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Saving Account Interest

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1/27/2013 11:21 EST

According to the recent survey of people living in Ecuador very few use the savings accounts at the banks. the interest rate sounds great when compared to what you receive in the USA. Other then the 5% fee to TAKE money out of Ecuador, why not use the Savings accounts or cd's and get a little interest? If accounts are insured up to $30k why not?

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1/27/2013 22:14 EST

Well, me thinks you have answered your own question?

And, you have not addressed
1. US income taxes
2. Ecuador taxes
3. Inflation
4. Debasement/collapse of the Dollar .
5. $25,000 fine for not filing FBAR
6. Ecuadorian history of supporting banks in collapse

Why not collect 13% in a US index fund and be done with it.

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1/28/2013 09:17 EST

I was almost afraid to ask a question on this forum because of getting a smart a$$ed answer from one of the trolls and sure enough ALPINEPRINCE came right along.

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1/28/2013 09:40 EST

Now you're learning Goingtocuenca. You've learned that you were right to be afraid to ask a question on this forum and you've learned some valid points that were made by the last comment. Live and learn!

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1/28/2013 12:42 EST

Bring $30,000 into the country and collect 5% or $1500.00.
Bring $31500.00 out of the country and pay 5% or $1,575.00. I may be a troll, but I have $375.00 more than you if I bought a CD in the States at 1% interest.

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1/28/2013 13:56 EST

I have been quoted 9 to10% interest on a one yr CD at JEP, although its not a Bank, it is similar to a credit union in the states. They are also covered by insurance up to $30k.
So lets do the math on that one.

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1/28/2013 14:59 EST

"Bring $31500.00 out of the country and pay 5% or $1,575.00. I may be a troll, but I have $375.00 more than you if I bought a CD in the States at 1% interest. "

If your US income tax rate is 25% and Ecuador charges you 15% on your Ecuador income, you could pay $600 in taxes for your $1575 "profit". Of course, the reason you are getting the higher interest rate is partly to pay you for the risk you are taking.

It is not necessarily a bad idea, but certainly not the slam dunk economic decision you have depicted.

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1/28/2013 15:01 EST

@ alpineprince, you are a smart a$$.
and you claim to be a "Provider of Expat-Related Services & Products?" the best way to get clients is not to insult the general population on a forum. It gets you a bad reputation.

@ the civilized people, I never said anything about taking the money out of Ecuador. There is no decent interest on money in the banks in the USA. The stock market is up and down and you could loose it all. If the money is only insured up to $30k, then stop at the limit and go to another bank.

I had assumed that the forum would be a good place to go for some advice from people on the ground there. Some people sent me some very nice information and as usual some did not. I do appreciate the nice people's comments.

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1/28/2013 15:45 EST

I think the rate one gets in EC is not based on risk but more what the money is worth to the institution at that time. Not so many years ago you got 5-7% in the U.S.

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2/1/2013 12:18 EST

I get 9% on a month to month CD with Coopera Ltda. a credit union type company that has offices in Guayaquil and Cuenca. higher interest payouts can be negotiated on higher amts. For instance, Ive heard some getting as much as 11%.


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2/1/2013 12:21 EST

Unfortunately the Coopera CDs are no longer acceptable for those needing an investment visa. I smell some skullduggery in banking community at work, but then I am a cynic.

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2/1/2013 12:36 EST

About 15 years ago, I began investing in the stocks of Real Estate Investment Trusts or REITs. About 2004, I discovered residential mortgage REITs that invest in residential mortgages that are all underwritten by either Freddie Mac or Fannie Mae. As you know the US government now owns both companies after taking them over in September of 2008. REITS must, by tax law pay out at least 90% of their income in dividends, most pay 100%. There are about 20 residential mortgage REITS on the market and they all have similar characteristics that interest me; Institutional investors; mutual funds, pension plans, private equity investors are among the largest shareholders of these REITs with up to 80% ownership. They also have very strong dividend histories--up to 16% per year for over 5 years. As an investor, I also have a level of comfort in something being backed by the US Government, they are as safe as T-Bills but pay a much greater return. Unless mortgage rates go up, which they are not likely to do, according to the FED or the government closes Fannie and Freddie down, which they are also not likely to do. The last thing our fragile economy needs if for the government to screw up the housing market. I am totally invested in these REITS and have been for 4 years. In 2012 I made 14.25% in dividend interest and about 6% in unrealized gains. The share prices go up and down just like any other stock, but I could care less, I am only interested in the dividend income. If you want a list of them, send me a PM. I am not a stock broker.

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2/1/2013 13:36 EST

Just be advised that there are tax issues with investing IRA money in REITs. Check with your accountant.

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2/1/2013 14:36 EST

A REIT is a commont stock and there are no tax issues. We invested IRA assets in REITS for years and you do not even need to report the dividend income.

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2/1/2013 15:42 EST

"A REIT is a commont stock and there are no tax issues. We invested IRA assets in REITS for years and you do not even need to report the dividend income. "

REITs and other investment trusts can differ in significant ways from ordinary common stocks - which can be an advantage or disadvantage, depending on individual circumstance. The tax treatment in particular can differ, so there are "tax issues".

That does not make them a bad investment, but the buyer needs to be familiar with what he is buying and how to handle it. It is quite possible to lose money on REITs and other investment trusts.

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2/1/2013 15:56 EST

How much of that income is owed to your wife in Vero Beach/Bradenton Florida?

You know, the amount that she is supposed to receive to offset the debts left by you from your latest failed business you fled to run to South America (what number is this anyway) ?

