I would like to move to Sosua

hornet

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Jan 23, 2007
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Hello everyone, I am new to the site and I want to move to Sosua.
I want to get out of the rat race, want to get away from winter, get away from pollution, fog and stress.
I'm 37, my wife is 33 and we have a 3 year old son. We live in Milan (Italy) at the moment and I hold both British and Italian passports while my wife is full Italian.
I have a basic knowledge of Spanish that I aquired when I worked in Madrid for a year.
It would be an all out move with the idea of starting a business. We also need to take care of our 3 year old son. Finding the right school/education for him.
I?ve been dreaming of moving to the Caribbean for quite some years.
Never had enough courage to make the move as I was probably too young and not experienced enough.
I picked the DR because I feel comfortable with it, just the place I would like to try and relocate to. The DR feels like it?s growing. Wouldn?t like to move to a place where there is no room for future development. Virgin Islands as an example are already ?there?, if you know what I mean. Cuba could be another option but not in the short future?
Business wise is where I have the most doubts. I?ve been working in various industries but for the last 13 years I worked in the financial industry. As a institutional broker for banks dealing in governments bonds on the Italian domestic market. So I have no real ?handy? experience to put into something. I would probably go for a bar or restaurant having grown up in this business having a father that owned bars and restaurant. And is probably the best option since the major industry in DR is tourism. Also a small hotel could be an interesting option.
My wife is the typical city woman, busy with her career (director of a private school for foreign languages) and enjoys shopping, going out, spending hours on the phone etc etc? I think she is the one that might ?suffer? the culture shock more than myself but, you never know. It could be the other way round. Having said that she loves the beach, the sun, the hot weather and really enjoys helping others. She is good at organizing things and is awesome in PR.

How much would a family need to be earning to live a comfortable life in Sosua ? What sort of expenses should I consider ? The house would cost about 400$ p.m. including all comforts, maintenance and maid. Another 200$ or so for school and insurance, could a family like mine live on 1000/1300$ p.m. considering I have no mortgage or rent ? Investing in time deposits denominated in Dominican Peso, could offer yields up to 15/20% for a bank CD or up to 24% for commercial paper. What is the bank industry like? Is it reliable? Do any of you bank there or do you keep your money in your home country ?

I?m not talking about a retirement move as such, I am too young not do anything all day, but a better quality of life. It is a big move, especially from Italy. Considering the family attachments and all that comes with it. Any advice ?

Thanks
 

Rocky

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Apr 4, 2002
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Most people lose their shirts, doing what you plan to do.
It doesn't mean you can't do it, but the odds are against you.
 

Ricardo900

Silver
Jul 12, 2004
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The first thing you should do, is go through and read all of the numerous threads about living, moving and working in the DR, and then come back with more specific questions, believe me, some of the answers you are seeking is in the threads, just take the time and read them. Also, focus on the "stickys" at the top of the forums, real important.

good luck
 

hornet

New member
Jan 23, 2007
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Most people lose their shirts, doing what you plan to do.
It doesn't mean you can't do it, but the odds are against you.


Are you're talking about CD's and cross currencies or tha actual living over there ?
 

Kyle

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Jun 2, 2006
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why sosua ? i just left Boca Chica 2 weeks ago and i saw numerous properties for sale including apartment buildings. additionally, BC is only 20 minutes from the capital.

for the tourism angle, the north coast may be your best bet...
 

Rocky

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Apr 4, 2002
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Are you're talking about CD's and cross currencies or tha actual living over there ?
I was talking about coming here an opening a business, specifically, a bar or restaurant.
It's a bit tough to work within the Dominican framework, until you understand it well, and that can take a long time and cost a lot of money & grief.
 

hornet

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Jan 23, 2007
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I was talking about coming here an opening a business, specifically, a bar or restaurant.
It's a bit tough to work within the Dominican framework, until you understand it well, and that can take a long time and cost a lot of money & grief.

