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THE NEWS:
. WHO IS REALLY RUNNING THE US GOVERNMENT? . US News Reports indicate that a so-called Bunker Government or Shadow Government has been in place since September of last year. US Senate Majority Leader Tom Daschle, D-South Dakota, said Friday he couldn’t say much about the plan (because the truth is that US Congressional leaders do not know what is going on). He is also quoted as saying: We have NOT been informed at all about the role of the shadow government or its whereabouts or what particular responsibilities they have and when they would kick in, but we look forward to work with the administration to get additional information on that. . http://www.cnn.com/2002/US/03/01/bunker.government/index.html . Anthrax suspect is former US government scientist Tuesday February 19th 2002 - From Ireland’s Irish Independent Daily Newspaper (Dublin, Ireland): . A senior US scientist has claimed that the FBI has a prime suspect for last year’s anthrax attacks, but is “dragging its feet” on the investigation because he is a former government scientist. Barbara Rosenberg, the director of the Federation of American Scientists’ biological weapons program, claimed federal police have interviewed the suspect at least twice, but has not moved to press charges because he knows government secrets. Speaking at a conference in Princeton University today, Ms Rosenberg said the FBI was aware of the suspect as early as last October. Five people died and 13 others were infected when anthrax-laced letters were sent to two prominent politicians and a number of leading media outlets. . http://www.unison.ie/irish_independent/ . GLOBAL POLL finds most think America brought terror attacks on itself By Rupert Cornwell in Washington – London Independent . Did America somehow ask for the terrorist outrages in New York and Washington? Not surprisingly, nearly all-leading Americans think not. But most people of influence in the rest of the world, and nearly 80 per cent in the Middle East and Islamic world, believe that, to a certain extent, the US was asking for it. This is the most striking finding of a poll exploring global attitudes to the United States and the events of 11 September, which brings out an important subtext of the tragedy and its aftermath – the difference between how Americans think they are seen, and the way the rest of the world sees them. . The survey by the Pew Research Center - the Princeton Survey Research Associates and the International Herald Tribune newspaper, was conducted among 275 people of influence in politics, media, business and culture. Forty of them were in the United States, while 235 were in 23 other countries, and they were asked to reflect the views of their compatriots. But the most interesting themes that emerged were a barely disguised resentment at America's massive power in the world, and a gulf between Americans' views of how the world sees them and the world's actual feelings. From its closest allies, in Europe, to the Middle East, Russia and Asia, a uniform 70 per cent said people considered it good that after 11 September Americans had realized what it was to be vulnerable. . Most striking, though, is the gulf in perceptions. In countless speeches, including by President Bush, American spokesmen have portrayed the war as a battle between good and evil, with the terrorists bent on destroying America's way of life. Its position as a beacon of freedom and democracy, Americans believe, is the reason the rest of the world most admires their country. But this is not so. The biggest appeal of America lies in its technological prowess, large majorities of those interviewed in the rest of the world said. A majority of Americans said people believed the US was admired because "it does a lot of good around the world". . http://www.unison.ie/features/us_retaliation/reaction/?ca=206&si=661398 . A Recent Editorial from the International Herald Tribune regarding FREE TRADE (or lack thereof) is entitled: America Cannot Have-it Both Ways (link below). It highlights the view from outside the US that most other nations seem to hold the conclusion that the US says they want free trade, but only if it benefits them. As a US Indian chief was quoted as saying over 150 years ago: Pale face man from Washington speak with forked tongue (which is pretty much the view today world-wide). . http://www.iht.com/articles/49720.html . . READERS WRITE IN: . . In reply to our last weekly update, one gentleman comments - Re: Misinformation, Check out Donald Rumsfeld's comments on "Meet the Press" Sunday, 2-24-02 . EDITORS REPLY: Well, I have to admit I did not see that edition of meet the press. However, I would tend to imagine his comments were pretty much the same as before, which were or are, (distilling it down to a quick summary) – Don’t Worry – Be Happy. My only reply really with regards to anything a politician says is to defer to a quote made famous by Mr. Ripley, which is: Believe it – or Not. . . Another Reader Writes: . John: How does