Hi, I am living in CA and plan coming to Sosua end this year for vacation. I would like to invest US$40k in a 5 year CD. Here are my questions:
- what do I need to open a bank account in Sosua?
- can I actually do it while on vacation (3 weeks)?
- what is the best way transferring money from US to DomRep? wiring money, bringing cash, several smaller transactions?
- do I need to pay taxes on the interest? Will the DomRep bank report it to the IRS?
- what is currently the interest for this kind of CD?
- what is the best bank for this transaction?
Since I plan to live there in a year or 2, I don't mind getting the interest in pesos.
- what do I need to open a bank account in Sosua?
- can I actually do it while on vacation (3 weeks)?
- what is the best way transferring money from US to DomRep? wiring money, bringing cash, several smaller transactions?
- do I need to pay taxes on the interest? Will the DomRep bank report it to the IRS?
- what is currently the interest for this kind of CD?
- what is the best bank for this transaction?
Since I plan to live there in a year or 2, I don't mind getting the interest in pesos.