Would you like to have a house in a country where the weather is always nice and the sun is shining all the year round? Would you like to retire to a quiet place where you can peacefully sit in a lounge chair and sip a cocktail? What if the purchase of the house could bring you a legal residence permit in a foreign country? If so, we invite you to consider the opportunity to invest in the Dominican Republic and become a legal resident there.
Before we go on, however, we would like to emphasize that the Dominican Republic and the Commonwealth of Dominica (or simply Dominica) are two different states. Yes, both of them are located in the Caribbean basin and their names sound similar but these are two different countries anyway.
Besides, the countries make different offers to foreign investors. While you can almost instantly obtain full citizenship of Dominica by investing in the country’s economy, you can only acquire a legal residence permit if you invest in the Dominican Republic. However, you can later acquire citizenship of the Dominican Republic by naturalization after a few years.
Why should you apply for legal residence in the Dominican Republic?
If you dream of living by the seaside, lying on a sandy beach beneath palm trees, listening to the breeze and the soft whisper of the waves, and enjoying a comfortable temperature all around the year, then The Dominican Republic should be your choice.
Wealthier North Americans love spending time in the Dominican Republic and enjoying the nature. It is a bit further away for Europeans but the British and the French visit the country frequently anyway even though it is a Spanish-speaking place.
Given the beauty of the Dominican Republic, it is not surprising that many tourists want to return there again and again. Some of them choose to purchase a house or an apartment in the country to have a sure place to stay when they go on holidays there.
The prices for residential accommodations in the Dominican Republic are very attractive too. You can buy a new apartment for about US$ 75,000 and an average-size detached house for US$ 170,000. What is more, you can qualify for a legal residence permit in the country if you purchase a piece of real property there.
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How can you acquire a residence permit in the Dominican Republic?
If you do not purchase real estate in the Dominican Republic, you can still obtain a temporary residence permit. You will have to live on the permit for five years, extending it every year before you can apply for a permanent residence permit.
If you invest in the country’s economy, however, you can obtain a permanent residence permit within a few months. This is how much time is going to be required for finding a suitable piece of property and for finalizing the purchase deal.
The required investment amount is US$ 200,000. This sum will be enough to buy a wonderful house overlooking the sea or a luxurious penthouse in the city.
We must note here that you will have to make an investment in a business company in the Dominican Republic and then the company will have to be the owner of the property. There is one more way of acquiring legal residence in the Dominican Republic by investment: put US$ 200,000 on your company bank account and you will qualify for a residence permit too. In this case, however, you would have to rent a place in the Dominican Republic when you are there.
Whichever option you choose, the property shall remain in your possession for three years and the money should stay at the bank for as long too. Otherwise, your residence permit will be terminated.
Here is what you have to do to acquire legal residence in the Dominican Republic by investment:
Register a company in the country.
Open a corporate bank account and put US$ 200,000 there or alternatively, purchase real property that is worth at least that much in the name of your company.
Submit an application for permanent residence in the Dominican Republic to the embassy of the country in your home country. (If there is no Dominican embassy or consulate in the country where you live, we will be happy to tell you where the nearest diplomatic mission of the country is located.) The residence permit will be issued within 2 to 4 weeks if the application documents are in good order. The key application documents include the following ones:
- An international passport that is valid for at least 18 more months;
- A photograph 4*5 centimeters;
- A medical certificate translated into Spanish;
- A bank statement showing your account turnover over the last six month translated into Spanish;
- Your birth certificate translated into Spanish and apostilled;
- A police clearance translated into Spanish and apostilled;
- A marriage certificate (if applicable) translated into Spanish and apostilled;
When in the Dominican Republic, you will have to pay a visit to the Immigration Service and file an application for a one-year temporary residence permit (cedula).
After one year, you can apply for permanent residence in the Dominican Republic by investment.
A permanent residence permit will be issued to you.
You do not have to spend all your time in the Dominican Republic to keep the residence permit. Besides, the local legislation allows filing an application for full citizenship of the country after two years of living there on a permanent residence permit.
Please note that the information given above is of a general character only and you have to consult a lawyer when applying for residence in the Dominican Republic by investment. The regulations governing the process sometimes change.
Professional support to those wishing to acquire residence by investment in the Dominican Republic
Offshore Pro Group experts will be delighted to provide legal support to you in applying for residence in the Dominican Republic. The cost of our services starts at approximately US$ 1,500 but the ultimate price will have to be determined in the framework of a personal consultation.
A passport of the Dominican Republic is not going to bring any great benefits to you. You can visit only 62 countries without visas with this document. At the same time, you would feel at home in the Dominican Republic and have a chance to diversify your assets. You can also keep your home country’s passport when acquiring a Dominican one as dual citizenship is allowed there.
Please note that you will have to visit the Dominican Republic a couple of times when acquiring citizenship of the country. You will have to pass a medical examination there and pay a personal visit to the immigration service in order to pick your passport.
The Dominican Republic is certainly an option to consider if you are looking for a second passport. However, you may find the possibility of acquiring citizenship of the Commonwealth of Dominica even more attractive. In any case, the immigration program that the latter country offers is much more popular with foreign investors.
We would be happy to share our extensive knowledge about the available citizenship-by-investment opportunities with you. Please do not hesitate to apply for a free consultation on the matter. Please write to info@offshore-pro.info or contact us in any other way that you prefer.
