The Dominican Republic has been making reforms in order to attract foreign nationals looking to retire and invest in the country. Today we will chat with one of our immigration consultants about one of those changes that may be a game changer benefiting new expats.
This is the first in our “Interviews With Immigration Consultants” series of posts digging in deeper into the advantages and logistics of establishing residency and citizenship in a country outside of your home nation. For us the best option was residency in the Dominican Republic and we will focus on that option.
Barry: One of the most common questions about immigration and passports that we receive at DR Escapes is whether there is a fast track way to either buy or get residency without waiting for years.
Attorney: The Dominican Republic does not “sell” residency or citizenship, however they do have a method to fast track residency. One of the most recent reforms allowing fast track residency involves issuing those who qualify as retirees and investors permanent residency instead of going through the normal process of holding provisional residency for four years.
Until now, those who qualified for the fast track residency were those who either earn a minimum of $1,500.00 per month from a pension, earn a minimum of $2,000.00 per month from investments overseas, or those who invest a minimum of $200,000.00 in a company registered in the DR or a banking institution.
Barry: So that investment program requires that an expat form or invest in a DR corporation and invest $200,000 in that corporation if they are not retired.
Attorney: Up until a month or so ago that was is basically correct. Investment in a corporation or DR corporation was the only effective investment fast track. But NOW they have added a NEW way to make an investment to fast track the residency process. And this is a BIG change that may benefit many of the expats that were hesitant to create and maintain a DR corporation or invest in a DR corporation.
Now immigration has established that foreign nationals who purchase properties that are valued at $200,000.00 or more will qualify as domestic investors. This is huge and a major concession compared to past programs.
FINALLY, those who are not retired and don’t generate income from investments in their country of origin can qualify for a fast track residency by simply purchasing a plot of land or home that is valued at $200,000. This is an ideal program for investors or those interested in owning a tropical vacation home on the island.
Barry: Yeah, that is a big change. I can’t tell you how many times potential expats were disappointed that their investment in real estate did not qualify them for the fast track program. NOW they can qualify. That is a big benefit for many of the people that we meet at DR Escapes.
Attorney: I agree. I know it opens the door for many of the DR Escapes folks that I have worked with over the last couple years.
Barry: Can you summarize a couple of the benefits of fast track residency that our readers may be interested in?
Attorney: Sure. No problem. Fast track residency opens the door to naturalization (citizenship) and a second passport much, much faster. After only six months after the residency card is issued the foreign national will qualify for naturalization (citizenship) which leads to a second passport.
Another popular benefit of the fast track residency is that an expat can import a full container of household and personal assets without the need to pay the normal import duties. That benefit alone can amount to a savings of thousands of dollars.
Barry: Good stuff. How can our readers find out more about the details of taking advantage of the new fast track immigration program.
Attorney: Simple. Just click on the Blue PassportDR banner on the DR Escapes website and request a free consultation. One of our immigration consultants will be happy to answer their questions and explain all the immigration and passport programs.