the Dominican Republic look as to the peso being devalued as the government there has been borrowing so much money? I had a friend living there that mentioned he for-sees this happening??? . EDITORS REPLY: Well, if you look back over the last ten years, the Dominican Peso has devalued against the dollar by an average of 5% per year. Some clients have taken this into account and argue that since they might be getting 20% interest on their money, even after they back out the 5% possible devaluation, then are making 15% in US Dollar terms. In comparison to getting perhaps 8% to 10% on US Dollar deposits, they might have a point. However, the truth is that currency exchange fluctuations are effected by a number of things, and no one can predict with certainty what the exchange rates will be going forward. About three to four years ago, the large local newspaper Listin Diario ran an article in the economic section predicting the Peso would hit 17 vs. the US Dollar by year-end. Year-end came and went, and it never happened. However, the Peso exchange rate has crossed the 17:1 mark last year, so the long-term trend is a devaluation of the currency. But, what the future holds is always a guess. I will say that I advise clients to keep the majority of assets in Dollar denominated accounts for this reason, simply because no one can predict with accuracy what future exchange rates will be. In fact, you have this risk with any other currency, including so-called stable currencies such as the British Pound, the Japanese Yen, Canadian Dollar, etc. A very interesting flip side of this, if you are on a pension (in US Dollars) or have investments paying you interest in Dollars, your cost of living keeps getting cheaper each year. For example, let us say you signed a 3-year apartment lease three years ago, whereby you were renting a nice apartment for RD$10,000 Pesos per month. Let us say the exchange rate at the time was 16 Pesos to 1 US Dollar. Your rent would have been (when you signed the lease) approximately US$625 in US Dollar terms (10,000 divided by 16). Some three years later, the exchange rate is 17.5 pesos to the Dollar. Your rent is now US$571 in Dollar terms (10,000 divided by 17.5), and you did not do a thing. You can apply this to a number of daily living costs or expenses as well, so there is a silver lining as well. . . Another Reader Writes: . A thought concerns me that Panama could go the way of Argentina where the real currency was stretched beyond being equal to the US dollar. Although most things are possible can you see this as a concern with Panama and the Balboa. . EDITORS REPLY: First and foremost, one must understand the very large difference between Panama and Argentina, and also exactly what it means when a country attempts to pegs its own currency to the US Dollar (or any other currency for that matter). Panama, by the way, does not need to get involved with currency exchange support because the Balboa is the US Dollar – just as what you call a lift in London is the same thing as what you term an elevator in New York (or what the British call Petrol, the Americans call Gasoline – different name, same thing). Allow me to explain further. . The first major thing to understand is that Argentina prints its own currency and was hoarding a large amount of US Dollars in order to keep the exchange rate pegged at 1 Real to 1 US Dollar. There are a number of ways to peg one’s currency, but Argentina choose to maintain foreign cash reserves as its method of doing so. Keep in mind that many factors will affect the value of one currency vs. another (inflation, GDP, etc., etc.). If your currency is in reality declining vs. another, then you must intervene and artificially support it, if you wish to maintain a certain exchange rate. However, this can be an expensive proposition and, that which, perhaps you cannot continue to do forever - financially speaking. This is what happened in Argentina. The pressure was too great and the decision was made to perhaps do some better things with the US$33 Billion Dollars on deposit with Argentina’s Central Bank (previously being used to back up the currency). So, the government removed the currency support and allowed the Real to float in currency exchange markets to what the true level actually is. At the same time, the Argentine government now has the US Dollar Reserves to use for other purposes. On the one hand, citizens of Argentina are not so happy because foreign goods and foreign travel just doubled in price. On the other hand, everything in Argentina is on sale to the tune of 50% off, so products made in Argentina will now be cheaper abroad, hopefully boosting exports. . Panama, on the other hand, uses the US Dollar as its legal currency. The Balboa does not exist in reality, it is just a word or term for the US Dollar currency, which is printed in the US and sent down to Panama by military transport planes. Panama does continue to mint its own coins, although the only reason I can think of is national pride, as they really have no other