The Dominican Republic was discovered along with other Caribbean islands in 1492 by Christopher Columbus. The island also called “DR” is covered with white sand and the most common type of vegetation is the coconut palm. In the small intact towns there are old stone churches, the facade of the houses are painted in bright colours.
The island appears as a real caribbean paradise although in other aspects DR can not be compared to its neighbours. Dominican Republic is cheap as opposed to the rest of the caribbean islands. Property prices and the price of living is extremely low. The dissident also receives a little from the old caribbean lifestyle too.
The Dominican Republic is two hours from Miami and four hours New-York via plane. The authorization of residency is quite simple.
30 years ago Las Terranas was a small fishing village. Then the europeans arrived, mostly french and italian some of whom have settled down and opened up their private business. Today the population of Las Terranas is around 25 000, third of which are expatriots. Currently more and more americans move there mostly due to the european lifestyle and services.
Today the Dominican Republic is not at all an undiscovered territory. Last year Playa Coson was rated by Luxury Living International Magazine as one of the ten best beaches in the world. A night in a decent hotel could cost up to 700 US dollars. According to professionals currently it is worth investing in real estate in the Dominican Republic. A three bedroom house with a pool costs approximately 275.000 US dollars. This can be let out for 1.200 USD per week. The space utilization is regularly 50%. There are of course large villas in the market, in Las Terranas you can also find small apartments. Own caribbean “shelters” can be found from 70.000 USD only 10 minutes away from the beach.
Dominican Immigration Program
In Dominica there is a possibility to obtain a citizenship and Dominica passport with the simplified naturalization using the Dominica Economic Citizenship. In order to qualify 7 years of residency is required with a residency permit.
Of course there is a more quicker way to receive a Dominica passport, for this an investment is required, with the economic citizenship program which is governed by the law bearing a similar name enacted in 1993. If the applicant wishes to obtain a dominican citizenship and a dominica passport on its own then a 75.000 USD direct non refundable investment is required. If the applicant wishes to naturalize its family then the amount of investment needed is 100.000 USD. This is called family citizenship opportunity. In this case the program applies to four people, two parents and two children under the age of 18. If the applicant wishes to broaden this to further family members then the price of one additional child younger than 18 costs 15.000 USD and an additional 18-21 adult costs 25.000 USD.
Application for the Dominican Citizenship Program
The applicant must travel at least once to the Dominican Republic in order for a personal interview to take place.
Benefits of obtaining a Dominican citizenship.
The Dominican citizenship and a second passport could come in very handy for investment, wealth management and business activities.
With a Dominica passport you can enter into more than one hundred states without a visa.
With the Dominican citizenship it is very easy to settle down in most CARICOM states.
There is a 100% tax relief for the income that is not gained from the Dominican Republic.
The applicant can change its name when it takes up the citizenship.