For pain and suffering?
For emotional abuse?
Loss of wages iand income?
Loss of business and good faith credit?

And the unpaid medical bills from the illness you were knd of counting on her dying from before you skipped the country... so you wouldn't have to try to file for divorce and she'd discover ... your real name is LARRY NEAL ARNOLD and you are a fugitive on the lam?

The divorce isn't final is it -- which is why you cant seem to get your cedula -- but you claim to be a visa expert now -- pretty expert since you keep going back over the same path for 10 months ...

Of course you may not want to go back to the Cuenca Immigration Office too often now... they are sort of ...well ...on to you now...

They got copies of the newspaper articles... from and the one from Sarasota...and a few others... and your pictures ...yeah from the web too... Too late to pull them, they already have lots of copies...

You can't get a final divorce you know because you sort of married her under a false name ... You aren't actually the real Malcolm Reding ... are you?

No that is a name you stole from an English exchange student years ago -- who worked for you -- stole his social security number too --

Wonder if you are collecting social security under two numbers...hmmmm....Wonder if someone should tell Soc

So how much do you owe your wife, Larry Neal Arnold --?

For all that money you claim you are earning on passive income ...and then for all that back spousal support, and spousal social security benefits, and all the money you spent on coming to Ecuador (with your suitcases and pets)

Hey I wonder if those were Her pets? Did you steal that dying woman's dogs too???

So now we know you ran off to Ecuador, and since then you tried to claim you are a widow,...but then we all discovered your wife is still with us in the land of the living so then you tried to claim you were divorced ...but theat didn't quite work out... so you tried to swear you were single but the rules changed and you would have to prove it ... and then you tried to go to Panama where you thought you could claim you were single and get remarried over this past Christmas ...but that fell through...

Guess you couldn't charm your way through that Latin Cupid website like you first thought

Now you are back again in Ecuador... charming Mr Larry Neal "DunMovin'", "Lucky dawg" Arnold.... trying to put the moves on some Ecuadorian "judge" with property in Esmeraldas -- well shouldn't be too tricky for someone to find out who she is and let her know who you are before she makes the mistake of a life time...

Yeah you are one classy dude...

.... wonder where you will be off to next ...and if you'll change you name again ....

NotDunrunin' sounds about right.

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2/1/2013 16:16 EST

Susan, you must be off your meds again. I will not even try to answer your baseless charges except to warn you that you have crossed the line. Libel is a criminal offense in Ecuador and I will have you prosecuted. You have been warned.

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2/1/2013 16:24 EST

Until things straighten up here in the US especially in the real estate/lending market I would rather put my money in the Euador Savings Accounts it's safer - Just MHO!!

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2/1/2013 21:38 EST

Well that is interesting, because I have not 'charged' you with anything...i simply asked questions based on information readily available on the internet.

Baseless? no -- all of this is information well researched and documented and any of our posters can find by googling you names -- all of your names -- and all of the locations you have mentioned living, and all of the various jobs you have mentioned holding.

A bit of reading and then following up and the entire picture becomes clear.

Libel is defamation by written word. If this were so, you would have needed to bring suit against the newspapers who published your story, not me.

Since these documents were published in the USA and this website requires that suit be brought in the USA and as neither you nor I are citizens of Ecuador -- chances are very good this matter would not not fall under Ecuador law. I could call in a favor from the Consulate and have them check that for me -- they are already aware of you. And the policia nacional are regular visitors here so I have no concerns about them showing up in the middle of the night and cuffing me and tossing me into a cell. You however are looking more and more like a sexual predator and they don't take too kindly to that ... I'd be worried if i were you.

And just to point out the obvious -- you have just threatened me with prosecution -- in an open message in this thread -- Everyone has seen you "warn" me ... Just keep that in mind because threats? -- now those are taken seriously here --- especially among friends.


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2/1/2013 22:35 EST

It is not slander, if it is the truth. Wanna talk about your daughter trying to track you down. Has she now filed 2 lawsuits against you for bigamy? Inquiring minds want to know. I believe that the Sarasota law enforcent offices would like to hear from you. Maybe you should go back to the USA, reconcile with your wife and daughter, and the Sarasota authorities.
If you want to sue me too; that is great, then I get to counter sue you, and have you take the stand. Checkmate.

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2/2/2013 00:39 EST

In Ecuador you can file a libel suit. It's not "prosecuted" as it is a civil case. Because of backlogs it can take years for the case to be heard. The burden of proof is not to show that something has been said, but rather that the person intended to damage. This is not easy to prove definitively. Filing a libel case in Ecuador can be quite risky. If the case is heard in court and the plaintiff loses, the defendant may immediately file a libel claim against the plaintiff. And with a court judgment already in their favor, they usually win.

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2/2/2013 01:05 EST

Here is something else to keep in mind --- traveling on a passport under a false name is passport fraud...

Passport crimes are federal offenses punishable by up to 10 years in prison and a fine of $250,000.

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2/2/2013 10:12 EST

You can't keep people from telling the truth by threatining them with a law suit.If you are going to try and sue Susan there is a long line of us who will step in for her.Your a despicable old man who has done nothing but bad in his life and the people of Ecuador need to know this as it seems that you have'nt changed your ways at all.Yes I agree with Boatmax ,why don't you go back to sarasota and deal with law enforcement there before you start trying to deal with the legal system here

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2/2/2013 22:28 EST

On the lam for dummies

1. keep your mouth shut

2. Countrys that end in "stan" are good.

3. If you hear English spoken, too civilized, move on.

4. No cookies, ever.

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