reason for doing so. The amounts are exactly the same as US coins and are interchangeable. In other words, if you go to Super 99 in Panama, pay with a US$ 20 bill, you will get a mix of both US coins and perhaps Panamanian coins back as change (depending what the cashier has in the register). So, the answer is, unless the US Dollar devalues (against itself) the entire question of devaluation, or future exchange rate changes, is irrelevant. The Balboa IS the US Dollar just as what Europeans call Petrol is Gasoline to Americans. . . Another Reader Writes: . Hello. I enjoy your newsletter quite a bit (it is refreshing to know that my view of the world is shared by others - yourself, your clients, and your readers) and wondered if you could comment in it, or by reply e-mail, about the recent Barron's article on tax havens (the 25-Feb-02 article entitled "Shadows Lift on Sunny Havens"). . Of particular interest is the table attached to the story that has a notation stating that "agreements with the U.S. expected soon" with regard to Panama. I am curious as to what these agreements might be and your view of their impact, however large or slight. If I am out of date and you have discussed this previously, please accept my apologies; if you could direct me to your discussion I would be grateful. Thanks again for any information you can provide about this and please keep up the good work. . EDITORS REPLY: First, let me quote the article directly, which says: . And Panama, one of the biggest offshore centers, last Wednesday unveiled a two-year action plan to root our international money laundering. The Panamanian government pledged to better monitor suspect money transfers, share more information with the Federal Bureau of Investigation, toughen prison sentences for money launderers and set up a regional committee to improve regulation of Panama’s financial sector. Critics point out that the $1.2 Million allocated to the program WON’T ACCOMPLISH MUCH IN A COUNTRY THAT IS HOST TO 85 INTERNATIONAL BANKS, but acknowledged that it’s a step in the right direction. . I would say that this is nothing new. Panama has always said they are glad to cooperate in combating illegal activities, money laundering, etc., etc. However, they have also said they are very much opposed to a wild goose chase, or open season witch hunt against US taxpayers – and that simply because the US is concerned about tax dodgers, that this is no reason to throw banking confidentiality out the window. So, this is no change from what public officials have been saying before. Although, since I do quite a bit of business in Panama, I have noticed that the banks are somewhat stricter now, when it comes to inbound wire transfers. That is to say, any wire transfer over US$3,000 or more must have all the sender’s details on the transfer (name, address, telephone, etc.). If the transfer does not, some banks will reject the transfer. So, it is certainly an annoying kind of bureaucratic nonsense, however this is a very different matter from saying that Panama might be doing away with banking privacy altogether or allow for blanket reporting of information, which IS the case in the Bahamas. Also, I have spoken to a number of business people in private who tell me they indicate they are complying, but in fact are not as they view many of these things as being ridiculous. So, don’t listen to what people say (US politicians included) but rather watch what they actually do. Action truly does speak louder than words. . . Another Reader Writes: . John: I understand or have read from your previous reports that there exist a national id or Cedula in the DR. But is the govt of the DR as intrusive on behaving like Big Brother as in the US? Also, there is one other thing that I have noticed about North Americans, i.e. people from the U.S. (South Americans are Americans too.) People that are born and grow up in the U.S. tend to trust the government than other countries. What are your thoughts on that? Thanks for your time sir. . EDITORS REPLY: On the first part of the question, ALL Spanish speaking countries issue what is known as a CEDULA card to citizens at the age of majority, which is actually a voter registration card – issued by the voter registration board. So, it is in fact a voter registration card, but it is used as a sort of generic ID card. I honestly do not know how this system came into being, but Spain, Guatemala, Ecuador, Panama, The Dominican Republic, Chile, etc., etc., all used this CEDULA card system. However, it should be noted that because it is a voter registration card, the CEDULA number is NOT a tax id number. A tax ID number is something else that must be applied for. That is to say, every adult of legal age (of majority) must have a CEDULA card, but certainly not everyone has a tax ID number (as a vast number of people may not be liable for income tax due to their level of income). So, if you are an adult of legal age and have a CEDULA, this means that you MUST be a citizen of that country (but is does not necessarily mean