Banks and Financial Houses
Escott said:
Forget about getting credit for a house to buy. You must come to the DR and PAY CASH. You can get 50% interest in the bank on Pesos and they will make money lending you money.
You need a passport and letters of credit from your bank in Europe for most banks. I brought 2 from banks and one from a stock broker.
I have total of 1k in banks btw and most of my money in a finance house and in Real Estate. I don't trust the banks.
Scott
Hi Scott,
This is my 3rd post on this website, and I found you and Grahame to be very helpful and informative. Let me just say that I'm so happy to have found such a resourceful site for our concerns. We live in NJ and are planning to move to RD before the year is out. (you must have heard this plenty!) We figure if we're going to work for the rest of our lives, it may as well be in 'paradise'...YES with all it's garbage, erratic traffic, etc.
With regard to the banks and other investment vehicles - would you recommend investing cash prior to us taking the leap forward? If so, I've been told due tot he IRS's roving eyes, the banks frown on this process for Americans. I'v heard claims that we'd be much better off having either a residency card from the RD first, or residency from nother country(???)
Are you talking about stocks in the finance houses? How much safer than the banks are they? We shouldn't have a problem with the documentation as we have plenty of equity in 2 homes (1 of which we will keep at the shore and rent out) and a retirement plan I plan to keep invested here.
If we work in the RD, invest, whether it be real estate or stocks, are we subject to capital gains tax and income tax back in the states? Can you shed some light on this?
Also, working online is imperative for me, so how dependable is access in your part of the woods?
Your response it greatly appreciated.
Susie :bunny:
