My friends, Paul and Gloria, are the authors of www.retireforlessincostarica.com . This is from their last post. It certainly caught my attention. I only wish I could take advantage of it!
From 11.75% to 12.5% Interest on a 12-Month Certificate of Deposit!
We wanted to inform all of our interested readers that our bank, Coopenae, has just raised interest rates to 12.5% on a 12 month Certificate of Deposit. As luck would have it, our initial 12-month CD at 11.75% came to maturity in late June, just after the rate was increased, and we were able to roll it over at 12.5%. Boy are we happy!
Just so you know, this is a colones account. The dollar accounts pay 3% on a 12 month CD. We got our CD last June 25th and we converted our dollars to colones at 502 colones/dollar. Presently, the dollar is 497 colones, so our earnings are even more significant, though we don’t pay much attention to the exchange rate since we live in colones.
The sad news is that one must be a legal resident to be a CD investor in Costa Rica. All legal residents also now have DIMEX on their residency cards (cedulas). Click here to read our article that explains DIMEX.
They posted this update today... Earlier in the week, the Costa Rican government decided to delay the implementation of DIMEX until October 1, 2012. After we published our newsletter, Coopenae contacted us with some good news. There is a window of opportunity until October 1st for people in the process of getting their legal Residency to invest in CDs at Coopenae.
For me, just another reason to retire in Costa Rica!
Pura Vida
