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I use CoopeMex for my banking and paying all my bills! I’m very happy with them… the employees know my name and service is sooooo much better than the state bank in town!
You might want to try the Coops…
Equally surprising is that Uncle Sam thinks he can collect taxes on it! So I trade a dozen eggs for some of your cheese… and the IRS wants a cut! Really amazing! Have they not yet figured out how bad things are and that folks are just trying to survive! No wonder people are running away from the US… bailouts for everyone…. but the poor working man doing his best to pay his bills and do the right thing! Just wait until the bill for all these bailouts gets dumped on the lap of the US taxpayer… there’s going to be a revolution! And I for one think it’s long overdue!
Public Storage is cheaper and I’m sure there are many other smaller outfits costing even less. A couple of hundred a month is a small price to pay for giving yourself options… I’ll stand by my original opinion (even more so now that we know more about the poster)… store your stuff while you give CR a first look and perhaps a second!
I agree… but it’s even smarter to preserve your capital and be able to eat it! LOL
Funny how “those in the know” are trying to tell people not to panic and that with prices so far down that NOW might be a good time to buy into this market? Isn’t this the same advice most of them have been giving as you’ve witnessed 40% of your investments vaporize over the past year? Or how about those folks telling you to go out and spend the money you do have left? Are they out of their minds?
As for a “safe” 11% investment…. there isn’t one… so don’t waste your time! I do think however if things get as bad as they appear now… you might see an 11% return on that canned tuna! Think about it… at a dollar a can…. prices only have to go up 11 cents! Well within the relm of possibility! And if not… you can always barter with it… or crack open a can to survive!
Simple answer is… the advice is coming from those in the market with a vested interest… and those that need YOU to buy in for them to get out! Or those that need to to create a market to keep their investments in play. These folks have a LOT more to lose than you do… but the big difference is… they’re living a pretty nice lifestyle that they’ll do anything to keep… for you… it’s just a matter of basic survival!
Don’t buy into the hype… keep your head down and keep your powder dry! Ride this one out… be smart… be prepared… just like the advice given before a storm… and this storm is one that many people (including Scott) told you about with plenty of time to make the right moves!
So do you think she should store her stuff for a year or two now David? LOL Sure sounds like she’s be one of the “apparent” folks that might not last very long! 🙂
It’s really not a complicated tax issue, but being sure to make a reasonable effort to properly report income is usually a good defense even if you get called in on the carpet by the IRS. Placing the rental property in an S.A. and running the income through it could be another idea but will then create a tax reporting issue in CR and an even more complicated US tax reporting issue.
Keep in mind that reporting income from another country puts you on the radar for a number of other reporting requirements such as reporting bank accounts (no matter how small) that you may maintain in the country.
If you plan on doing it right… be sure you know what you’re getting yourself into.
KISS…. Keep It Simple Stupid.
Edited on Mar 07, 2009 16:39
Notify your credit card company immediatly (assuming you used a card) NOT to process any charges from this vendor. If they tell you they can’t, CLOSE the account. A friend returned from trip and was hit with several charges after the fact. And this was after the drop-off inspection during which no damages were noted! He disputed them and the company backed down. I’m pretty sure it was the same outfit!
It seems this type of activity is becoming more common with some of the rental car companies. I guess business is tough and any source of income will do! Rentals are already TOO expensive in CR… shame they have to play this game!
Don’t let this ruin a great trip!
Edited on Mar 07, 2009 10:11
As a US citizen you have to report worldwide income (rental income included) on your US tax return. But remember… rental income is that which is left after all expenses (including depreciation) that you’d include on your Schedule E of your 1040 are deducted. Many times operating a rental property results in a net loss for tax purposes.
That’s the company line… but if you follow in the footsteps of Charlie Rangel who owns a rental in the DR you might just forget to report the income as he did. There’s a bunch of other tax, rental, and real estate issues circling him at the moment. He’s a US Congressman from NY currently serving that’s a BIG part of the change America is enjoying these day… along with a Treasury Secretary that “forgot” to report a bunch of income that blamed the “mistake” on his use of TurboTax (a tax prep software package) for the error… and STILL managed to get confirmed!!! Then there’s the number of other politicians that have had to step away from team Obama for “forgetting” to report income.
Here’s Charlie’s Bio from his website…
“As chairman of the Ways and Means Committee, the first African American to reach that post, Congressman Charles Rangel presides over tax revenue legislation and commands oversight authority over the major issues of the day – economic policy, international trade, welfare, Social Security, Medicare, and health care. He serves as the vice chairman for the Joint Committee on Taxation.”
He’s sounds like a pretty smart guy I’d have to guess… so if he could make a mistake I guess you could too!
Bottom line… see a qualified tax professional and you’ll have no problems with your taxes. Many moons ago I worked for the Treasury/IRS… and owning a rental property is a ground ball as far as tax issues. It can be one of the more tax friendly items on your return. It’s the landlord thing that is the real problem! Good Luck!
Google him Scott…. put on your goggles and step back from the screen. Then try not to feel too silly or inadequate.
Johnny Holmes had a nicer smile! As for pizza… more expensive isn’t always better… with the money you save at Pricesmart on the main course you can afford some pretty nice dessert! 😉
I think this is the same place Scott mentioned in an article having to do with a very poor exchange rate when paying in dollars isn’t it? I hope you at least paid in colonies… otherwise the meal was even more expensive than you thought!
As for the price…. sure sounds like the gringo/tourist menu landed on your table when you walked in! It’s a shame that places take advantage of folks like this… or perhaps they figure now that Domino’s closed up shop and ran that they’re the only game in town! 🙂
With the tourism slowdown let’s hope that places like this become a bit more aware of the economy and change their ways. After that a cure for cancer, war, and world hunger should be a piece of cake!
Edited on Mar 06, 2009 05:46
I looked into the teak option at one time and spent a bunch of time reviewing the possibility of doing so. I didn’t however look deeply into the company you’ve mentioned. It requires a big upfront investment and the rules seemed to be a bit in flux as to the residency/citizenship angle.
It’s a long term play and requires not only patience but additional investment (forester/pruning) while you’re waiting for the trees to mature. It’s not as simple as planting them and waiting for the money to come rolling in 10-15 years down the road. A first cull cut can be done earlier but will result in lower quality/priced teak.
As for buying standing trees it’s a gamble unless you’ve hired a qualified forester to do a complete review of the quality and care that’s been given to the trees. A mixed farm with teak and native trees is best in many situations and will hedge your investment against possible insect/disease loss.
With that large an investment possibly available to you, you might look into another available residency status or targeted business investment area that would meet your needs and provide a shorter term return.
Do your homework on this one… and be very careful!
Edited on Mar 05, 2009 11:13
Sueandchris… Sorry if my attempt at humor was taken the wrong way. Sometimes honest advice and opinions have a sting to them… we’ve all been on both ends of that transaction at times I’m sure. Just seems the two questions posted were more concerned with obtaining residency via having a child in CR rather than what would be important for someone looking to relocate to a better place to raise a child… such as asking about medical care, schools, and other social and environmental issues that would be important to someone putting the concerns for a child first. But then again… that’s only my take, yours might be different.
I do hope you at least got a smile out of the new Denny’s menu item! 🙂
