I am in the process of opening a small pub/eatery in Cabereta.I am wondering whether or not there are restrictions regarding withdrawing $$ down the road should i decide to move off the island.I am not sure wether this should asked here or in the Legal forum?Let,s start here....any advice?
- Thread starter oaktown75
- Start date
Selling a buisness or interest in one
Well, I don't understand your enquiry either. I was wondering whether you misspelt Cabrera or Cabarete? So, the spelling of the name of the town that your business is in, is kinda important. This is not to be taken as criticism as there are many towns in the DR that I don't remember the spelling of. But I think I can spell the names of those towns that I have business in.
Where is 'down the road' where you want to withdraw dollars from? Do you have dollars there to withdraw? How much do you want to withdraw? If you want to withdraw half a million, yes, you'll have problems. If you want to withdraw say US$2,000, I guess you won't have problems.
What I suggest is that you read a few of the threads on this forum about banks and banking and then rephrase a question that most of us can understand.
Where is 'down the road' where you want to withdraw dollars from? Do you have dollars there to withdraw? How much do you want to withdraw? If you want to withdraw half a million, yes, you'll have problems. If you want to withdraw say US$2,000, I guess you won't have problems.
What I suggest is that you read a few of the threads on this forum about banks and banking and then rephrase a question that most of us can understand.
My reply
had ABSOLUTELY NOTHING to do with spelling skill, but rather with an apparent lack of knowledge about a place where you are planning to invest $$ and run a business. If you have researched the matter thoroughly and know what you are getting into, you have my apologies for misreading the situation.
I have to say that I also find it strange that you seem to be planning your "exit strategy" before you've even opened.
oaktown75 said:to do with my inquiry.But I am sure you have too much time on your hands if you take the time to check all the speellin of every post on this Forum.What's next, grammer?Have a good day.
had ABSOLUTELY NOTHING to do with spelling skill, but rather with an apparent lack of knowledge about a place where you are planning to invest $$ and run a business. If you have researched the matter thoroughly and know what you are getting into, you have my apologies for misreading the situation.
I have to say that I also find it strange that you seem to be planning your "exit strategy" before you've even opened.
Cabarete
Thanks Chris, I have been checking some of the threads,and while i did get some good info,my plan would be to establish the business and possibly look to sell later on.I have not read a post regarding the same circumstances,they seem more related to ongoing operations?As far as amounts of $$$ it is hard to say,I would project it to be in the $40,000 +/- range
Thanks Chris, I have been checking some of the threads,and while i did get some good info,my plan would be to establish the business and possibly look to sell later on.I have not read a post regarding the same circumstances,they seem more related to ongoing operations?As far as amounts of $$$ it is hard to say,I would project it to be in the $40,000 +/- range
Wow what a group!
I have been reading these forums off and on for the last couple of weeks and I have to say that some (not all) of the people on these forums are so negative. You have people coming to you for advice and you crap all over them.
My best friend from DR took a look at these forums one day and told me that I should not even waste my time here any more. He said that the attitudes displayed on these forums in no way represent the people of DR. Why are some of you so bitter?
I would rather depend on my own judgement and decision making skills when visiting DR than to come here and be bashed for asking a question that does not agree with the readers on these forums.
I have been reading these forums off and on for the last couple of weeks and I have to say that some (not all) of the people on these forums are so negative. You have people coming to you for advice and you crap all over them.
My best friend from DR took a look at these forums one day and told me that I should not even waste my time here any more. He said that the attitudes displayed on these forums in no way represent the people of DR. Why are some of you so bitter?
I would rather depend on my own judgement and decision making skills when visiting DR than to come here and be bashed for asking a question that does not agree with the readers on these forums.
oaktown75 said:
No problem - It does seems as if this thread attracted quite the 'peanut gallery'
If it was up to me, I would keep only one week's operating capital in a DR bank - no more, and work with bank transfers to move money in and out. A little more expensive, but depends on how much you have to lose. It is quite personal opinion I know, but I still believe that DR banks are just not safe.
If you sell later on, look for a buyer that is able to deposit the funds outside of the country in a safer bank.
You will NOT have a problem taking the money out of the country. Most sales in the Sosua/Cabarete/a area are in dollars.
It really wouldnt make a difference whether you were in Cabarete or Cabrara as taking money out of the country after selling is exactly the same, no problem.
Escott
It really wouldnt make a difference whether you were in Cabarete or Cabrara as taking money out of the country after selling is exactly the same, no problem.
Escott
Escott said:
That's not accurate ... I would put it more or less 75% Pesos to 25% Dollars on a good day.
Escott said:
How much money have you sent out of the country by wire and how long did it take and how much hassle did you have? No, don't really answer me - I was just wondering if you've done it? With amounts exceeding the magic US$10,000?
There is the answer to the OP then.
You guys are brave. Somehow in my mind there is a difference in paying a supplier, and simply taking a chunk of cash and sending it out. But now, with development of our new stores, we'll probably have to do just this from time to time. So, I'm glad to know that there are no problems with sending out cash.
You guys are brave. Somehow in my mind there is a difference in paying a supplier, and simply taking a chunk of cash and sending it out. But now, with development of our new stores, we'll probably have to do just this from time to time. So, I'm glad to know that there are no problems with sending out cash.
Chris, I don't know where you get your info from but there isn't 75% in pesos. If it is a low figure it would be 75% in dollars. I have done about 20 deals here and they were ALL in dollars. I don't know anyone who has done a deal in PESOS.Chris said:
Since Gregg from Coastal has already answered your question about taking money out I won't go into too much detail but I took out way more than that "magic" number just to pay for 2 generators without the slightest problem at all. I have also brought down and taken back checks without a problem. Why in the world would there be a problem to begin with?
Scott
We're talking about two different things... I'm talking about businesses as in the OP's post, starting a restaurant, I think it was, not real estate. Of course most real estate is in Dollars. So, most businesses take in more pesos than dollars, imagine paying at the checkout at the supermercado - it would be in pesos. That is what I'm talking about. But its all OK, I understand you're slow today