OK, I see what you mean but, are you just talking about mentality or corruption and payoffs to actually get started ?
 

Rocky

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Apr 4, 2002
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OK, I see what you mean but, are you just talking about mentality or corruption and payoffs to actually get started ?
Mentality more than corruption.
Employee problems.
All sorts of things.
It's like moving to another planet and having to learn how extra-terrestials think.
 

hornet

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Jan 23, 2007
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Mentality more than corruption.
Employee problems.
All sorts of things.
It's like moving to another planet and having to learn how extra-terrestials think.

I understand, big issue no doubt but lets say I have 50K to throw away, would that start me up and give me a chance at goal ?

What about the money issue ?
You know about banking and CDs, what can you tell me.
 

hornet

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Jan 23, 2007
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How much would a family need to be earning to live a comfortable life in Sosua ? What sort of expenses should I consider ? The house would cost about 400$ p.m. including all comforts, maintenance and maid. Another 200$ or so for school and insurance, could a family like mine live on 1000/1300$ p.m. considering I have no mortgage or rent ?
 

AnnaC

Gold
Jan 2, 2002
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I don't drink coffee any more so maybe I'm not getting this what is p.m. ? per month?

and what is 400? US dollars or euros?

this might help people to answer your questions
 

rontier

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Jan 29, 2007
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Pursue your dream and make it happen! Most peopple just do not have a dream. Sosua is an excellent choice.

About banks, yes they are reliable now but do not expect more than 6% in CDs.

My suggestion is that you get into the real state industry since it is booming and also is more related to your previous job and experience. Is much more profitable than selling pasta, beer or fish.

You can invest in ocean-view apartments right in the middle of Sosua, less expensive than beach-frot property, and get a pretty decent return.

Good luck
 

rontier

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Jan 29, 2007
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Go ahead!

Pursue your dream and make it happen! Most peopple just do not have a dream. Sosua is an excellent choice.

About banks, yes they are reliable now but do not expect more than 6% in CDs.

My suggestion is that you get into the real state industry since it is booming and also is more related to your previous job and experience. Is much more profitable than selling pasta, beer or fish.

You can invest in ocean-view apartments right in the middle of Sosua, less expensive than beach-frot property, and get a pretty decent return.

Good luck
 

hornet

New member
Jan 23, 2007
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I don't drink coffee any more so maybe I'm not getting this what is p.m. ? per month?

and what is 400? US dollars or euros?

this might help people to answer your questions

that is per month, and the amount I quoted was in US$.

Sorry for the confusion
 

rontier

New member
Jan 29, 2007
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spend some time in Sosua

I suggest that you spend some time in Sosua to answer your questions in a more reliable way. Try el BATEY and look for new developing oceanfront properties on sketch or ongoing.

rontier
 

hornet

New member
Jan 23, 2007
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Pursue your dream and make it happen! Most peopple just do not have a dream. Sosua is an excellent choice.


Thanks for your support, I believe you need to have dreams and goals, then work towards achieving them. This is what life is all about. Manifest your desires and be happy.
 

dv8

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Sep 27, 2006
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hornet, one person or two can live 1000 dollars a month. it pays for a small apartment, living ok, but no luxuries. but it is not enough for three!

your son is small now but if you want any decent education for him you'd have to pay few thousand dollars a year (depends on a school, fees can be really sky high).

even if you survive on a budget of 1300 dollars now (before school fees come into a picture) forget about any holiday, visiting family in europe etc. special offer tickets cost 500 dollars a head, normal price is closer to 1000 dollars.
if you decide to stay here for good residency will add up to 2000-3000 dollars for you+wife (no idea about child).

