In 2007 a formal law was created incorporating a new incentive for Investors. This law stipulates that foreign nationals meeting certain criteria can obtain permanent residency through Immigration’s Investment Department and enjoy the incentives afforded by this category of residency.
Who qualifies for the fast track residency?
- Retirees – Earn a minimum of US$1500 per month, (US$1,750.00 per couple)
- Foreign Investors (rentista)- Earn passive income of US$2,000.00 per month from investments abroad such as privately owned companies, rental income, stock/bonds, annuities etc. for the last five years.
- Domestic Investors – Invest a minimum of US$200k in the Dominican Republic (company registered in the DR, Bond Market, long term banking products, Confotur certified properties etc.)
What incentives does Fast Track Residency provide?
- Exemption of 3% transfer tax on the first property purchased (after obtaining residency)
- Exemption of the annual 1% real estate tax that must be paid on property worth over a certain amount (amount varies, contact our office for an up-to-date figure)
- Partial tax exemption on the purchase or importation of a vehicle
- Importation of household goods duty free
- Exemption of taxes on income earned in the DR (ex rental income from Airbnb)
- Partial tax exemption on the purchase of furniture
- Fastest route to citizenship and passport
Requirements for the Fast Track Residency
- Copy of residence visa issued by Dominican Consulate
- Entry stamp issued by airport Immigration
- Copy of passport book, valid for one year from expiration date
- Birth certificate translated and authenticated by apostille
- Marriage certificate or Sworn Statement of Common Law Marriage (if applicable) translated and authenticated by apostille
- Police clearance translated and authenticated by apostille
- Proof of solvency translated and authenticated by apostille
- Repatriation Insurance
- Medical exam performed by an authorized facility
The residency process takes approximately 45 business days to complete once the medical exam has been performed. This category of residency is renewable after the first year and every two years thereafter.