2
May

There are many reasons to reside and invest in the Dominican Republic, as confirmed by the thousands of foreigners who make investments in the country and who have also made this country their home.

It is best to obtain information pertaining to your specific situation and interests, but you can be sure that this will undoubtedly be a great experience for you.

However, in order to help you familiarize with the features of our country, we have compiled 5 reasons why it could be a good decision to reside in the Dominican Republic (live, invest or retire)

1. The low cost of housing and everyday products and services

One of the most important reasons is the low cost of products and services, as well as the low cost of home rentals or purchase.

Starting with real estate, food, products and services, you could live comfortably in the Dominican Republic with a monthly family budget of US$1,200. With $2,000, you would have more options to live a comfortable life with access to all kinds of services and more leisure.

Buying or renting an apartment is quite affordable in the Dominican Republic, compared to other countries.

2. Quality of life in the Dominican Republic 

1. An undeniable benefit is the country’s tourist attractions, which provide unmatched levels of quality of life.
2. You will find beautiful white sand beaches, palm trees and warm turquoise water throughout the country.
3. The Dominican Republic is an island favored by wonderful weather, characterized by being warm and sunny.
4. Mountain tourism.
5. Its historical heritage.
6. The Dominican Republic has a broad culinary diversity that includes local and international food, with thousands of restaurants distributed throughout the country.
7. Hotels and Resorts in the Dominican Republic are recognized internationally and frequented by both residents and foreigners. The vast majority of these hotels and resorts are located in the eastern part of the country, in Bávaro and Punta Cana.
8. Essentially, the most important thing is the treatment you will receive by the people of the country. We are known for being warm, respectful, kind and honest people and we treat foreigners with a lot affability. Here you will always find extraordinary service and a person willing to assist you in whatever you need.

3. Evolution and growth of the country’s infrastructure

• Modern airports: You would be able to reach the Dominican Republic from the east coast of the United States in just two hours.
• Our new roads have reduced travel times outside of the capital to less than half of how long it took before.
• Infrastructure in the Dominican Republic has seen constant growth, which is significantly beneficial for the growth of the economy and the investments made in the country.
• The Metro in Santo Domingo connects the Gran Santo Domingo with all its municipalities. It is the largest metropolitan rail system in Central America and the Caribbean and services thousands of people in the capital city every day.

4. Affordable and Low Complex Retirement Homes for Foreigners

The government of the Dominican Republic is welcoming to foreign retirees. If you can show proof of a monthly pension of US$1,500.00 (plus US$250.00 for each person you are bringing with you), you may qualify for a provisional residence in just 45 days. Additionally, just as with other retiree residency programs in other countries, this classification comes with some benefits and tax exemptions.

Any foreigner can be granted an immigration status in our country quite easily. Several elements may make you eligible (reunification, employment contract, investment and others), you would simply need to determine which ones are the most appropriate to your case

5. A paradise for investors and entrepreneurs

Located in the center of the American continent, an infrastructure of great economic development and a generous package of fiscal incentives, the Dominican Republic is one of the best places in the Caribbean region to conduct business.

The government welcomes foreign investors to its export processing zones.

If you are looking to establish your own business in a tax-friendly and beneficial location, you should take advantage of the opportunities offered in the Dominican Republic, especially if your activity falls under any of the following categories: telecommunications, infrastructure, renewable energy, agribusiness, call centers, software development, manufacturing or tourism.

Thanks to Law 8-90, you may qualify for a 15-year exemption on all income taxes, export tax and duties, corporation tax, VAT, municipal taxes and the incorporation and capitalization of taxes.

 You do not need to own a large company or business to benefit from the tax incentives available in the Dominican Republic.

The government is committed to promoting the growth of tourism. It recognizes the potential in its coasts, forests and its historical capital city.

If you start a tourism business in the Dominican Republic – a boutique hotel, a tourism business or a dive shop – you may qualify and receive tax exemptions for the next 10 years on income tax, VAT, real estate transfers, property taxes, import duties and more, in accordance with Law 158-01.

All this while living in one of the warmest, safest and friendliest paradises in the world.

Important things to keep in mind to obtain Residence in the Dominican Republic

In order to obtain residence in the Dominican Republic, you would need to enter the country with a Residence Visa stamped on your passport. This is an essential requirement to obtain your residence in the Dominican Republic, and it is granted in person at the Dominican consulate of your country of residence, by complying with a series of requirements. If you enter the country without it, the following will take place:

• You would need to leave the Dominican Republic to have the visa stamped, as applicable.
• There would be delays in the regulatory process.
• There would be unnecessary expenses.
• And I assure you that it will be a big nuisance.

The visas types available for purposes of residence in the Dominican Republic are: 

1. Resident visa. This visa type is intended for the following group of individuals:
   • Family Ties (family reunification by marriage or direct dependence).
   • Investors, under Law 171-07
   • Retirees
   • Rentiers, under Law 171-07
2. Business visa with employment purposes.
3. Student visas.
4. Dependent Visa.
5. Business Visa.

Some of our clients have contacted us while being in the country, and I assure you that uncertainty has been what has characterized their process.

Conversely, this is very different than what transpires with individuals who obtain information before leaving their country and decide to immigrate to our country, after making themselves familiar with the process to be followed according to our immigration law. As a result, we recommend that you obtain information about all the topics of interest in the country; below you can find the websites of government institutions where you can find this type of information, such as:

• General Directorate Of Migration https://www.migracion.gob.do/
• Ministry of Foreign Affairs http://www.mirex.gob.do/
• Tax system in the country, General Directorate of Internal Taxes (known in Spanish as DGII) http://dgii.gov.do/Paginas/inicio.asp
• Physical and legal security http://www.poderjudicial.gob.do/
• Financial and banking system http://www.bancentral.gov.do
• Labor laws (for potential employers or employees) Ministry of Labor http://ministeriodetrabajo.gob.do/
• As well as many other topics that will depend on the target of your interest, which is why we strongly recommend that you seek information on the websites of public institutions that govern the various laws and regulations of the country.

You may use the experiences of other foreign residents as a reference and as a way to obtain information about a specific place. However, opinions could be quite subjective, given the fact that your experience will be determined by the following:

• The area where you are located in the country.
• Your tastes and preferences.
• Your income level.
• Your cultural level.
• Your subjective perception.
• Your ability to integrate different cultures.
• Among others.

As a result, we recommend that you experience the situation yourself and focus on information that is as objective as possible regarding the economy, laws, taxes and other factors.