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  1. #1
    Newbie
    Join Date
    Dec 2005
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    Default Investing with the Banks in Santo Domingo.

    It is my impression that a person can invest in commercial paper with the central bank of the Dominican Republic (in USD 10,000.00 increments but in peso equivalent amounts) or in bank cd's and receive as much as 20% to 25% return on an annual basis.

    Is this true and, if so, do you have to be a resident living in the country to be able to invest in these banks or can you live outside the country?

    Any input on this issue would be appreciated. Also, any contacts would be appreciated.

    Thanks.

  2. #2
    Newbie
    Join Date
    Dec 2005
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    Default There's a reason...

    Two, actually. In a country where the inflation rate is 20% you have to get 20% at the bank just to stay even.

    Second, sometimes these huge payouts are the first part of a Ponzi scheme. That is, get everyone in with promise of huge interest rates, pay them for awhile until a pile of money accumulates, then take the cash and run. This happened a few years ago in Costa Rica. All you could read about on the message boards were about what a great, honest person it was who was paying out all this interest and how happy everyone was. Then, sure enough, he vanished in the night with a few million dollars.

    Keep your money in good old FDIC insured US banks and transfer only how much you need once a month or so.

  3. #3
    Platinum
    Join Date
    Apr 2005
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    11,088
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    Default

    You missed the 26% BANINTER certificates of 4 years ago when the Peso went from 30/USD to 55 in a year. That was a winner for many.

    PS Did you ever get divorced from your Dominican Novia with the Ludwigs?

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