Baby Boomer Retirement

in the Dominican Republic

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.

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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 www.airdominicana.com.do
Preferred Contact