Long term investment ??

granca

Bronze
Aug 20, 2007
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My daughter who will be 8 in August has been given a goodly sum of money by her God Mother in US$, which she cannot have until she is 18. Where can I find a 10 year investment with interest that she cannot touch , nor anybody else, until she is 18. Banco Popular tell me she cannot have any type of account in her own name before she is 18 and that the maximum term Certificate of Deposit is for 2 years only! Any suggestion or advice would be welcome.
 

donP

Newbie
Dec 14, 2008
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Not in the DR

Where can I find a 10 year investment with interest that she cannot touch , nor anybody else, until she is 18. Banco Popular ....

Banco Popular???????
I would not even think about putting that money in a Dominican bank.
Open an account in the US for that.

donP

P.S.:
See you at the French caf? for details.
 

Syork

New member
Sep 5, 2004
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Check BHD Valores- they have dollar investment possibilities. Interest is paid monthly into your savings account. Probably would have to be in your name. Some investments, such as bonds from Hacienda, are for as long as 10 years.
 

pauleast

*** I love DR1 ***
Jan 29, 2012
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T. Rowe Price Investments. U.S based, handles billions for Governments, businesses and individuals.
 

appleman

New member
Dec 18, 2003
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My daughter who will be 8 in August has been given a goodly sum of money by her God Mother in US$, which she cannot have until she is 18. Where can I find a 10 year investment with interest that she cannot touch , nor anybody else, until she is 18. Banco Popular tell me she cannot have any type of account in her own name before she is 18 and that the maximum term Certificate of Deposit is for 2 years only! Any suggestion or advice would be welcome.


In the US, any investment company can set up a "uniform gift to minors" account for the benefit of your daughter. Not sure how Dominican law treats this, but a visit, call, or email to a brokerage or investment firm (like Edward Jones, Fidelity, etc.) can probably get you the answer. They are easy to set up without an attorney and you can put the money into any type of investment that is offered by the firm you select. And you, as custodian, can change the investment over time, but you cannot get the money...only your daughter when she turns 18.

bob
 

william webster

Platinum
Jan 16, 2009
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My guess is that the RD gov't will not involve themselves if the money/account is 'offshore'

the French Cafe may be a very nice place - even to discuss investments.

I hope you will end up talking to an investment professional.
A 'goodly sum' will be an even goodlier sum 10 yrs our.

Personally, I saw 13% last year from my asset manager.... extrapolate that one for your daughter and you will be very happy.

Get some good sound advice and go to a tax free country..... not hard to do.

all the advice about 'in trust' for minors is accurate.
many of us have done this for our children/grandchildren.... perfectly legal if not a US citizen, the tax free part

Good luck