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Benefits of Obtaining Dominican Republic Residency and Second Passport

Benefits of Obtaining Dominican Republic Residency and Second Passport

We are often asked about the Benefits of Obtaining Dominican Republic Residency and Second Passport this this end we found our own in house expert Maria Abreu who with her husband Abel own Abreu and associates immigration services

Benefits of Obtaining Dominican Republic Residency and Second Passport

Maria Abreu, Immigration Attorney, Dominican Republic

Maria was born in the U.S. and has been living in the DR for the last ten years. she established a law firm five years ago, and has offices in both the Capital, Santo Domingo  Cabrera and our own office here in Las Terrenas a town on the north coast of the Dominican Republic.

Maria was born in the U.S. in the state of Delaware and lived most of my life in New York she speaks fluent Spanish and English.

Maria went went to St. John´s University in New York and UAPA in Santo Domingo, Dominican Republic.

Maria and her husband Abel wanted to have a better quality of life and to invest in a country with a growing economy, thats why they chose to come and live in the Dominican Republic

This is a country where you can live well with all of the comforts with a minimal amount per month.

They love the culture and the country is beautiful so it was not difficult to make the decision to move here.

Benefits of Obtaining Dominican Republic Residency and Second Passport

Maria has been practising law for over 20 years and specialises in immigration law she has helped many of our clients to get residency and second passports

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 Maria and her team offer full support and will accompany you to the various government offices as and when required.

Maria is well known and respected so in most cases your waiting times which can be lengthy will be reduced as you are one of her clients!

Benefits of Obtaining Dominican Republic Residency and Second Passport

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.

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 or Maria 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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