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Baby Boomers can still retire, even on a tight income, by taking steps to stretch their dollars! 

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Baby Boomer Retirement

in the Dominican Republic

 

by Kathleen Peddicord

 

Our editors' pick for Best Buy in the Caribbean, the Dominican Republic offers both cheap beachfront property and a low cost of living.

Europeans discovered the Dominican Republic more than two decades ago, and the island continues to draw good numbers of Euro sun-seekers. Since the early 1980s, the French, especially, have been a driving force in development on the island, in particular at Samana, where French is commonly spoken.

 

The Dominican Republic is easily accessible, especially from the East Coast of the U.S. Once you get there, you have three white-sand Caribbean beach regions to choose from: Puerto Plata, Samana, and Punta Cana. Investment for both capital appreciation and rental income continues to make good sense, especially in Samana, say our editors.

 

Learn more at "Live and Invest Overseas

The Dominican Republic at a Glance

 

Population 9.4 million (July 2007)
Gross Domestic Product (GDP) $85.4 billion (2007)
GDP Per Capita $9,200 (2007)
Inflation Rate 5.8% (2007)
Currency Dominican Peso (DOP)
Exchange Rate Versus U.S. Dollar 33.113 Dominican pesos = 1 U.S. dollar (March 2008)
Language Spanish (offical)
Capital Santo Domingo
Population of Capital City 913,540
Time Zone GMT minus 4
Seasons Tropical; wet season lasts from May to November
International Dialing Code 1-809
Electricity 110V / 60 Hz; Plug Type: A (US style)
  Presidential Republic
Name and Party Affiliation
of Current Leader
Leonel Fernandez, Dominican Liberation Party
Income Tax Rate for Residents 15% to 25%
Property Tax 0% to 1%
Capital Gains Tax 25% to 29%
Inheritance Tax 17% to 32%
Rental Income Tax 20%
Transfer Tax 4.5% of assessed value
Sales Tax 16%
Restrictions on Foreign
Ownership of Property
None
Local Chamber of Commerce www.camarasantodomingo.org.do/
Arzobispo Nouel No. 206
Zona Colonial
Santo Domingo
American Chamber of Commerce www.amcham.org.do
Torre Empresarial, 6to.
Piso, Ave. Sarasota No. 25,
Santo Domingo
Tel: (809) 381-0777
Primary Exports Ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods
Residency and Visa Requirements Tourist Visa: 60 days, $10
Residency: Residence Visa, Provisional Residence Card, Permanent Residence Card
Citizenship: after 6 months of legal residence with an investment of US$50,000 in real estate or business
Special Benefits for Foreign Residents or Retirees None
National Airline Air Dominicana
Preferred Contact  

 

Argentina

Belize

Brazil

Costa Rica

Dominican Republic

Ecuador

Mexico

Nicaragua

Panama

Uruguay

   

 

Information on this page is provided in partnership with Kathleen Peddicord, Publisher of Live and Invest Overseas.

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