If you are considering obtaining a Dominican residency, we will be explaining what the benefits are, along with elaborating as to why it would be an excellent decision. The Dominican Republic remains one of the preferred destinations to retire or invest.
Our weather, our welcoming nature, financial stability and our incentive laws, encourage pensioners to establish their legal residence in our country.
In this article, we will explain the most important benefits you can enjoy by obtaining legal residence in the Dominican Republic in the categories of:
If you fall under one of these categories, you can request legal residence in the Dominican Republic, and enjoy many other benefits, which we will list below:
1. Time: When you opt for one of these categories of Dominican residence, the response time is extraordinarily fast. In less than Forty-five (45) days, you may have your residence card in your possession.
2. Immediate Dominican Permanent Resident Category: If you apply and are deemed eligible for one of these categories, you may instantly qualify for immediate Dominican Permanent Resident status. This depends on each individual case, and they are the following:
Note: The first residency obtained is renewable the 1st year, and from that point on it is renewable at the times specified above.
The categories are the following:
BENEFITS OF NATURALIZATION
The categories that apply to this topic are pensioners and rentiers from foreign sources. These categories have special incentives established in law No. 171-07, which states the following:
1- Exemption from tax payment for Household Goods and Personal Assets.
2- Partial exemption from motor vehicle taxes.
3- Tax exemption on real estate transfers for the first property acquired.
4- 50% tax exemption on mortgages, when the creditors are financial institutions regulated by Monetary and Financial Law.
5- 50% Property Tax Exemption, when applicable.
6- Exemption from taxes applied to payments of dividends and interest (Income Tax), generated in the country or abroad.
7- Exemption of 50% of the Capital Gains Tax, as long as the rentier is the majority shareholder of the company that is subject to the payment of this tax. Additionally, said company cannot be engaged in commercial or industrial activities.
All these benefits can be claimed or requested in the process of obtaining residency; i.e., a certification of having been admitted to one of these programs would be enough for the relevant institutions to accept the exemption requests as applicable.
PROCESS AND REQUIREMENTS
For you to qualify for this category of Dominican residence, you would need to demonstrate that you are eligible. The criteria that needs to be met is the following:
IMPORTANT NOTE:
An additional monthly income of two hundred and fifty US dollars (US $ 250.00) will be required for each dependent that applies jointly with the main applicant.
Our Law Firm / Law Office is specialized in Immigration Law and immigration in Santo Domingo, Dominican Republic. As a result, if you are considering Investing or Retiring in the Dominican Republic, do not hesitate to contact us for specialized quality advice.
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