 and even up to 15% rates per annum on their savings accounts. I'm definitely going to look into investing funds into overseas account in the near future on an on going basis. Much better than letting them rot here at abysmal rates...
If you do go ahead with this Ali, let us know how it goes. I'm going to be following this thread with great interest.
No way man. There's some financial minds on here that love to pick apart this shit. I want their input before putting ANYTHING down here. I invest all my money on pussy and beer. The returns so far are a sore dick, hangover, and a Plan B pill the other day.
This really isn't my forte. I need some objective input.
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Investing Money in the Domincian Republic
07-19-2012, 08:50 AM
I got a few PMs on investing etc, I'm jammed all week but I'll try to take a look Sunday.
On a first look I'd say you're in a tough spot, if my very bad memory serves me, inflation there is high, 7%+, you've got to denominate in USD/dop? It's unclear. However, if you do plan to live there for the rest of your life in the future I see no reason in notgetting a bank account.
Finally unless you are dealing with very large sums of money you have no chance making money in currencies. I have said this 1000,0000 times here but people still keep "wondering" just not possible. Unless you have electronic trading capabilities in your home trading forex or being a day trader is a joke, you might get "lucky" but that's all it is.
I'd suggest people ping portofmaneu instead as he has a much better idea, using the rates to buy material goods if you have already left the country. That's much safer.
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Investing Money in the Domincian Republic
07-19-2012, 12:16 PM
Be careful investing in other countries. Its a tricky racket. I have a small piece of land in Mexico. If I want to check on it, I have to fly there. I can't trust what the locals tell me. For all I know they have built a soccer field on it and threw away my ownership paperwork. I hope I don't get screwed and lose my money. I wish I would have just put that money in a cd at my local bank.
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Investing Money in the Domincian Republic
07-24-2012, 07:55 PM
The local compra-venta (pawnshop) loans money at 10% per month. Go to one and tell them that you will loan them money at 5% and invest more money each month.
Dominicans pay high interest to borrow money. My friend would loan money on property. He would give the owner 25% of the property and charge 3% a month. He ended up with lots of homes/property.
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Investing Money in the Domincian Republic
07-25-2012, 10:30 AM
be careful doing it - especially as a foreigner......
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Investing Money in the Domincian Republic
07-25-2012, 11:21 AM
You have to be realllllllly careful when making investments like that in countries that aren't really established or entirely financially stable. Like jdelisi said, if the exchange rate changes, you could lose a TON of your initial investment. In my opinion, not worth risking it.
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Investing Money in the Domincian Republic
07-25-2012, 11:25 AM
How much are they really gonna change when you live there and can watch it every day. 90 day cd even at 2% that pays interest monthly. I was there 6 months ago and the exchange has stayed the same
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Investing Money in the Domincian Republic
07-25-2012, 05:31 PM
What about banks, like Liberty Bank in the Republic of Georgia that I linked above, that give around 9% on 1 year CDs denominated in USD?
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Investing Money in the Domincian Republic
07-25-2012, 08:31 PM
Quote: (07-25-2012 05:31 PM)nmmoooreland20 Wrote:
What about banks, like Liberty Bank in the Republic of Georgia that I linked above, that give around 9% on 1 year CDs denominated in USD?
I saw an ad in Dubai about the economic growth of Georgia. Interesting. Never researched it, but it was a good place to put the ad.
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Investing Money in the Domincian Republic
07-28-2012, 06:35 PM
Quote: (07-24-2012 07:55 PM)patron Wrote:
The local compra-venta (pawnshop) loans money at 10% per month. Go to one and tell them that you will loan them money at 5% and invest more money each month.
Dominicans pay high interest to borrow money. My friend would loan money on property. He would give the owner 25% of the property and charge 3% a month. He ended up with lots of homes/property.
3% a month ! - 36% a year ?
thats usury!
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Investing Money in the Domincian Republic
07-28-2012, 10:14 PM
^ Most Credit Cards in North America are equal or worse.
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Investing Money in the Domincian Republic
01-07-2014, 04:51 PM
Try getting the money out of these countries. They have exchange controls like the republic of georgia mentioned earlier
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Investing Money in the Domincian Republic
01-07-2014, 07:09 PM
You can invest in dominican pesos or us dollars. Investing in DP will get you a higher interest rate. In 2006, the interest rate on DP was 24% and dollars 12%. I think th interest rates now are 12 to 14% on DP and 8% on us dollars. It depends on how long you want to invest the money.
There are no exchange controls. Money flows in and out of the country everyday.