You can contact Jesselin Rodriguez at Jesseilin_Rodriguez@bhdvalores.com.do
They are still offering investments, as far as I know.
- Thread starter Castro156
- Start date
NEW Bank CD question..
You can contact Jesselin Rodriguez at Jesseilin_Rodriguez@bhdvalores.com.do
They are still offering investments, as far as I know.
yea it's called FATCA and they're trying to expand upon it
IRS Urged To Delay And Reconsider FATCA Compliance Rules | Taxes
IRS Urged To Delay And Reconsider FATCA Compliance Rules | Taxes
I read about investing in long term (7 years and about 15% interest) bank certificates.
Is still available this method ?
And about CEVALDOM - any suggestions on interest and risks ?
For the first years I just want to see and learn (and live by a secure income).
Thanks to all.
Is still available this method ?
And about CEVALDOM - any suggestions on interest and risks ?
For the first years I just want to see and learn (and live by a secure income).
Thanks to all.
I have no idea what current interest rates are.
Keep in mind that the total return is greatly impacted by the foreign exchange rate of the peso to your original currency. At one point in 2005 the peso was about 25 to the USD and now in 2013 the DR peso is about 41 to the US dollar for a devaluation of about 72% in 8 years with an average yearly loss of 9%.
USD/DOP Currency Conversion Chart - Yahoo! Finance
Here is what you are looking for. The rates are not good once you figure in devaluation and the 10% tax. Inversiones Popular
The best long term rate on the link posted is 11%. Consider the average yearly peso devaluation recently has been about 9% per year and you are taxed at 10% on interest decreasing your rate by about 1.1% you stand to make about 0.9% per year based upon the recent past performance of peso investments.
Is 0.9% a year worth it if your money is not already in DR pesos?
I agree 100% with everything Windeguy has said. He's knowledgeable and obviously proficient in math. However, consider this perspective:
1. the pesos has only gone from 37 to 41 in the last 4 years.
2. for every US $100,000 dollars you have, you receive US $11,000 in interest paid yearly in pesos.
3. the interest is compounded monthly if you have it in the right bank. this can add up nicely.
4. you pay 10% of your interest (not your principal) yearly. that's only US $1100 a year on $100,000--leaving you with US $9,900 a year in interest--slightly more if its been compounded monthly.
At the end of the day, the most important thing to consider is if you are planning to live in the DR for a very long time and use the money in the DR. If this is the case--and you don't plan on converting it back to US dollars, then yes, this is a viable option, and i have been surviving this way in the DR for around 10 years now. my father survived this way before me. i come from a long line of sloth like, lazy losers who do not like to work hard.
If, however, you do not think you will be in the DR for a long time, then i would not recommend this. in fact, i would strongly discourage it. It would be way too risky.
Remember, there are risks--one being the devaluation of the Dominican peso; the other being the country.
However, if you find a bank that is compounding the interest monthly--and you must be careful here, because there are flim-flam banks that promise high interest rates and everything else--i would avoid these banks like the plague and do your homework. I have no bank recommendations, so please do your own homework. Many of my friends here live off interest, as do my family. But, most of us plan on being here for the rest of our lives--or close to it--because we have a Dominican connection to the island.
Hope this helps.
Frank
Frank
1. the pesos has only gone from 37 to 41 in the last 4 years.
2. for every US $100,000 dollars you have, you receive US $11,000 in interest paid yearly in pesos.
3. the interest is compounded monthly if you have it in the right bank. this can add up nicely.
4. you pay 10% of your interest (not your principal) yearly. that's only US $1100 a year on $100,000--leaving you with US $9,900 a year in interest--slightly more if its been compounded monthly.
At the end of the day, the most important thing to consider is if you are planning to live in the DR for a very long time and use the money in the DR. If this is the case--and you don't plan on converting it back to US dollars, then yes, this is a viable option, and i have been surviving this way in the DR for around 10 years now. my father survived this way before me. i come from a long line of sloth like, lazy losers who do not like to work hard.
If, however, you do not think you will be in the DR for a long time, then i would not recommend this. in fact, i would strongly discourage it. It would be way too risky.
Remember, there are risks--one being the devaluation of the Dominican peso; the other being the country.
However, if you find a bank that is compounding the interest monthly--and you must be careful here, because there are flim-flam banks that promise high interest rates and everything else--i would avoid these banks like the plague and do your homework. I have no bank recommendations, so please do your own homework. Many of my friends here live off interest, as do my family. But, most of us plan on being here for the rest of our lives--or close to it--because we have a Dominican connection to the island.
Hope this helps.
Frank
Frank
get interest rated in dollars instead of pesos if your not intending to live in the d.r for along time. and id get it short term instead my opinion. the interest are lower and so are the risks.