you pay income tax or have a tax ID number, which I find to be a very interesting concept). People applying for residency in the Dominican Republic are also given CEDULA cards, but since only citizens can vote, the foreigner with residency status (not citizenship) gets a card that says NO VOTA (can’t vote) on the back. . Getting to your primary question about the card, with regards to intrusiveness (or lack thereof): It usually ONLY has your photo, signature and perhaps fingerprint (or some other security features). I cannot answer about all other countries, but I can say with regards to the CEDULA card in the Dominican Republic: It does not have a magnetic strip, there are no special swipe machines I know of that one can electronically swipe the card through, it does not have a super secret GPS chip in it, and it does not glow in the dark either. Hopefully this answers your question about how intrusive it is (or is not as the case might be). . To answer your other question, which is a very interesting one by the way: I would say that Americans especially have too much history behind them to remember why they wanted a democracy and independence in the first place. That is to say, with regards to your comments about trusting (or not trusting) the government, one must remember that a great number of countries have come out from living under a dictatorship in the very recent past. So, while they may be democracies today, life under a dictator is still fresh in the minds of many. Franco in the case of Spain, Trujillo in the case of the Dominican Republic, Pinochet in the case of Chile and of course Noriega in the case of Panama (and a man also named Trujillo coincidently before him). So, as a result, if you think these people do not trust the government, in the words of Wesley Snipes – Your Damn Skippy. If you think about it, 25 years ago is not so long (in some cases), and it took the US at least 100 something years before they started in with income tax, an intrusive Federal Government, etc., etc. I have said before, that in many respects, the Dominican Republic is somewhat like what the US was like, about 150 years ago (politically and socially speaking) and I still believe that to be true. . . Another Reader Writes: . John, Once again you hit the nail on the head. I rescinded my SSN in 1998 via affidavit to the Secretary of the US Treasury (see www.informamerica.com and www.save-a-patriot.org for the details). Since that time, believe it or not, I have successfully purchased a home and 5 acres of land, obtained a new MasterCard and opened a checking account at my local bank...all without an SSN or Tax ID number of any kind. Many states are now cracking down upon tracking the citizenry via the driver's license under the guise of finding "deadbeat dads". Instead of instituting tracking measures during divorce and child support hearings...the new American way is to go after every soul in the nation via their driving privileges. There is life outside the "system" for those who wish to pursue it but it is sometimes difficult living in a society where nobody cares what your name is...only what your number is. We are indeed very close to Orwell's 1984. I hope that the DR is not quite so set upon citizen inventory numbers. Although the media mantra of "the greatest country on earth" and "land of the free" are still strongly pushed, the US is working overtime to chase away those of its citizens who remember what freedom really means. For liberty! . EDITORS REPLY: Thank you for your letter. I will say as I have before, there might very well be a legitimate and legal argument to many of these tax protest groups (income tax as being unconstitutional, etc.) and I do applaud the efforts they have made and the information they provide. However, if you have been able to drop out of the system, without any backlash or negative results, then consider yourself lucky. From what I have seen and heard, they will lock your rear-end up in the pokey, regardless if you have proof that the US income tax system is illegal or not (and regardless if you have a sworn affidavit from Thomas Jefferson himself stating so). Just be careful not to rub their noses in it, as you are the kind of guy they like to lock up just to make an example for the rest. Personally, I have to agree with my good friend Roger Gallo in that the only way to gain freedom is to expatriate altogether (first get your money out of jail or what I like to call the high tax hotel, and then yourself out). If you have had success and still live in the US, my advice is to keep a low profile. . . Another Reader Asks: . We have two questions regarding possibly opening bank accts and investing in the Dominican Republic. We have heard something about the Dom. Rep. going on the dollar system, etc in 2005; how would this affect Americans with bank accts, etc. in the Dom. Rep. in regard to privacy. Is having a peso acct the only way to be able to use the ATM card? Thanks. Your reply would be appreciated. . EDITORS REPLY: On the first question, many smaller