Noted, I was truly thinking of doing this for several reasons.
1- I'm making plans to spend much more time in my hometown of Salcedo and Santiago in the next few years.
I believed that having a steady stream of compounding interest on $1,000,000 pesos would add up nicely at 11-12% in a BHD/Leon special bond for 3 years (been researching this since I have those pesos already there)
2- Having that money in my hands or under a mattress sorta speak is a sure way to spend, lose it are open up some negocio with one of the primos which every other month they have an " amazing idea" but just need an investor. (lord help me)
3- Because of reason # 2,, that already happened years ago, I wanted to open up a CD account, listened to family and friends, didn't secure my funds in a decent interest paying CD and now years later THE MONEY IS GONE!!!!
4- The Freaking money is there in pesos already and trying to exchange it for dollars and bring it back to NY is not an option for me....... This is stressing me out just writing it!
What to do, what to do????
The peso isn't worth **** and losing value everyday (excuse the word), funds are parked in an account that isn't gaining any real interest and my family is driving me crazy to "open up a business with them.... I have zero intentions of do that!!
Lord...............................................................
I understand your frustrations .... My Espossa wants me to invest into DR Bonds so we will have a forever income... it is difficult to explain the complexities of the DR Bonds and foreign exchange and the relationship thereof.
I keep my money in Canadian Banks and take what I want for my DR visits, expenses and allotments.
The other concept that is most difficult for my particular family is the concept of business and ''sweat equity''.
Also they want to hire other people for the work they are quite capable of doing.
I cannot , in good conscience, invest in such Business adventures.
I just shed myself of a very good business, so I can retire and enjoy my well earned pensions.
Frustrations , frustrations, frustrations!!!
In fact, for the DR ,I am a very good business... yes me personally; I contribute more in one month to the actual cash flow of DR than 10 short stay tourists... that is not counting land purchases, car repairs, ;
Travel, Hotels and meals ; vacations every month to other DR sites etc. I think Snowbirds are good economics
I think this Snowbird is good economics for DR.
Russell