Is any way to get residency in DR if you don't want to spend 200k in the citizenship by investment? Sounds like a great place to live.
How is the banking system there?
How is the banking system there?
Thoughts on Dominican Republic?
- Thread starter wellington
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your options
- Retiree: If you are receiving at least USD 1,500.00 from a pension (either from a government institution or private company).
- Rentista: If you receive at least USD 2,000.00 monthly and could prove this income for the last five (5) years, from any international source (company shares, stock market, etc.). Salaries do not apply.
- Investor: It is obtained by investing at least USD 200,000.00 in a Dominican corporation, Touristic project, or Free Zone developments.
- Family reunion: By being married to a Dominican citizen or legal resident.
You don't need to invest any money, just apply for temporary residence and renew it yearly for 5 years until you get the PR. You just need an abode and a guarantor, and the right people to process it smoothly.
Kind of normal. Imagine, you can even use cash!
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Yes, no way around that because of biometrics. But you can renew late by paying a monthly fine.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
That's awesome I love using cash but I meant if you can have a usd account. I will check the requirements to get TR there. TY
Guys I've just read that the RD territorial tax system is valid only for the first 3 years of residence. Is it true?
Is it possible to trick it, as being 2 years and leaving 1 year round without going there, and then +2 years again, forever?
I mean, does not even make sense, or it's a territorial system or it isn't...
@JohnnyDoe do you know about that?
Is it possible to trick it, as being 2 years and leaving 1 year round without going there, and then +2 years again, forever?
I mean, does not even make sense, or it's a territorial system or it isn't...
@JohnnyDoe do you know about that?
Of course! It's well known that the Dominican Republic taxes foreign passive income. That's why wealthy people who want to be compliant with tax laws stay away.
Look we are talking about different stuff.
I'm talking about the time of 3 year limit of foreign income.
You are talking about foreign passive income.
And I raised a possible loophole of being 2 years, and leaving one, to then become resident again at the 4th year
Last edited: Jan 23, 2023
I'm talking about the time of 3 year limit of foreign income.
You are talking about foreign passive income.
And I raised a possible loophole of being 2 years, and leaving one, to then become resident again at the 4th year
Incentives for international investors
Law No. 171-07 grants foreign nationals who invest a minimum of US$200,000 in the Dominican Republic or who meet certain criteria as retirees special benefits,4 such as expedited residency in the country, exemption from duty for the importation of household goods, exemption from transfer taxes for the first purchase of real estate, exemption from taxes on dividends and interest, and 50 per cent reduction on property and capital gains taxes.Last edited: Jan 23, 2023
Well, your question was "IS IT TRUE" to which I replied "OF COURSE".
Btw., foreign passive income is exactly what is meant here (i.e. income from financial assets outside of the Dominican Republic). 😉
Regarding your "loophole": There is none. The 3-year grace period starts from the day you first obtained a residence permit.
Law 171-07 is well known. It has nothing to do with you what you posted in #28.
Furthermore, it is not ordinary taxation.
You get a temporary exemption on passive income. Active income is always exempt.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Sure, PM me
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
What's considered active income exempt of taxes there? Like if I do trading, offer online services, have a YouTube channel or whatever social media related that would be tax exempt if my money comes from US or UK? I am curious as in some territorial tax countries they don't consider it foreign income if you work online from there. I know there is always ways around but I am curious.
Yes, and better to keep the money outside of the country so you avoid questions.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
it's a big country, you'll need plenty of time and move around to get a serious picture, that's my experience so far...
I'm here. The country is a bit messy in matters of culture and organization.
Meals are $40-$60 in 2, not expensive but not dirty cheap in my opinion.
Curious if there is a tax haven country that is more organized
without paying $200-$300+ for every meal as it is in Turks and Caicos or Cayman.
To have a beach chilling life while remote work
Meals are $40-$60 in 2, not expensive but not dirty cheap in my opinion.
Curious if there is a tax haven country that is more organized
without paying $200-$300+ for every meal as it is in Turks and Caicos or Cayman.
To have a beach chilling life while remote work
I totally agree
Oman could be called "organized" for example 😀 but would you live there?
let me know once you find one
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