countries are discussing the idea of somehow pegging their national currency to the US Dollar. There are many ways to do this, by the way, so it could mean doing what Argentina did, or to something more dramatic, such as doing away with one’s own national currency altogether and simply using the US Dollar as the internal legal tender. In the case of the Dominican Republic, it should be noted that the previous President, Dr. Leonel Fernandez, was discussing the idea of pegging the currency to the EURO and not the US Dollar. The current government in power is more pro US in its sentiments, so the talk has been about the US. . In any event, simply because a country decides to back or peg its own currency to that of another in and of itself does not necessarily mean anything negative, and as Allen Greenspan duly noted in front of a Congressional committee hearing on the topic not so long ago, they certainly DO NOT need the permission of the US government to do so. However, it does raise some interesting points (by the way, you should look at some comments coming out of Argentina lately regarding support for the EURO as the foreign currency of choice by many in that country). . One of the points being, depending upon what kind of pegging system they choose, how much influence or pressure the US could exert accordingly (which is why, in my opinion, President Fernandez preferred the EURO). In the case of a country that scraps its own currency altogether, of course the US can try and cut off the money supply (the supply of physical paper money), which is what they did when Noriega controlled Panama. On the other hand, if they use some other methods, the US cannot really do too much about it, which is one of Allen Greenspan’s fears (that is to say one country basically getting a free ride off of another, without the hard work – which is pretty smart when you think about it). In any event, it is somewhat too early to tell, but certainly the US has become more brazen in attacking foreign banks, attempting to seize the assets of US correspondent accounts inside the US, putting pressure for access to banking records in other countries, etc. So, as a long-term trend, I see this as continuing and really having nothing to do with the currency pegging issue (although it might be one more pressure tactic). The next Presidential election in the Dominican Republic takes place in 2004, before the 2005 target date. If President Fernandez gets re-elected, the whole argument might be a mute point. . On your other question, ATM debits cards issued by local banks in the US only work with or are connected to Peso denominated savings or checking accounts. This has more to do with the way local bank software programs currently work and the complications involved when you throw another currency into the mix. That is not to say that it cannot be done, or that it could be possible the local banks will have the accounting and computer systems in place to offer debit cards against US Dollar accounts in the future, but at the moment this is not the case. Many of our clients do prefer to have a local VISA or MasterCard, because if used outside of the Dominican Republic (regardless of the country) it is always billed in US Dollars. . . Another Reader Asks: . Is there an affordable way for one to transfer a 401K and/or IRA so as to be able to take advantage of international investments not available to US citizens living in the USA? . EDITORS REPLY: There was a way, a few years back, but the IRS got wise to it and closed the loophole. I will not go into details, but it involved transferring your IRA or similar account to a tax deferred annuity offered by a group of Insurance Companies outside the US. The annuities still exist, but you can no longer roll over your IRA to them tax or penalty free (like you could before). . . Another Reader Asks: . I'm wondering if you know anything about a company called Privacy Consultants. I am wondering how reliable they are and found them on the Internet, like you. Please let me know if you have any information. . EDITORS REPLY: I have to say that I really know absolutely nothing about them. I have seen their name someplace or another, but that is about it. Sorry. . . Another Reader Writes: . Hi John, An investment club I belong to sent me a letter this morning offering me a sign up in a new online investment club that evidently has very strict due diligence before offering investments. It's free to sign up right now. I took a look at it and they are offering a couple of privatized investments in the DR. It all sounds good, but their verbiage is a little pushy sounding. I was wondering if you would mind taking a look at these and giving me some feedback. If you're not interested, that's okay too. . EDITORS REPLY: I have to say that I have heard of this group, but I cannot tell you more than that. So far, I have not heard anything negative (as in being untrustworthy) and the only investments I am aware of that they are offering is an investment into a local resort, although they might