Posted on May 31, 2020
TOP 3-Reasons to Live & Invest in the Dominican Republic
1. Tax Haven Paradise!! –
· Dominican Republic has a national tax system, meaning that if you live here, you would only be subject to pay taxes if you have a local income.
· You can earn what you like outside the country and you do not even have to declare it, let alone pay any taxes.
· This applies to both individuals and companies (Exceptions apply).
· Property tax is based on the stated value of the property as determined by the government, usually at much less than the market value.
· It is levied annually at a rate of 1% on the property’s stated value exceeding DOP6,800,000 (US$144,681).
· Properties with values below the threshold amount are not taxed.
2. Second Passports –
· Dominican Republic is one of the most liberal countries when it comes to granting citizenship through naturalization.
· After two years of residence, you can ask for a passport.
· Absences of up to one year at a time do not affect your residency status. This liberal naturalization law dates to 1948, and there is much talk of it changing soon.
· Dual citizenship is allowed.
3. Livability – Dominican Republic is a great place to live.
· First, it’s affordable. The tax exemption you get in the Bahamas by buying a half-million-dollar property you get almost for free here.
· The capital, Santo Domingo, is a modern cosmopolitan city with a beautiful colonial heart. The Spanish colonized it, then the Americans were mainly responsible for the development of the city.
· The country’s second city Santiago, and the beautiful north coast, were only joined by decent roads built by the Americans in the 1920s. Many new highways have been completed in the past 5 years and there are 7 international airports allowing easy access to any part of the country.
· Today there is a substantial international populations flourishing all over the island with larger concentrations in the touristic zones. So there’s really something for everybody