Life in the DR Living in the Dominican Republic
There are several reasons why you should consider living in The Dominican Republic, a Hispaniola island nation (forming part of the Greater Antilles archipelago in the Caribbean). But how is life in the DR? Owning property is very straightforward in the country, even for a foreigner. There is little in terms of bureaucratic and legal red tape. Foreigners, just like locals, have the right to legally have a Certificate of Title. This could be through a corporation or as an individual. The process of setting up corporations is easy and cheap. It will cost you about $1,200 if you are a foreigner.
The quality of life in the DR is very high. The property market is well developed, as is the infrastructure. Dominican Republic has great climate, being sunny almost all year round. The country's cost of living is lower than that of the U.S.
The ambiance is simply awesome in the Dominican Republic. Most of the island nation is made up of pristine, lustful, and white-waves seas and beaches. The people in the country are friendly and your stay will be relaxing.
If you want to live in the Dominican Republic, do not worry about buying property because property prices are relatively low, much lower than prices in the U.S. The prices are improving each year, meaning you will get a good deal should you wish to sell you property in the future. The real estate market in the Dominican Republic was not affected by the foreclosure crises that started towards the end of 2008 in the U.S.
If you want to visit your relatives in the U.S. regularly, the Dominican Republic is a good place to call home since it is in close proximity to the U.S. It is also in close proximity to Central America.
Life in the DR is smooth because of the country's social-political and macroeconomic stability. This is one of the most stable countries in the region. It has a tightly woven social fabric and it has a thriving democracy. There is therefore, a low risk to any investment you make.
Obtaining a Dominican Residency is fairly easy. This could be permanent or temporary. You will acquire several benefits once you get the residency. You will get custom tax exemptions on personal property and furnishing like furniture and appliances that you have owned at least one year prior to importing them into the country. You will no longer be required to pay for your tourist card when entering the country. You can work legally anywhere in the Dominican Republic with the residency. This is the first step towards attaining Dominican Republic citizenship, if you are interested.
If you are a foreigner, no doubt taxation will be one of your most important considerations. Under Act 168 (which is amended by Law 146-00), you will get partial tax exemption of motor vehicles. You will be exempt from transfer taxes for the first property you buy and on dividend and interest payment generated abroad or in the Dominican Republic. You will get a 50% exemption of taxes on financial institutions that are regulated by the Monetary and Financial Law and on mortgages. You also get an exemption of 50% of capital gains tax if you are an annuitant or pensioner and you are a senior member of the society. Note that you need Dominican Residency status for this.
The country's Law 171-07 (Law on Special Incentives for Foreign Pensioners and Annuitants) makes it possible for you to enjoy your pension from the country. You can apply for incentives and benefits granted under the law. If you receive a monthly income of over $ 1,500.00, the Annuitant receives a monthly sum for U.S. $ 2,000.00 (or its equivalent in the local currency).
Life in the DR is easy because starting a business in the country is very easy, even for a foreigner. All you need is a copy of Cedula de Identidad or your passport, a Dominican Republic mailing address, and at least two people.
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