The Dominican Republic Rolls Out the Welcome Mat
Following the example of Panama and Belize, the Dominican Republic has just enacted a new law aimed at attracting foreign residence with a fast track residency system, especially aimed at foreign retirees.
With the approval and publication of Law 171-07 on Foreign Retirees, the Dominican Republic bills itself as "a paradise for people wanting to retire to an idyllic setting."
The new law promises a fast tracked residency program with simplified paperwork, all to be done within 45 days. It also allows the import of duty-free household goods and a host of tax breaks. These tax breaks include reductions on motor vehicle taxes, exemption on transfer taxes for the first purchase of local real estate, a 50% reduction on taxes on mortgages, a 50% reduction on the annual property tax, exemption on taxes on dividends and interest, and a 50% reduction on capital gains taxes.
Local real estate developers praised the new law. Jose Luis Asilis, the president of the Metro Group, called for an international campaign to publicize the news overseas. Asilis told a meeting that Europeans and Americans can "live in the Dominican Republic like kings on a fraction of what they receive in pensions."
The minimum monthly income required under the new law is US$1,500 for retirees with a government or private pension and US$2,000 in verified income from all others.
Following the example of Panama and Belize, the Dominican Republic has just enacted a new law aimed at attracting foreign residence with a fast track residency system, especially aimed at foreign retirees.
With the approval and publication of Law 171-07 on Foreign Retirees, the Dominican Republic bills itself as "a paradise for people wanting to retire to an idyllic setting."
The new law promises a fast tracked residency program with simplified paperwork, all to be done within 45 days. It also allows the import of duty-free household goods and a host of tax breaks. These tax breaks include reductions on motor vehicle taxes, exemption on transfer taxes for the first purchase of local real estate, a 50% reduction on taxes on mortgages, a 50% reduction on the annual property tax, exemption on taxes on dividends and interest, and a 50% reduction on capital gains taxes.
Local real estate developers praised the new law. Jose Luis Asilis, the president of the Metro Group, called for an international campaign to publicize the news overseas. Asilis told a meeting that Europeans and Americans can "live in the Dominican Republic like kings on a fraction of what they receive in pensions."
The minimum monthly income required under the new law is US$1,500 for retirees with a government or private pension and US$2,000 in verified income from all others.
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