Trading Stocks And Futures While Living In DR

Contango

Banned
Dec 27, 2010
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Hey guys, I have a few questions. Some may sound obvious, but Id like to know for sure. Thanks.
1. If I have return Plane ticket which is longer than 6 months will this be an issue at Customs?

2. How much is monthly High Speed roughly for 10.0MBS, Altagracia area?

3. Does Cable TV in the DR offer CNBC and Bloomberg, will I need an upgraded package, and cost roughly?

4. Earning an Income from Futures Trading or Equities over the Internet will not trigger any type of DR Tax? Physically I?m not earning money in the DR, although I?m trading from there. My business is regd in another Country (maybe I just answered my own question)?

5. When I settle my trades and have my Brokerage transfer money to my DR bank account is this a problem in any way?

6. Will I have to wake up an hour earlier for the 9:30am bell, because DR doesn?t have Day Light Savings Time? Just kidding on this one.

Thanks for any info you can forward me..

Cheers and Happy Trading.
 

Tamborista

hasta la tambora
Apr 4, 2005
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It is an hour later in Santo Domingo, you can sleep until 10:30 and make the opening bell!
 
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Robert

Stay Frosty!
Jan 2, 1999
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Internet is going to be your biggest issue if you are in the Punta Cana / Bavaro area.

Some areas you can get good connectivity that is reasonably reliable, others it will be terrible or unavailable, despite what Codetel, Tricom etc want you to believe.

Unless you have deep pockets, know the right people, you're not going to get a 10 MB connection. 10 MB with Codetel in Santo Domingo costs around US$280 (incl 28%) monthly.
 

Contango

Banned
Dec 27, 2010
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Thank You Robert, Tamba, and Beeza.
I didn't realize how expensive DSL was on the Island, although in my case I can tax deduct it, as its essential to trading. I was going to get two different companies to avoid any possible downtime.. I can probably get aways with 5MBS, Im using a Level 2 platform which might help compensate for speed, Im so use to 10mbs.. They dont seem to offer 6 or 7 MBS...
 

georgig

New member
Jul 25, 2010
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Hi Contango,
I trade futures/stocks/indexes from DR for the last 1,5 years. A $50 internet connection perfectly supports my trading platform /Cabarete/. You are not taxable in DR as the place of the transactions is not DR, but the place your broker is registered /thats my explanation to tax authorities and it works/. You can open a bank account here for 1 hour subject you have a simple bank letter from your home bank - bring one with you when come to DR. You can start receiving wire transfers internationaly, sending wire transfers internationaly, opening L/Cs etc. the same day you open a bank account. My advise - don't do this for amounts above $ 10 000 per day - there are a lot of questions which you have to answer and the local bankers do not understand the answers rapidly. If you need more details - pm me.
Wish you good trades today!
 

DMV123

Bronze
Mar 31, 2010
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While your tax avoidance seems to work ( be careful what you post) Dominican law regarding tax is territorial in nature. IF you live here and what you do here creates income then you are taxable.Anything else is avoidance and specifically prohibited.

Income generated by investments offshore is taxable on receipt here but exempt for first 3 years(with your residencia). Not taxable is your retirement and pension incomes.

All that being said many do not pay taxes.
 

Contango

Banned
Dec 27, 2010
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Thanks Milo and thank you George! Nice to know there are others trading in the Sun, which I assumed there would be for sure!
My Chipotle short 'CMG' today will pay for some serious cable, just covered no point being greedy....
George what about Bloomberg and CNBC, Im so use to having those on in the background, considering their pundits try and move markets. In the DR will I get a "HD Box" or is it direct line in.. Thanks again all, I really appreciate the responses.
"Buy the dip and take the trip"..
 

DMV123

Bronze
Mar 31, 2010
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The OP never mentioned being a Dominican resident, therefore he is not avoiding any tax authority, as you suggested.

He is asking about LIVING in the DR thus tax is payable. The law is TERRITORIAL in nature meaning if you are HERE it applies. Just like the labor code and other laws. Residency is irrelevant.If he is living here then this applies to him.(not talking about a 3month holiday)
 

georgig

New member
Jul 25, 2010
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Bloomberg and CNBC are available here, as well as many other services. It doesn't matter if you pay $50 or $200 for internet - the quality is almost equal - jast be prepared for interuptions, breakdowns etc. - it is managable.
 

Contango

Banned
Dec 27, 2010
2,196
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I can buy a 24inch Samsung HD TV today, Boxing week in Canada for $224.
Im thinking that's about the biggest I can fit in my suit case.. Im assuming the same TV would be about twice as much in the DR?
Im coming down for 12 months, going to rent first and see if I can handle the adjustment before I buy a place, if I do at all... Going in early Feb to make the arrangements, coming back a month or two later to live. Im trying to rent a fully furnished Condo or villa.... My "selfish plan" is to work Monday to Friday trading, and take the weekends for fun.. I dont trade very well when I DRINK, and the few times Ive done that I had my face ripped off by some market maker..
 

Contango

Banned
Dec 27, 2010
2,196
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Well said...make sure you have the number of the trading desk...you will need it eventually.

Staying short EURUSD!

1.3110 LAST

I bought USD with CDN, in the last several months when CDN hits parity it has pulled back 3 times and this time we are at top of the market pre Leeman, IMHO. Actually Id really like a pull back so we can all load up again.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
1,343
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I bought USD with CDN, in the last several months when CDN hits parity it has pulled back 3 times and this time we are at top of the market pre Leeman, IMHO. Actually Id really like a pull back so we can all load up again.

USDCAD is at 2 1/2 year low and going lower as I type....9990!

The RDCAD spread is so wide you can drive a Gua Gua through it, and it is not on the screen.
 

pedrochemical

Silver
Aug 22, 2008
3,410
465
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If you day trade, especially if you use robots, you might want to set up a VPN/Virtual Desktop out of the states and run your software form there.
The time it takes to get through to your broker when the internet goes down could cost you a heap of cash. I have seen it happen.

Depends how you trade....
 

Contango

Banned
Dec 27, 2010
2,196
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USDCAD is at 2 1/2 year low and going lower as I type....9990!

The RDCAD spread is so wide you can drive a Gua Gua through it, and it is not on the screen.

Im not trading FOREX, I bought USD to pad my US Margin acct to offset possible margin interest if I go over in the rare days I hold over night..
I trade equities and Oil/Gas Futures. I dont know schit about Forex Trading..
 

pedrochemical

Silver
Aug 22, 2008
3,410
465
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Im not trading FOREX, I bought USD to pad my US Margin acct to offset possible margin interest if I go over in the rare days I hold over night..
I trade equities and Oil/Gas Futures. I dont know schit about Forex Trading..


Well if you are day trading then definitely have more than 1 internet service available at all times.

That goes for online poker playing too.....;)