Obtaining
Residency And A Second Passport From The Dominican Republic
By John Schroder
There are
quite a number of people that either desire a Second Passport from a
stable democratic country, or in the least know that they can gain
some important benefits from the possession of a secondary travel document.
The problem
for many is of course the expense and time involved. In the case
of countries like Belize or Grenada, an almost immediate passport is possible
through special economic citizenship programs. However, with costs reaching
up to US$ 50,000, the price tag is prohibitive for some people.
One can also
look at special residency programs from countries such as Panama, Ecuador
and elsewhere. While the expenses may be much lower than the
figure mentioned previously, clients must often wait up to five years to
obtain their passport.
The Dominican
Republic - The Best Kept Secret in the Caribbean for Expatriates
While the Dominican
Republic does not offer formal economic citizenship programs, the process
and cost involved for both residency and eventual naturalization makes
it one of the best bargains around. The Dominican Republic is also
one of the best places in the Caribbean for bargain Caribbean Real Estate,
Tax-Free Banking, and the added bonus of beautiful climate should your
interests include a comfortable place to call home.
Being situated
on the second largest Caribbean island (for those that want to explore
the possibility of a second home), the country offers both the highest
Caribbean mountain range ~ Pico Duarte, and miles of unspoiled beaches.
In short, this means that those people seeking either a cooler climate
found in the lush mountain range or the endless summer lifestyle of a tropical
beach can find what they want.
In addition,
the Dominican Republic does recognize dual citizenship.
This means
that you do not have to renounce your current citizenship should you choose
not to do so (contrary to what many people believe, current US citizens
can obtain a second citizenship without jeopardizing their current US passport).
The country
also has a number of special "free-zones", allowing entrepreneurs
or business owners to operate a business 100% free from any corporate
income tax for up to twenty years.
This is in
contrast to places like the Bahamas, which prohibits owners of a Bahamas
IBC or "International Business Company" from owning real estate
or operating a company within the Bahamas through the IBC structure.
As a result,
it is possible for individuals to live in the Dominican Republic and own
property without restriction through a Dominican Incorporated "Offshore"
Company.
In addition
you can enjoy tax-free bank account interest (up to 12% tax-free in
US Dollars) and also may own and operate a business through a local
Dominican Incorporated Company or other offshore company 100% free from
corporate income tax.
The Process
for Obtaining Residency and a Second Passport
Clients would
need to visit Santo Domingo in order to begin the residency process,
but there is no requirement that clients remain in the country during the
residency process.
In addition,
there is no specific required minimum investment in the country in order
to apply for residency. Clients should bring with them at least 3 original
or official copies of their birth certificate and a letter of good conduct
from their local police department.
The process
would begin with a client's completion of a residency application.
In conjunction
with this, we normally would also help the client form a Dominican Company
as part of our service.
This is to
help with both the residency process, and to provide the client with some
additional tax savings & asset protection benefits.
The client
is also required to take a local medical examination. This is
fairly quick and painless process. The reason of course is that the
government wants to make sure prospective applicants do not have TB
or AIDS, a valid health concern for any country.
Within 90
days of the initial application, clients would receive a special card
from Immigration, which is dated for 6 months. At this point, clients have
the legal right to both live and work in the country, should they choose
to do so.
Unlike in
Panama, where the initial temporary residency card must be turned in to
immigration should the client wish to travel, this first Immigration card
obtained from the Dominican Republic is kept by the client at all times.
Clients may exit and enter the country at will.
Within six
months thereafter, the client would obtain their "Cedula", indicating
that they now have provisional permanent residency. This card is what all
Dominicans receive at the age of majority (18 years of age), and
provides for all of the rights and privileges of any other Dominican, with
the exception of the right to vote in local elections. The right to vote
comes when the client is naturalized as a citizen.
The initial
Cedula carries a one-year expiration, and must be renewed after the first
year expires. Upon completion of the second year, the client may then move
forward with the naturalization process (citizenship) and application
for a Dominican Passport.
What is
the cost involved? Much less than half of the costs required
by other programs, and in fact a much easier process as well. In
short, clients have the opportunity to pursue second citizenship from a
stable democratic country, at a cost that is downright inexpensive in comparison
to some other programs.
In addition,
should someone wish to retire, live or perhaps start a business in the
Dominican Republic, there are a number of attributes that make this
country one of the best places for relocation as well. When you also
consider the additional investment or tax-free banking opportunities, this
wonderful island nation is ideal place to call home.
For additional
information about how you can benefit from Dominican Republic residency
or a second passport, tax-free banking or the formation of an offshore
company, please contact Mr. John Schroder at (809) 334-5387 or (809)
293-9427. You may also send an email to info@ascotadvisory.com
- or request information on-line - On-Line
Request For Information