50k is nowhere good enough to start, i am sorry to tell you...
on the upside your wife has a good profession/experience in a bilingual school, there is a very good bilingual school in sosua.
as there is a better chance for her to get an ok job capital would be a destination for you. closest touristy town is a short drive away.

i don't mean to crash your dream but you have a family to think about, you yourself could live on little when starting a business but with wife and a child - very hard.

my advice is: leave family for two/three months and come here alone (or leave a kid with grandparents, if possible and acceptable and come with wife only) and see what you think, see how you feel. no idea what sort of holiday can you safely take and still be able to go back to work in case you hate in here or don't see any job opportunities. take as much as you can and think....

good luck with everything!
 

Lambada

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Mar 4, 2004
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my advice is: leave family for two/three months and come here alone (or leave a kid with grandparents, if possible and acceptable and come with wife only) and see what you think, see how you feel. no idea what sort of holiday can you safely take and still be able to go back to work in case you hate in here or don't see any job opportunities. take as much as you can and think....

good luck with everything!

Absolutely agree with dv8's advice. You have to come & see for yourself. Talk to some long term expats and the newer ones who are quick learners (like dv8 :) ). Over the years here we've seen many people come in with the idea of setting up a bar or small restaurant and most of them have lost money doing it. Some have lost a lot. I don't believe you should even contemplate going into your own business until you've lived here at least a year first. It isn't just learning the language, it is learning how things are done here (& not done!). That includes the real estate business. Realtors here are two a penny (no licence required) - good ones far fewer. Some of the less good ones operate dubious practices in order to get by........

Banks are better than they were, but to give you the feel of the recent past try searching Baninter on this message board or googling it. That was as recent as 2003. Personally I keep very little money in banks; I get a better interest rate in finance houses, both pesos, euros and sterling. (I moved out of dollars a while back for reasons you'll be familiar with). But I am happy with the risk level and you might not be, particularly coming from a European finance background. It is also easy from here to have offshore bank accounts. Mine was in Cayman and that operation has been transferred to Panama - interest rate on that is very low. Half of my assets are offshore in the Isle of Man at 6% pa on sterling accounts. The other half which is here is divided between a peso investment which is geared to pay me monthly slightly above what I normally spend monthly in pesos, and Euro and Sterling interest which gets saved until I make a trip back to UK.

One thing you MUST have here is an emergency fund. Emergencies do happen.

Living here with sufficient money is a privileged experience. Living here on the bare minimum can be stressful in the extreme. I've done both in the 14 years we've been here, so I know........;) I wouldn't change any of it, but we are 2 adults only, no children.

So, come & check it out. And if you find your nest egg is insufficient you have plenty of time to save, at your age. Good luck to you!
 

jackieboo

On Vaction without a return ticket!
Mar 18, 2006
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Newbie numbers.....

Alright, I get where you're coming from. Do a search on jackieboo and you'll find a sticky that I started last year prior to moving here to Sosua.

Here're the facts:

The majority of the tourists that visit Sosua are poor backpacker types that don't have much to spend on dinner out. The one's that do have a couple of bucks generally will spend it on lunch at Sosua beach, so if I were thinking about a restuarant I'd consider starting VERY small and locate somewhere with high foot traffic.

Whatever you read about costs here double them. Seriously dude it costs a lot to have a decent standard of living here.

After you pay for the house here are examples of 'real' costs per month to consider:

In $RD

$5000.00 - maid (one that you can trust)
$8,000 - $15,000 - electricity depending on the size of your house
$20,000 - food (not including eating out) If you're Italian you'll need more
$5,000 - family of 3 (good insurance)
$5,000 - Transportation (public) and incidentals
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$43,000 - x 33 = $1300.00 per month US

I spend a lot more than this a month and there's only two of us. Of course I don't eat rice, chicken and beans every day......

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Big question... will you have a car? - It's big money here to buy one and insure it properly.

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If you're prepared to live in the Dominican style then you'll need a LOT less than the above, however most people coming here aren't prepared to do that and unless you're married to a Dominican it's probably not advised to try.

Feel free to PM me if you have any questions.

Jack