be offering some other things as well that I am not aware of. . Generally speaking, any time you are investing into something offering unusually high returns and or are investments, which are unregulated, you really should take the time to do so hard investigating. That is to say, any time someone offers a private investment it does not necessarily mean the group is up to no good, but the chances or possibility for some funny business with investor’s money could be a concern. So, as I said, just make sure you understand fully what you are getting involved with. They might be perfectly honest and above board, and then again they may not. . I will say I did look at the advertisement and I would agree it looks somewhat tacky. The ads do seem to be targeted towards the uneducated person or shall we say naïve. There is nothing secret in this world about investing, and certainly there should NOT be any secrets between an investor and the people he or she is depositing their money with. That kind of marketing in and of itself might be a tip off as to the kind of people you might be dealing with. . . Another Reader Writes: . Dear John: Just read your latest newsletter. You don’t push your latest book on the Dominican Republic enough. I purchased it prior to my trip there last week and found it to be most helpful. Most if not all of the questions that you are asked repeatedly are all answered in it. The best $50 I ever spent prior to a trip. If you had included a really good map of the country and the city it would have been perfect. I appreciate your help while I was there and look forward to my next trip in a few weeks. In an answer to the guy that wrote in on expats there, I met some really great people in Costambar. Most are only there for Jan. Feb. and March but some live there year round. I found some really good buys on homes also some great rentals there. Stay in touch . EDITORS REPLY: Thank you for your positive comments about the report. You might be right, so here is the link for ordering: . http://www.ascotadvisory.com/ReportD.htm . . Another Reader Writes: . Hi John Personally, I think that the American people are overwhelmed by our government. The government is attacking so many areas of our freedom right now (and have been for a long time), that we barely hear something such as this misinformation office (Office Of Strategic Influence) created by the US government and then their on to some other attack on our Constitution. This government is "all power" now, and as much as I hate to admit it, I am afraid of this government, even though I know I am not alone. I also wanted to comment on the IRS wanting the Canadian casinos to stop advertising "Tax Free" winnings to lure Americans to their side of the border. I personally hope that the Canadians will put out even bigger tax-free signs, "just because they can". As a citizen, I may be afraid of our American government but they don't need to be. (or do they?). This has become typical behavior of the US government. If there is something they deem wrong in the world, make the little people bow down and change the supposed wrong. I say the IRS has absolutely no class in the fact that they even mentioned the Canadian signs. Here is the real truth that they don't want to face. And it doesn't take an Einstein to figure this out. The IRS is putting the American Casino's at an extreme disadvantage because of their greed. They should collect taxes from the business only. All gamblers that I know lose much more than they win. Every one of my friends that have ever won US $10,000 and up all lost twice that much previously, and they also, all put the money right back in. All the money they used to gamble with already had taxes taken out at the source (via their employer, etc,). But the greedy IRS wants to tax them again, pretending as if these gamblers really made a profit. (I guess we're all stupid, go figure). It is true you can get a card to gamble with that shows all of your profits and losses. But there goes the fun. Uncle Sam is again tracking your every move in this free country of ours. . Point is - everybody loses because of the IRS's greed, including the IRS. The casinos lose because they are at a grave disadvantage to compete with the Canadians. Our free citizens lose because they are being watched and double and triple taxed, and, the IRS is losing a valuable tax base because they have directly and indirectly chased all the capitol flow over to the Canadian casinos, where supposedly free US citizens, have the freedom of movement in Canada, (which they should have in their own country in the first place), without being tracked, and also, they at least get to keep the profits that they risked their hard earned tax paid money for, and for a "probable" loss anyway, (it's called gambling). And why is the IRS doing this? My guess would be that the IRS wants to exercise strong-arm power over all the citizens of America (and the world when they can) in such a way as to say. "just keep in mind, children, you owe us for every dime you ever