Benefits of Obtaining Dominican Republic Residency and Second Passport
There are many benefits in Benefits of Obtaining Dominican Republic Residency and Second Passport.
A resident may enter the country without the need to buy a $10.00 tourist visa upon arrival.
Non-resident beneficiaries must pay a 50% surcharge on estate taxes whereas a resident does not have to pay this surcharge.
If you are a resident, you are allowed to bring in your household items, ranging from kitchen appliances to furniture tax-free and can import a vehicle with tax exemption.
Residents can travel without a round-trip ticket and they can obtain a Dominican’s driver’s license as foreign driver’s licenses are only valid for 90 days.
This process to get your residency takes six to eight months
Benefits of Obtaining Dominican Republic Residency and Second Passport
With a Dominican Passport you can invest in offshore unit trusts or mutual funds and you can buy and rent out property wherever you choose without punitive taxation.
U.S. citizens are subject to tax wherever they work and live in the world but a second passport can open opportunities for sheltering income and protecting assets.
The requirement to get a second passport is that the applicant holds permanent residency status for two consecutive years, since retirees qualify for permanent residency based on their monthly income, they can qualify for a second passport within two years of obtaining residency.
The other great thing is that you do not need to have to live in the country to become a resident or have citizenship.
Benefits of Obtaining Dominican Republic Residency and Second Passport
In order to qualify for permanent residency as a retiree, the applicant must earn a minimum of US$1,500 per month (US$250 for additional family members such as a spouse).
An applicant may also qualify as a foreign investor by proving an income of US$2,000 per month from investments such as property rental, shares in a private company, annuities, etc.
Or they can become domestic investors by investing a minimum of US$200,000 in a Dominican company or financial institution such as a bank (for instance, a five year CD).
All others may qualify for provisional residency.
The cost for residency oscillates from US$2,800 to US$3,000 depending on the category of residency applied for (permanent or provisional).
This is the total cost for the process which includes legal fees.
Provisional residents will be required to renew annually for four consecutive years until the fifth year when they can apply for permanent residency which is renewable every four years.
Renewal of provisional residency is US$650 per year.
Permanent residency as a retiree or investor is renewable every two years and the cost us US$700.
The cost for the naturalization process (second passport) is US$2,500.
Contact us to arrange your first consultation and learn more about the Benefits of Obtaining Dominican Republic Residency and Second Passport
Category : Blog &Dominican Republic &Investment &Travel
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