I am an American who visits the DR four times a year for vacation in the Bavaro/Punta Cana area. I have been told by many Dominicans that I should "move" some of my bank accounts to the DR to earn much more bank interest. I am considering to move about $100,000 us dollars to the DR. This is about 10% of my liquid assets.
My questions:
1) What are the current CD rates for 1 yr. for $100,000 us dollars?
OR is it better to go with shorter-term CD's to maximize the interest rate.
2) What is considered the BEST and most SAFE bank in the DR ?
3) I have been told that bank deposits are NO problem but withdrawns can be difficult if you are not Dominican?
4) Is this even a semi-good idea or should I just forget the whole idea and be happy with the 5% from US banks?
5) I would want to keep my deposit in US dollars, is this a good idea?
My Dominican friends are in higher management postions within the hotel industry but I question their financial advice. This deposit would be in my name only, so there is no scam involved.
Any advice from ex-pats, banking officials, attorneys, etc. would be appreciated. I am sure many individuals have the same financial questions as myself.
My questions:
1) What are the current CD rates for 1 yr. for $100,000 us dollars?
OR is it better to go with shorter-term CD's to maximize the interest rate.
2) What is considered the BEST and most SAFE bank in the DR ?
3) I have been told that bank deposits are NO problem but withdrawns can be difficult if you are not Dominican?
4) Is this even a semi-good idea or should I just forget the whole idea and be happy with the 5% from US banks?
5) I would want to keep my deposit in US dollars, is this a good idea?
My Dominican friends are in higher management postions within the hotel industry but I question their financial advice. This deposit would be in my name only, so there is no scam involved.
Any advice from ex-pats, banking officials, attorneys, etc. would be appreciated. I am sure many individuals have the same financial questions as myself.