I have 78 years and desire to retire. I worked for thirty years at a multinational company here in Costa Rica and I already obtained my pension. I want to retire to Santo Domingo, but I want to know the incentives pensioners enjoy and which documents I must submit. I want to do that as quickly as possible, I love your country and I think is perfect to retire.
I am glad you consider our country an ideal destination for retirement; you will not regret your choice. Obtaining the residence for pensioners/retirees is regulated by Law 171-01, dated June 19, 2007, based on special incentives for pensioners and retirees of foreign source. It establishes different benefits and exemptions, of which you can enjoy as a pensioner as well as the requirements to be fulfilled to obtain such residency. Likewise, this law grants the right to obtain a Dominican residence card for pensioners/retirees in just (forty-five (45) business days), process that must take place before the General Migration Department.
To apply for a Dominican residence card for pensioners / retirees you must provide the following documents:
Application Form for residence for pensioners;
Complete passport copy of the applicant;
Original birth certificate duly legalized at the Dominican Consulate of the country where it was issued;
Government Certification, government agency or private company of foreign source where you provided the services certifying that you monthly receive an income of at least U.S.$ 1500. In the event the pension does not comply with the minimum income require, you may complete the requirement with a bank letter certifying your monthly income. These documents must be legalized by the Dominican Consulate of your country.
Once you have obtained your residence card you can enjoy of the following benefits and exemptions:
a) Tax payment exemption of your personal belongings: this provides the foreigner who enters the country with the aim of establishing his residence to bring their household belongings free of tax payments.
b) Partial tax exemption of motor vehicles: this grants the privilege to foreigners who intend to reside in the country to enter a vehicle to Dominican territory, as long as it is used and its owner has it from at least one year;
c) Tax payment exemption on real estate transfers, on the first property acquired;
d) 50% tax payment exemption on mortgages, if the creditor is a financial institution regulated by the Monetary and Financial Law;
e) 50% tax payment exemption of dividends and interest generated in the country or abroad.
The process to obtain this residence is really fast and ensures the applicability of incentives.