Hey everyone, hope all is well in Forum-land.
I just have quick question about Bank Certificates, I know this topic has been covered before on the forums and I did a search and found some helpful info.. Yet still I have a question/s...
There was a term used by "old school" Dominican conservative investors; "Plazo fijo y de eso vivo" in terms of bank CD's.. Back in the day this was common practice, one would have a few million pesos, get 16% interest and basically live off of the $60, to $70,000 pesos a month while maintaining their nest egg in tact without any tricky investments.. Seemed like a sure way to live without risks involved.. Even with all the Bank situations ie BANITER etc etc. I still never heard of anyone who personally lost all their money or that a MAJOR Dominican bank like BHD, BANCO LEON OR BANCO DE RESERVAS flat out not pay out a CD if and when a customer decided to cash out.
My questions are..
1 - is this still common practice in DR? "Plazo fijo y de eso vivo"
2- What MAJOR banks are paying the highest interest for long term CD's (24-36 MONTHS)??
3- is the profit taxed these days like in the US?
4- What are the pros and cons of this type of investing in Dominican banks..
All feedback , answers and observations are greatly appreciated.
milz~:classic:
I just have quick question about Bank Certificates, I know this topic has been covered before on the forums and I did a search and found some helpful info.. Yet still I have a question/s...
There was a term used by "old school" Dominican conservative investors; "Plazo fijo y de eso vivo" in terms of bank CD's.. Back in the day this was common practice, one would have a few million pesos, get 16% interest and basically live off of the $60, to $70,000 pesos a month while maintaining their nest egg in tact without any tricky investments.. Seemed like a sure way to live without risks involved.. Even with all the Bank situations ie BANITER etc etc. I still never heard of anyone who personally lost all their money or that a MAJOR Dominican bank like BHD, BANCO LEON OR BANCO DE RESERVAS flat out not pay out a CD if and when a customer decided to cash out.
My questions are..
1 - is this still common practice in DR? "Plazo fijo y de eso vivo"
2- What MAJOR banks are paying the highest interest for long term CD's (24-36 MONTHS)??
3- is the profit taxed these days like in the US?
4- What are the pros and cons of this type of investing in Dominican banks..
All feedback , answers and observations are greatly appreciated.
milz~:classic: