I am Canadian but currently situated in Egypt on an extended tourist visa.
The banks here issue a 15% guaranteed investment certificate. Wow, you just can’t get that on Canadian soil and guess what…it is guaranteed.
Here are the terms:
Maturity: 1 year
Payment frequency: monthly
Now I am not eligible for this certificate as I am not a resident or citizen of this country. However if I get a work visa I would be eligible to open an Egyptian bank account and buy these government backed notes. So what is stopping me from doing this? (apart from the obvious Covid19 lol)
The cost of living is very reasonable here. Food and rent are 1/3 of that in north america and 1/4 of the average european city. I am living on the mediterranean and the views are spectacular. Granted a bit of a people culture shock but if you keep to yourself, which is mandated right now with Covid19, and you have a good internet connection…its really a pleasant place to be ‘stranded’ at.
Now let’s get to the nitty gritty. I could retire here and live reasonably well on $50,000 Canadian invested in this GIC…but I am reluctant to do this but cannot articulate why, it is just a strong gut feeling. Help me ‘hash’ this out!
Now, I would prefer to live in Malta or Cyprus but that just isn’t financially feasible right now…but that is the goal however I have financial obligations in Canada.
Funny but the problem I am trying to solve is the exactly the reverse of what is typically normal.
People typically leave (Donald Trump hole countries) to the West to send cash back to them.
Due to circumstances, I am doing it in this opposite direction and feel crypto is the solution but just haven’t figured it out just yet…
I could settle for the 15% GIC (Crypto savings just cannot compete with this, are not guaranteed either) but that doesn’t solve the problem : I want to live in Malta/Cyprus and send cash back to North America.
Actually I am going to revise this and send to my appointed Academy Tutor as well but brainstorming here…thankx!