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The North Coast Of The Dominican Republic
by John Schroder
For those readers that have asked for some specific travel and other information regarding the Dominican Republic north coast (Cabarete, Puerto Plata, Sosua), we recently returned from a business trip in that area and took the time to do some “part time” scouting around:

Cabarete – This small town is located about 15 minutes down the road from Sosua, and is the place to stay if you do not want to stay in larger resort town.  While German tourists mostly frequent Sosua, Cabarete is more of a haven for Canadian and Swedish tourists (with a few other nationalities mixed in).  Noticeably absent were the young Canadians and other non-Dominicans usually found working in the beach bars and restaurants (working illegally without visas or permanent residency for the most part).

Our sources previously informed us that immigration did a surprise sweep of the business establishments, checking for work visas or Cedula cards (indicating permanent residency and the right to legally work in the country).

While I did not disbelieve the information I had obtained some time ago about this, it is quite evident now when you see it for yourself firsthand.

The story I heard was that some young North-American “tourists” were jumping over fences to get away from immigration, but we all know how some stories get blown out of proportion (sounds like a story from the US involving Mexicans). 

While this was the first time immigration checked Cabarete in about 5 years, it proves that they will check when you least expect it.

For some general information about Cabarete, please contact Mr. Kelvin Dueck, who is in charge of guest services at Windsurf Resort. Kelvin is a Canadian that has spent 2 years in Cabarete and is an all around “good guy” to speak with regarding local information.

He of course would like you to stay at his hotel, so if you contact him, please keep in mind that he of course may be answering you under the premise you might be interested in booking a room with him.

Jaime at the front desk tells us that standard room rates are about US$ 70 per night, which is not a bad deal if this is the rate for a two bedroom unit.

The Windsurf is not an ultra luxurious place, but clean and decent for the money (plus the service is excellent).  Kelvin tells me he will take “extra special care” of our clients and readers, so see what he has to offer on rates.

Tel. 809-571-0718, Fax 809-571-0710 Email: windsurf@codetel.net.do 

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Miscellaneous:

One place we can suggest when in the North Coast or Santiago area is Hotel Camp David, located just outside of Santiago.  The view from the hotel’s restaurant is phenomenal.  Perched high above the city, you can see Santiago, Moca and Cibao.  Room rates for the hotel are RD$ 600 Pesos per night, or about US$ 38 and well worth it, even if for just one night.

In truth, there is not much of anything to do up there, the hotel does not even have a swimming pool (although they tell us they will be putting one in), but a place worth an overnight stop. Telephone 809-626-0587, 809-736-7230 or 809-223-0666.

With regards to investments, we have heard of a local attorney that apparently is offering up to 4% per month on deposits in Pesos.

The story is that these are for loans being made to wealthy local Dominicans, who for one reason or another would rather take a discreet loan than a bank loan.

At first glance this seems somewhat odd in comparison to 90-day commercial paper in Pesos with a local reputable broker in Santo Domingo at 20% to 23% interest.

However, considering that bank interest rates on personal loans are about 36% or more, 3% to 4% per month does not seem so out of place.

My concern is that such deposits are not being made with a local banking or other formal financial institution and there is nothing stopping the attorney from “heading for the hills” with the “loot”.

However, we did speak with a local European gentleman that claims he has had his money on deposit for a number of years and has never missed a beat regarding monthly interest or return of principal when requested.

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In fact, he tells us he has taken a loan in his local “home” country at 8% annual interest and is investing it in the Dominican Republic at these 40% annual rates (to make the difference).

This is the ultimate example of taking the bank’s money from one country, and investing it in another country, making the spread for a tax-free monthly income.

Regardless, this needs a little more looking into, as the safety factor of personal loans and integrity of the attorney (whom I do not know) still concerns me somewhat.

John Schroder of Ascot Advisory Services, as a courtesy to clients and readers, has presented this information and is wholly responsible for its content.

Ascot Advisory Services provides residency and investment assistance services in the Dominican Republic, assistance with Offshore Incorporations and Asset Protection matters, merchant accounts and other related services.

For more information, please telephone
809-334-5387 or 809-756-1917.  Email:  info@ascotadvisory.com
For some additional articles and information online, please also visit: http://www.thedominicanrepublic.nethttp://www.ascotadvisory.com

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