make in your lifetime, no matter where or how you make it, and don't forget it". (of course , the Gov. then proceeds to blow the money, just because they have it) Personally, I think that another Boston Tea Party is long, long overdue in this country. Funny thing is; Out went the Mafia, and in went the IRS. And myself, if I gambled, (which I don't), I would go to Canada and do my gambling there, and not think twice about it. The above scenario is so typical of a bully in the playground. A bully would never think of changing himself, nor would the thought ever arise that maybe there is something wrong with himself. No, a bully will always try to coerce or force someone else to change, or conform to fit his or her needs. . But change will inevitably happen. It's just a matter of time. Just like the Roman Empire, and the Nazi Regime, the change did come, only it didn't quite turn out the way they thought it would. I apologize if the two latter statements seem a bit extreme and possibly out of place. But are they really? As an American - I know there are better casino's abroad. I also know there are better banks in other lands that want your business, and are not there just because they think you "have" to do business with them. (Or a handful of other banks that all have the same bad service) And there are better Countries now than the USA. Countries that want productive and independent people. Countries that want to leave you with enough money so that you have some time to spend with your family.(here, there is a good chance that you'll be visiting your kids, at one of the new prisons) As a born-free American, of the type which are fast disappearing in this country. I say that if a bank is better somewhere else, bank there. If a Casino is better across the border, go there. And if there is another country that wants you, and you like it there, go and stay there if you like. Come back when you want, as it is your born right to do so. . What will our government do when a lot of the money and good people have gone to a place where they can be more independent and free? Well, they can always change and make things better here. But if past and present actions, and hindsight have anything of value to say - Just watch as your border options keep closing. . Signed - A Born-Free American . EDITORS REPLY: Thank you for your comments. . . Another Reader Asks: . Dear Mr. Schroder, thank you for your newsletter. It is very helpful and keeps us all informed of many interesting subjects that may arise. I am planning to relocate to DR with my children and need basic information about medical schools, also bilingual school for my children. Also I have a big question: Do they have insurance there to cover auto damages or loss, and homeowners insurance and the like? Is it true that Dominican Citizens when moving permanently to DR do not pay for shipping cost? Also, could you direct me to some referrals to homebuilders and architects? . EDITORS REPLY: Well, there are quite a few insurance companies in the Dominican Republic that offer both auto and homeowners insurance, and auto insurance especially is certainly required by law. There are a few wise guys driving around without insurance, or they might have the minimum liability insurance coverage (required by law) - which, comes out to about US$24 per year in premium payments (I think it covers full funeral costs if you run over someone’s duck or chicken), but yes there is auto insurance. . On your shipping question, unless a Dominican happens to have a family member that owns a cargo company, the Dominican government certainly does NOT pay for any citizen’s shipping costs. There are no free rides in this country, which is what I like about it. . On your schooling question, there are quite a few private bilingual schools, especially in the capital, although I believe there are two in Sosua as well. I do not have the telephone or other information off hand, but there are some schools listed on the www.thedominicanrepublic.net site and Roger Gallo might have some listings on the Escape Artist site also. . . Another Reader Writes: . . Hello Mr. Schroder, I am just writing because I enjoy your information so much. It is rare to locate truthful information, and your analysis of the current/possible world situation is insightful. My interest is strictly personal-ie; family, assets, taxes, freedoms etc. As a low-income single mom I am striving to educate my young with the truth and prepare them for the future. As a struggling parent I do seek recourse to all available means to secure our future. Again, thank you for your site. . EDITORS REPLY: Thank you for your positive comments. . . This information has been compiled and presented by John Schroder of Ascot Advisory Services, for the benefit of clients and readers. Ascot Advisory Services provides assistance with such matters as offshore company formation, Panama Foundations, offshore banking, and special services in the Dominican Republic regarding residency, free zone applications, etc. For more information: |