A few residency questions from the UK

[ricktoronto]

YOU....DON'T...HAVE...ENOUGH...MONEY

...to retire down here. I typed it to be easier to read slow.

As to #2 not a snowball's chance in hell of anything liveable.

 

[Peter & Alex]

Well said Rick!!!!

 

[Criss Colon]

I may have missed the part where you said you are fluent in Spanish?

Please refresh my memory on that.Fluency in Spanish would be needed for a good paying jobI moved to Thailand with 12,000 US dollars in "73", I think it was.But I went with the plan of living like a King until the money ran out! Idid!It Did!So Iwent back to Boston,worked smart for 23 years,and now have been living here for 8 years! Spending about 2 to 3 times more than I estimated!
Do It!You have time to "start over"!CCCCCCCCCCCCCCCCCCC

 

[nickkieswetter]

Fluent in spanish...not quite!

Hi Chris,

Firstly sorry for psoting again...I did say I wasnt going to, but Chris's question is somewhat different.

My Spanish is fair conversational and good Aural, I think that 18 months in situ should get me close to fluent and 3 years I will be able to dream in Spanish!!
I am not quite sure I got your point though? were you saying go to the DR until the money runs out and then head back home? was this a positive point or your way of saying dont bother?

Still, no-one has answered my question though....HOW LONG SHOULD THE MONEY I HAVE LAST IF INVESTED WELL TAKING INTO ACCOUNT INFLATION AND OTHER EXTERNAL FACTORS??

Regards

Nick

 

[NV_]

I'm no expert but I would say you could probably live for at least 10 years off that amount in the D.R. as long as you rent and not buy. You'll need to find a good deal on a place to live and a car first... rent is getting expensive in Santo Domingo..

I've been living in S.D. with my fiancee for 5 years.

I'm sure some people could stretch that money out much longer (maybe 15-20 yrs) but I was just being conservative to account for unforseen expenditures (which there will always be).

 

[nickkieswetter]

NV_

Thanks

At last a straight answer!!

Btw where are you from origionally and do you work in SD?

Thanks

 

[NV_]

I'm from Florida and no I dont work here... getting a decent paying job here is like winning the lottery... just not going to find one unless you get real lucky or "meet" the right person.

I have a steady monthly income (in USD) coming in from back home. It's really the only "safe" way to live here. Plus make sure you are ready for an extremely "laid back" type of lifestyle with a lot of uneeded/unwanted headaches and frustrations.

I would trade this for the "rat race" any day but i'm a big city type of person. I prefer a hectic, overworked, underpaid life over the constant blackouts, the difficulty of getting good imported products, diminished night life, and insane utility (electricity) prices.

 

[Bolt]

I think the post in the forum are getting the point across. I live here and from the UK too. The facts;

1) Dont even think about peso investments

2) Dollar accounts can get 8% on that amount here but it means risking your entire capital in one bank and the banks do go tits up here for sure! Look at banniter on a search in the forum incase your not aware.

3) A couple on cheap rent can get by on $1500 a month but $2000 is more comfortable.

4) Small family $2000 min per month $2500 more comfortable as you will have school fees to pay.

5) Everyone says they only need to live humbly here! In 6 months you WILL need a car and some creature comforts.

6) Dont buy a house till you lived here and rented for at least 12 months. I lost count how many buy a house then cant survive past 6 months then are forced to sell at a massive loss.

7) Whatever job you think you may be capable of doing here expect the pay to be less then a half of what your used to and thats assuming you will ever find that job. Remember, Dominicans will work for less money then you ever imagine.

8) The only workable finance plan here is keep a few dollars in differerent banks here and not more then USD$10,000 in this country.

9) Keep the bulk of your cash offshore and if coming from the UK i would leave some cash there in sterling. The dollar is set to stay weak for quite some time yet and UK interest rates at 3% are much better then 1% in the USA on dollars. Change only what you need for a week or two in Pesos.

10) Long term past five years ...You must have a flow of dollars coming in from abroad.

11) Be pepared for your wife / husband etc to give you some serious ***t here in the first few months when things don't go to plan but don't worry they will mellow out eventually!

12) Enjoy it.... life is too short.

 

[christremain]

these replies are frightening

Having read all of these now - I found this on Escapeartist.com.

Talking about investing your money and living off the interest........................

