Liability, judgements and asset protection

8POSTS

7 years ago

Hello All,

This is my first post to the DR forum.聽 Please feel free to point out any protocol errors.

I'm considering relocating to the DR from the US.聽 I'm not a rich person, by any stretch, but am at a point in my life where I want to protect what I have.聽 In the US and the state within which I reside, I feel pretty comfortable with the strategy I've employed.聽 When I relocate to the DR my plan is keep my savings in US based institutions, except as needed to live monthly in the DR.聽 I can't seem to find any relevant information about how things may proceed, should some unfortunate scenario occur, where a financial judgement is issued against me in the DR courts.聽 Specifically, are US based assets obtainable as a result such a DR court judgement?聽 Is there any umbrella type insurance available that would cover a variety of unplanned events?聽 Please let me know if this question is outside of the realm of this forum.

Cheers!

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GuestPoster38 Guest

0POSTS

7 years ago

Wow...great questions!!

Hoping someone else has the answer,聽 I sure don't.聽聽Wife and I are in process on retirement visas.

I do have a counter-question:聽 Why keep most of your investments only in the US??

Many expat websites recommend spreading liquid assets and investments OUTSIDE the USA, based on a strategy of (100% legal and compliant) international diversification.聽 In effect, an aggressive form of "not putting all of your eggs in one basket."

I'd be very interested in your thoughts on that -- we're just in the early stages of international diversification, and your views seem to be rare among expats, at least in our limited experience.

Thanks,

Jim

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countingdaze New member

8POSTS

7 years ago

Hi Jim,

As I'm sure you know you can investment in foreign markets through US institutions and exchanges.聽 In that sense, your eggs are in multiple baskets.聽 I'm neither wealthy enough nor savvy enough to be concerned holding money in institutions outside of the US.

GuestPoster38 Guest

0POSTS

7 years ago

Gotcha.聽 Thanks for explaining.

I hope someone can assist with your asset protection questions.聽 While we've moved a bit of money offshore, we're still neophytes.聽 It never occurred to me whether judgments in, say, the DR could reach back into the US.聽

I would think -- repeat, only think -- that the judgment would have to be pretty large for it to be worth the effort.聽 But that's only semi-ignorant speculation on my part

Take care.

countingdaze New member

8POSTS

7 years ago

Hi Jim,

You're welcome.聽 The only thing I can add is to ensure you understand your rights and recourse options when housing your money in a foreign country.聽 I'm pretty comfortable answering those questions when housing money with major financial institutions in the US.

Cheers!