22
Dec

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:

1.  Investors 
2. Pensioners and Retirees
3.  Rentiers

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:

• Investors: Renewable every four (4) years.
• Pensioners: Renewable every two (2) years.
• Retirees: Renewable every two (2) years.

Note: The first residency obtained is renewable the 1st year, and from that point on it is renewable at the times specified above.

3. Dominican Nationality and Naturalization: When you opt for one of these categories and especially if you are eligible for one of them, the naturalization law allows you to obtain Dominican nationality in record time. To be more precise, in Six (6) months you can choose to apply for Dominican Nationality, in accordance with naturalization law No. 1683 on Dominican naturalization.

The categories are the following:

1. A) Nationality by Investment
2. B) Nationality by Pension
3. C) Nationality for Rentiers

BENEFITS OF NATURALIZATION

• You will be able to enter and leave the Dominican Republic without any hassle.
• You can forget about paying high fees in relation to the renewal of your Dominican residence.
• You will avoid having to undergo medical examinations on each renewal.
• And most importantly, you will avoid having to lose one (1) or two (2) days at the Migration Office complying with the regular steps that are normally required.

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.

8. Inclusion of your dependents in the category of both “Dominican Residence and Naturalization or Dominican Nationality“. The three (3) aforementioned categories give you the option to include your dependents. The dependents that would be able to apply are the following:
9. A) Spouse
10. B) Underage children or dependent adults
11. Age requirement to apply for a Dominican Residency for Investors, Rentiers or Retirees: To be eligible for these categories or programs, there is no age requirement for the main applicant, they must simply meet the requirements established by law.

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:

1. A) Residency by Investment: Provide proof of investment of at least Two Hundred Thousand United States Dollars (US$200,000.00). In the article Residency for investment in the Dominican Republic, we addressed this topic extensively.
2. B) Residence for Pensioners / Retirees: The Minimum amount of the Pension or Monthly Income. In order to benefit from the preferential arrangement established by this law, the pensioner must receive a monthly income of no less than one thousand five hundred US Dollars (US$1,500.00) or its equivalent in national currency.
3. C) Residence for Rentiers: You must receive at least Two Thousand United States Dollars (US$2,000.00) monthly or its equivalent in national currency.

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.