So, if one consideration is to have the ability to live off of your savings, the DR might be a good place to look at, even if you decide to live elsewhere. US Dollar Bank time deposits (CD's) pay up to 10% at the moment, and if you are going to live in the country, then deposits paying up to 22% in Dominican Pesos might be worthwhile as well. Stated more clearly, while it is almost impossible to live off the current interest earned in US bank accounts (which is also taxed) at the moment, it is very possible to do so in the Dominican Republic. How much do you need? That really depends upon what kind of lifestyle you want, but it is safe to say you can pay your monthly rent, monthly utility bills and cover things like grocery shopping on the equivalent of US$ 1,200 to $1,500 per month. If you happen to have more than this amount coming in (as interest from your investments) then ever better. As a very practical example, many clients are earning the equivalent of US$ 1,800 from peso based investments (US$ 100,000) and are covering their monthly living expenses with that.



............... so I take it in the most this will be considered BS ??

 

[nickkieswetter]

so I take it in the most this will be considered BS ??

Thanks for that,

I read that piece also on 'Trip advisor' and many other similar stories from other sources on the net.
These sources were pretty similar in opinion but there were one or two differences that I needed some clarification on.
This is why I came to the DR1 board, for unity of opinion...... well I guess that didnt quite work out either!
Since my first posting though I must say that I have read a large quantity of past threads, spoke in private to a few members and done some more homework........

My current situation is as follows, if anyone has anything positive/negative to say, better say it now because my mind is just about made up!!

I have got some more money together now my capital is about 200K Sterling and I aim to be there before the end of the year, once there spend about six months checking things out and relaxing, trying to decide where to live and whether or not I should buy a place (small appt or house @ about $80,000 US) this would leave me about $210,000 US (after buying a small car and initial expenses etc) to invest and provide an interest based income. After a few years, you never know I might have even made enough friends to find some kind of work (I dont consider myself your 'average joe' as far as drive, determination & ability are concerned).

So there you have it, all my thoughts, conclusions have been directly affected by the postings of people on this board, so please don't ever think that your comments have gone to waste or have fallen on deaf ears! they have ALL been very usefull

To conclude, all further comments are more than welcome, try and talk me out of it if you think that I am crazy (if you manage this I will let you know) or indeed give me some words of encouragement to help me on my way.

Best regards

Nick Kieswetter

 

[Keith R]

Christremain,
The report you're refering to was written nearly 2 years ago. Alot of water under the bridge since then! Some of the assumptions upon which the article appears to be have been based have since been proven....less certain than they were made out to be (I'm trying to be charitable). I might also point out it was written by Ascot Advisory Services, whose writings about the DR have been questioned before on this board. Just do a search in the archives on Ascot.
Regards,
Keith

 

[Criss Colon]

Read This FIRST!!!!!!!!!!!! I first read it on DR1 several years ago.

It was written in a thread about a foreigner who lost all his money here.......

"When a man with money,meets a man with experience,the man with the experience usually ends up with the money,and the man with the money,ends up with the experience!"

That goes double here!!!!
Be warned!!!!

I could have said: "A fool and his money are soon parted!"

CCCCCCCCCCCCCCCCCcccccccccccris CCCCCccccolon

 

[Chris]

Re: so I take it in the most this will be considered BS ??

To conclude, all further comments are more than welcome, try and talk me out of it if you think that I am crazy (if you manage this I will let you know) or indeed give me some words of encouragement to help me on my way...

The best thing you can do is to come to the DR for an extended period of stay - 3 to 6 months. Actually, a year if you can. Leave your assets in the UK. Use some of your money to investigate the move that you want to make. The last thing you should do in the DR now, is to arrive with pockets full of cash. Learn the place first and then make the final decision.

 

[nickkieswetter]

been before....

Chris,

Thanks for the advice, just wondered if perhaps you could elaborate a little, I have been to the DR 6 times and have spent a fair amount of time 'out & about' so I am pretty sure about my intentions....the part that I would partiularly like you to elaborate on is what you say about coming to the DR 'NOW' with pockets full of cash..... why not now?

Regards

Nick

 

[goatfarmnga]

Great advice for all of us thinking of making the big move!

