There is a lot to love about the Caribbean, gorgeous beaches, friendly and warm people, cheap cost of living, proximity to the United States, et. For this and other reasons Americans are flooding to the Caribbean in packs. If you love cheap, the very cheapest of all is the Dominican Republic
The average American would have traveled to the Caribbean at least two times in their lifetime, some even dedicate their whole summers traveling in any of the islands or countries. So it would not be weird for you to hear that they are choosing the islands to spend their retirement years. But, Americans on a budget, those looking for cheap retirement options, are focusing on the Dominican Republic.
For a number of years now, Americans have chosen the Caribbean as one of their favorite destinations to retire in, and the Dominican Republic is the lowest cost country on that list.
Many countries are part of the Caribbean and they each offer something that is unique to their culture and traditions, so it is up to you to do the research and find out which one is the best for you.
Today I am going to talk about one country in particular that is one of the most unique and beautiful spots in the Caribbean, the Dominican Republic. The Dominican Republic is one of the first places that comes to mind when you hear someone talk about the Caribbean on a budget and for a good reason. The cost of living in the Dominican Republic is cheap, cheap and cheap compared to its neighbors.
Dominican Republic offers everything you expect from a Country in the Caribbean and more. Thanks to its influx of American travelers and retirees, the Dominican Republic has become a hotspot for Americans in recent years.
Not only travelers and retirees have taken advantage of the Dominican Republic, but foreign investors are pouring their hard earned money into the Dominican republic as a way to gain a foot in the caribbean market.
Also, the Dominican Republic has one of the easiest immigration systems in the world. There are a number of visas from which you can qualify to start living in the caribbean and obtaining a second passport.
Every residency application in the Dominican Republic must be made at the Ministry of Foreign Affairs, after the application is accepted you must file for a provisional visa at the Immigration Department, when the provisional visa is expired the applicant can apply for a permanent residency.
The documentation that you will need to present is as follows:
- Translated Birth Certificate
- Marriage Certificate, if applicable
- Two copies of your Passport
- Tourist Visa
- Evidence that the applicant has the financial needs to support themselves and their dependants, ( bank statements, work contract, deposits, etc.)
- Notarized Letter by a Dominican national or a corporation vouching for the client
- Document showing a clean criminal record
- Medical exam done in the Dominican Republic
- 4 clear photos of the applicant
- Completed application forms
In order to qualify for the retiree visa, or visa de pensionado, you must be able to prove that you receive at least $1,500 dollars a month from a licit bank account in the United States. $250 dollars must be added extra for every dependent.
This whole process takes an estimated 45 days, much shorter than any other residency program in the caribbean. The retiree visa can also help you pay much less taxes. While residents are expected to pay taxes on their global income after three years of residency, pensions and social security benefits are exempt from this rule.
Another sector of the American population that are exploiting the huge potential that the caribbean has is foreign investors. Immediately when you step into the island you will see the wonders that foreign investment has done into the Dominican Republic.
One of the great incentives that investing in the caribbean brings to Americans is that they may obtain a second passport if they make an investment into country. The citizenship by investment program in the Dominican Republic is the second cheapest to obtain in all of the world.
The best option if you wish to obtain a second passport from the Dominican Republic is to invest $200,000 dollars into the country or deposit the same amount into a bank, this is a great and secure investment as the rate of return is almost guaranteed.
There is an investment option that allows you to invest by creating a company. You don’t have to hire employees or actually sell a product and pay taxes, all you have to do is keep $200,000 dollars into a corporate account for a period of 3 years.
I hope you’ve found this article on how to get residency in the Dominican Republic to be helpful. For more information, or for assistance with cheap residency in the Dominican Republic or elsewhere, please contact us below by filling out the form, Thank you.