Top 5 Questions on Dominican Residency

Written by:

Steve

Considering Residency? Let’s Talk Dominican Real Estate Investment

Thinking about making a move to the Dominican Republic? Real estate investment could be your golden ticket. Here’s a friendly guide to navigating the ins and outs of gaining Dominican residency through real estate investment.

1. Who Can Apply?

First things first, the eligibility criteria might surprise you with how straightforward they are:

You must be at least 18 years old and hold a valid passport.
Have a clean criminal record.
Be in good health, mentally and physically.
Have a letter from a Dominican citizen or permanent resident promising you won’t be a burden.
Prove you have enough financial resources.

The financial part? We’re talking about an investment that ranges between $200,000 to $500,000 in recognized real estate projects. This amount qualifies you for fast-track residency, which makes the process quicker compared to other routes.

This is an attractive option for foreign investors and expats looking to both relocate and benefit from the growing real estate market in the Dominican Republic.

Curious to see what’s out there? You can browse listings here.

Document Checklist:

When you’re putting together your dossier for Dominican residency, here’s what you’ll need:

Certified copy of your passport.
Original or certified birth certificate.
Marriage certificate, if that’s your thing.
Police clearance certificate.
Evidence of health insurance.
A medical certificate.
Nine passport-size photos.
Affidavit for dependents if they’re tagging along.

If your investment is via real estate, make sure the property is officially in the name of a company you establish for this purpose. Explore pre-sale properties here.

Investing in various types of properties can qualify you for Dominican residency. These include:

Residential homes: Whether it's a luxury villa, beachfront condo, or an apartment.
Commercial properties: Such as hotels, rental properties, or commercial buildings.
Land purchases: If the investment amount meets the residency criteria.

It's essential to ensure your real estate investment meets the minimum required amount and follows the correct legal procedures. Working with a trusted local real estate agent will help ensure your property purchase qualifies for residency requirements.

2. What Are the Benefits of Dominican Residency Through Real Estate?

Obtaining Dominican residency through real estate investment offers numerous benefits:

Legal residency status: You’ll be able to live in the Dominican Republic year-round.
Fast-track residency: Real estate investors often experience a quicker path to permanent residency.
No requirement to live full-time: You can qualify for residency without being physically present full-time, making it ideal for property investors who wish to rent out their home to tourists.
Tax advantages: Residency may provide certain tax benefits for those owning rental properties or running businesses.

3. How Long Does the Residency Process Take When Purchasing Real Estate?

If you apply for residency through real estate investment, the timeline is often expedited compared to other methods. Typically, it takes around 3 to 6 months to receive your temporary residency, and you can apply for permanent residency after holding temporary status for five years. However, real estate investors may be eligible for permanent residency sooner, depending on the amount invested and the property’s value.

Follow the guidance on the DGM service portal for detailed steps through this journey.

4.Can I Work in the Dominican Republic with a Temporary Residency?

Yes, once you obtain temporary residency in the Dominican Republic, you can work legally. Many expats use this opportunity to work remotely, start their own businesses, or seek employment locally. If you plan to work for a Dominican employer, you may also need to secure a work permit along with your residency.

For renewal of your Dominican residency, don’t hesitate to get professional advice through an immigration consultant.

5.What Are the Costs Involved in Obtaining Residency Through Real Estate?

In addition to the property purchase price, there are a few other costs involved in securing Dominican residency:

Legal fees: For the residency application and real estate transaction, typically between $2,000 - $5,000 USD.
Residency application fees: These can range from $300 to $1,000 USD depending on the residency type.
Property taxes: Annual property taxes (known as IPI) are typically 1% of the property’s value over $150,000 USD.
Real estate agent fees: Normally 3-6% of the property’s purchase price, depending on the agent and the location.

Investing in real estate as a pathway to residency in the Dominican Republic comes with both short- and long-term financial considerations, but the benefits of residency often outweigh these costs for serious investors

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What’s in It for You? 🌞

Why go through all the effort? The perks are plenty:

Caribbean Life: Relish year-round warm weather and the beautiful locale.
Path to Citizenship: After five years as a resident, citizenship is within reach.
Tax Perks: Potential advantages like no taxes on global income.
Access to Services: Healthcare and other public services become available.
Travel Freedom: Enjoy visa-free travel to various destinations.

Dominican residency through investment isn’t just about finding a new home—it’s about opening doors to new opportunities.