A fast-track program offers an accelerated process to obtaining permanent residency for applicants looking to invest in the Dominican Republic or retire in the Dominican Republic.
Applicants typically receive an Investment Residency card within approximately 45 days of submitting a completed application.
There are several ways to qualify for the fast-track process, as outlined below:
The pensionado visa option requires an applicant to have a minimum income of at least US $1,500 per month plus US $250 per dependent from a pension.
The rentista visa option requires an applicant to have a minimum income of at least U.S. $2,000 per month from any investment-derived income during the past 5 years.
The investor visa option requires an applicant buying a house in the Dominican Republic or buying a condo in the Dominican Republic to make a minimum investment of US $200,000 in real estate in the country via a registered company.
Find out more: Best places to buy property in the Dominican Republic
There are many advantages to becoming a resident of the Dominican Republic.
1. You can easily enter the country without a tourist card or visa without having to show a return ticket when entering.
2. You can remain in the country legally with an identification card (Cédula de Identidad Personal).
3. You can apply for a Dominican driving license. Non-residents can only drive in the country for a period of 90 days with an international license.
4. You can work and conduct business in the Dominican Republic.
5. You can enjoy some tax benefits such as low inheritance tax.
6. You can enjoy a fantastic lifestyle in spectacular surroundings and a high standard of living with relatively low costs compared to other islands in the region.
After two years of permanent residency, individuals may be eligible to apply for citizenship of the Dominican Republic.
In the case of the accelerated Residency by Investment Program, a foreign national has the option to apply for “Investment Citizenship” within 6 months of obtaining Residency by Investment.
In either case, applicants must have spent significant periods of time in the country to qualify and must be able to demonstrate fluency in Spanish, knowledge of the country’s values, traditions, and culture, as well as ties to the country.
Researching and absorbing the cultures and customs of a particular country will go a long way in providing you additional information on how real estate is done and give you an edge in the methods and processes that are used from “soup to nuts.”
Hiring the right professionals to educate you, whether it be a local attorney, mortgage person, home inspector, or whomever you need to be part of your team will save you stress, time and money.
I would suggest that you go online on Google, Zillow or Yelp, where the vast majority of reviews and testimonials are posted and see what past and current clients say about the agent and the services that were provided to determine if the majority were positive.
Some negative remarks can happen as there are those that will never be happy or satisfied and are constant complainers about everyone and everything. Those you can take with a “grain of sand.”
But if the greatest number are positive with 4 or 5 star reviews, then their reputation must be excellent. I would also consider taking on 2 or 3 brokers and associate brokers in a given area, who have attained specific designations as I have earned, e.g. GRI, CIPS and the Green Designation.
The majority of countries have no multiple listing services and it becomes a bit of a Wild, Wild West. So using multiple agents will greatly benefit you as they each may have different listings and not share them with any other agent. So what one agent may have another will not possess.
When purchasing for a vacation, investment, or retirement home do your due diligence and research so you will have the knowledge to make the smartest and most beneficial decisions. I will be providing other potential locations in my future columns, so watch for them.
Lastly, If you need assistance with selling, purchasing or investing, locally, domestically, or internationally feel free to call me anytime at (516) 647-4289.
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck.
He has 40 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S) as well as the new “Green Industry” Certification for eco-friendly construction and upgrades.
For a “FREE” 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: [email protected] or via https://WWW.Li-RealEstate.Com