Once again I gain knowledge of the DR move situation..I am fearful of being the one who loses all their money and goes home broke..My brother in law swears I can live like a king very comfortably on around $1,000 a month..I was planning on spending $2,000...He swears it is not like I have told him I read on DR1...But he is Dominican living in Yamasa' who lives quite well, Drives a 2002 Ford Explorer, just built a 6 bedroom house for $1,000,000 Peso..(That is what? $29,000 USD) He loans money at high interest rates, fights Cocks and has a pawn shop so I am wondering EXACTLY what kind of man he is..I have only spoken to him on the phone, he speaks pretty good english also. But he lives well there comes to NYC every few months and has about 10 kids...I plan on building a home (another DR1 lurker tolds me she built her home for $40,000 there last year), buy a car and see what happens..You only live once and I am bored to tears here in Ga..that I know for sure! Have a pretty confident buyer for my land here and will be there before Christmas. Get in with the locals who can guide you to a cheaper living situation I think..It is all about who you know..My brother in law said I can go look at property and he will go later with my husband and buy it the Dominican way to save the big $$..He does not live on the Ocean but about 1 hour from beach so it is Considerably cheaper there..He bought 12 acres for $4,000 USD this year (Location Location)...so if living really near the beach is important..Be careful of the prices...Inland is cheaper as it is always said..LOCATION LOCATION LOCATION...Good Luck and maybe we will run into each other in the DR..Hopefully living well enough to be happy! I am planning on selling everything in the US going there (leaving $$$$$$$ in the US Bank) and checking it out..I am 41 with a 3 yr old son to look after also..I am well traveled and think the DR is a great place to Relax and live but the DR1 people LIVE there and many have for many years so take their advice to heart they probably know from experience.. Good Luck to you and your name sounds better separated..Kieswetter! Pam

 

[nickkieswetter]

It gets more positive everyday...........

Pam, many thanks for your input....... I am finding that the more differing opinions I get, the clearer my own perception of what 'living' in the DR becomes!!

Some of the points that you mention are very valid and are well supported by other things that I have read and from my own experience on my travels (especially the living in land part)..... I hope we do run into each other. Certainly when I am 'in' I shall send you a mail to let you know how I am getting on.

The only thing that you seem able to do that I cant is, keep your money in your own country..... I just dont have enough to do that, but hey you only live once....and I have been broke before!!

Well, I wish you all the best in our venture, I am sure that whatever happens you will find a way to ensure your future happiness....and after all is said and done nothing is more important than that, is it?

Nick

 

[goatfarmnga]

Just remember...

Money is not everything, you can always start over! Hopefully will not have to but..it would not be the end! Pam

 

[christremain]

wise quotes

well, I did enjoy the man with money one - never a truer word.

A fool with money followed on its heels and whilst the last thing I want to do is open the wise old man section of this link and get a thousand quotes !!!! .....

A good friend once said to me - son, life is not a dress rehearsal - you only get one hit at it.

So, Nik and Pam - good luck - we are joining you too - leaving in NOV.

So all the men with experience should be rubbing their hands in glee because they will have some new game to chase !!

For me, I would like to think I'm no mug. We are looking at it as a year or two break from the 'race' - keep most of our money safe and hey- if we dont like it, we are going to take a map and a pin and we will head for somewhere else.

On my estimate we should have enough cash for about 10 - 14 years even at the top end of the doomers estimates - by then I hope to have seen places I've never been, lived a life I could only have dreamed of and spend some 100% quality time with my son ( and my wife) in the first and most important years of his life.

And after all that - we end up back in the uk - boy will I have some stories to tell !!

Thanks for all the advice and help

Kindest regards

Chris Tremain

 

[goatfarmnga]

Throwing darts myself!

I am like you in if it does not work out I will pack up and find someplace else to explore...Darts/Map here I come! The thought that life is short...WHY NOT TRY? My sister's husband was a helicopter pilot and crashed 20 months ago and died. My sister told me he was always waiting for the right time to do things..They waited 8 years to get married until he made enough money, 3 years to buy the "Right" home and he saved all his money for the right time to buy a lake home for vacationing..He was 34 years old when he died and had plenty of money, a nice home, a great job that he loved but guess what... he never lived long enough to really enjoy his life outside of work because he was planning to do everything when the time was just perfect..That time never came...My sister has since decided to do what she wants RIGHT NOW...Bought a lake home, goes traveling etc...THAT is why moving to the DR would be a good move for people who have that burning desire.....You can get over the inconveniences of power outages etc..Look at NY...) no quarantees of power anywhere...Lack of A/C...MILLIONS of people live w/o it..Get used to things and enjoy the beautiful scenery and people I say! See you soon and hope I can survive the little things that we in America take for granted..Life is too short not to at least TRY what your dreaming of! Pam

 

[donald]

Re: Donald

Thanks for the words of encouragement.
To add a little more clarity to the situation I would like to point out that I am only 28 Years old myself and My partner is a little younger.
Even t 28 though I have worked very hard (12 hours a day 7 Days a week) for all my adult life and still I am not happy with things!!
I dont mind hard work, infact I quite like it, I would seriously hope that in time I could find gainful employment in the dominican, I certainly feel qualified to take up a number of positions.
I was hoping that someone could tell me how long they think I could live on the interest from my capital before currency devaluation/inflation really required me to take up work???
My idea is to go, get settled in, take my time and once I have a job use my capital to buy a house outright.
Do anyone out there think this is a sensible idea or do you all think I am just plain crazy and likely to end up back in the UK in 5 years broke!!???