20k$ what to do with that ?
i thought that might be interesting to discuss what kind of business a foreigner can do with 20k$ in santo domingo ?
in fact i need help
I am sure this will be an interesting thread. You don't say if that is $20K US or $20K DOP, but let's start it off:
With 20K you could become a street vendor
Let's see how far downhill this goes from here.
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~Why don't you let me hold the $20K for you whilst you are deciding what type of business you would like to venture into!!!! It will be in safe keeping while you are trying to set up shop....or cart....lol.................
That's tough, if you don't know Santo Domingo well enough to know yourself how to blow the 20 large, you're probably in trouble from the get go. Hey, as long as it's cash you are alright playing with (and loosing) whatever, invest in what you like and know.
Are you a book person? Open Santo Domingo's first and only good bookstore. Are you into real estate? Look for a speculation property, an undervalued lot somewhere with potential for sweat equity. Is tourism your thing? Approach a financially struggling hotelier in a touristy area and be his white knight investor, for a stake in control and ownership. Colmado yo! Buy some servers and rent a space and talk to Mr. Dr1.com and his buddies.
If this is 20k DOP, you can basically do nothing. Actually, US 20k or Euros would evaporate pretty quickly, too.
If you have $20,000USD I would put into into a bank account. Check with the major banks in SD. They are paying higher interest for a long term commitment than the banks in the US or you and I could go to the casino and parlay that into nada.
This was going to be my original answer. Then you could get about $2,000 equivalent in pesos in annual interest after you converted it to pesos and would still maintain your principle. Almost any other decision and your money will disappear very quickly.
Originally Posted by LTSteve
20k dollars in SD will buy you next to nothing. a decent empanada cart with supplies? yes. but a business? no.
it will only and only work if you have some fantastic mind blowing idea but then you would not be asking us, right?
one of my fav sites ICHC was started with little money but some computer skills and an idea, that turned out to work. created in january 2007 for next to nothing sold in september the same year for 2 milllion dollars.
Amazing how fast your nest egg disappears when money is no issue for OBGYN's. Might i suggest take your 20k and spend it on getting your wife (GF) and child back to your home country where you can make a decent living penetrating computers to support your family instead of going broke in the capital.
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put it on the street in 1k intervals at 12 points..
There's not much you can do with 20k, but if you live here then you have some options to make a little money.
1.) Put the money into cd. Banks are paying around 10% right now, maybe more. If central bank has re-started their cd program, put your money their and collect the interest.
2.) if Central Bank is no longer doing CD's then, there are a few reputable places still paying 10%, maybe more. it could be a little more now but not sure. However, be careful with which finance bank you choose. A few, like my family's bank in Bonao and La Vega have been in business quite a long time and match whatever Central Bank is paying plus they allow you to compound your interest. Central bank doesn't allow you to compound interest.
3.) The benefit of allowing your money to compound will be, of course, if you don't need the money right away, it will grow every month so that each month, you're collecting a little more.
There's a lot of things you can do with it. the problem is that 20k is not much, that's why a bank CD is probably your best bet. Just remember, whoever you choose, research them thoroughly. if the bank doesn't absolutely require that you prove where the money is coming from and a letter from your bank confirming your long standing dealings with them, be supsicious. They could be another fly-by-night finance bank. If you can't put the money in Central Bank, then choose someone who's been in business for at least 20 years in the same location.
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