Dominican Republic Retirement Laws

Dominican Republic Retirement Laws

The town of Las Terrenas located in the beautiful Samana Peninsula is an ideal and popular place for many retired people of all ages.

The Dominicans have great respect for the elderly, and age here is looked upon with reverence.

The town is geared towards the over 30’s and young families rather than the late teens and early twenties. It is very popular with “Snowbirds” from all over the world who enjoy the year-round sunshine and relaxed laid-back atmosphere.

Making friends is so easy as there are many expat clubs and groups to join who enjoy various activities, excursions, and dining out together.

Invites to dine at people’s houses will come thick and fast, and there is always someone on hand to help newcomers with introductions to Banks, Lawyers, and essential service people.

We have several hundred expats from all over the world that live off pensions very comfortably and enjoy a new and exciting lifestyle for the better!

Dominican Republic Retirement Laws

Disabled accessibility in and around Las Terrenas and the Dominican Republic

The Dominican Republic recognizes and welcomes disabled people, although access to many older buildings is still restricted.

You will see from landing at the airports how respected and cared for both physically and mentally disabled people are in the DR.

You will find that most modern buildings and hotels will have wheelchair access ramps or, at a minimum, they will have people to pick up the wheelchair and the person and carry them.

Las Terrenas is very welcoming to disabled people, and the town’s people will always be on hand to help and assist anyone. The town has ramps and people on hand at most of the hotels, restaurants, and shopping areas.

Las Terrenas has good paved roads, so mobility scooters and wheelchairs are easily maneuvered around the town to access most places.

The town has its fair share of disabled people, both expats and locals, who are an important and well-liked part of the community.

Disabled people are well respected and never looked down on, no matter what the disability—physical or mental.

Las Terrenas people are loving and friendly people and support both financially and spiritually our disabled population.

Retirement Lifestyle in Las Terrenas Samana Dominican Republic

Incentives for Pensioners and Renters

Those opting to retire in the Dominican Republic, Pensioners, and Renters from foreign countries can count on the New Law 171-07, Special Incentives law for Pensioners and Renters that would give them ample benefits in the Dominican Republic of low taxes and peaceful living.

On July 13th, 2007 Special Incentives law 171-07 for Pensioners and renters of foreign source was approved. This law seeks to facilitate the flow of investments into the Dominican Republic by granting to people interested in retreat in Dominican Republic legally attractive incentives to these purposes.

The Dominican Republic offers its natural resources, cultural, technological, and human resources projected as a place suitable and attractive to retired seniors interested in the country as a destination for retirement, and in turn is placed at the forefront with other countries in the region that have already implemented similar programs.

Dominican Republic Retirement Laws

Who Can Apply :

PENSIONERS: Foreign or Dominican citizens who are receiving a monthly income for a pension or retirement from a government, agency, or private company of foreign origin, who are interested in moving their residence to the country and ultimately receiving the benefits of their pension or retirement in the Dominican Republic.

RENTERS: Renters may also benefit from this law provided they receive an income that is stable, permanent, which is principally generated from:

1 – Deposits and / or investment banks established abroad
2 – Remittances from banking or financial institutions.
3 – Investing in companies established abroad
4 – Income originated on real estate
5 – Profits earned by investing in securities issued in foreign currency
6 – Interest, dividends, or income securities or real estate investments made in the Dominican Republic, whose principal has been generated or accrued mainly abroad.

On the other hand, such as pensioners and annuitants interested in retiring in the Dominican Republic, may qualify for the same benefits and exemptions granted to foreign investors and citizens living abroad. Among these, we note the following:

1 – Waiver of 50% of the estate tax.
2 – Exemption of taxes on real estate transfers.
3 – Partial Exemption from taxes of Motor Vehicles. Law No.168.
4 – Obtaining Residency final document within 45 days. Decree No.950
5 – 50% exemption of taxes on mortgages, when the creditor institutions are Financial institutions properly regulated by the Monetary and Financial Law of the Dominican Republic;
6 – Exemption from taxes on Household and Personal Property; Act No.14-93
7 – Exemption of taxes charged to the payment of dividends and interest generated in the country or abroad;
8 – Waiver of 50% Tax Gain Capital, as long as the renter is the majority shareholder of the company which is subject to the payment of this tax and that the company not be devoted to commercial or industrial activities.

Requirements by Law for the Pensioners and Renters

For Retirement in the Dominican Republic, the Pensioners and Renters interested in benefiting from the facilities that confer this law should receive a monthly income of not less than ONE THOUSAND FIVE HUNDRED dollars, American currency ($ 1,500.00), and the renter shall receive a monthly fee corresponding to TWO THOUSAND dollars ($ 2,000.00) or its equivalent in local currency plus the amount of two hundred and fifty American dollars ($ 250.00) for each dependent.

To be eligible for this program, the main applicant is not subject to a minimum age.

Under this Act, may apply to the Residence Permit Program for Investment, pensioners and renters, as well as their spouses and unmarried children under 18 years of age, or older children who can verify attendance to a college career; seniors disabled, and other dependants of the applicant. They may also include minors on whom the main applicant or spouse is exercising fully recognized guardianship.

Possibility of Working in Dominican Republic

The pensioners and renters covered by the Incentives Law may have remunerative work. Benefits of exemption from tax tariff on imports of personal effects and household, as well as professional effects and equipment used, remain exempt from the payment of taxes and may also benefit from the regime of Tax Exemption Part of Motor Vehicles, which was established by Act No. 168, amended by Law No.146-00, on Tariff and Fiscal Reform.

Thank you for taking the time to read our Dominican Republic Retirement Laws

See more details at this link RESIDENCE FOR INVESTMENT IN QUALITY OF RETIRED OR PENSIONED