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Retired to live in DR PDF Print E-mail
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Monday, 14 March 2011 17:31

Pensioners or annuitants whose sources of income comes from abroad can be accepted to the law on Special Incentives 171-07 Pensioners and Annuitants, which provides great benefits to transfer his residence to the Dominican Republic.

On July 13, 2007 was passed the law on Special Incentives 171-07 Pensioners and Annuitants foreign source. The objective of this law is to attract pension or benefits to the Dominican Republic and to establish habitual residence in the country.

Dominican Republic is making major changes to be a landmark destination for retirement, not for nothing that can offer an excellent climate all year round, cultural, natural, human and technological.

Who can benefit from the special incentive law 171-07 to the Pensioners and Annuitants foreign source?

All the people whether foreign or Dominican to be receiving a monthly income for a retirement pension from a government agency or private company of foreign origin who wish to transfer normal residence to the Dominican Republic. Not only pensioners can benefit from this law, but also renters who have stable incomes, whose main sources are from abroad and either:
Deposits and / or investments banks established aboard

Remittances from banks or financial institutions

Remittances arising from real estate.

Investments in companies based abroad

Profits from investments in securities issued in foreign currency.

Interest income or dividends from real estate investments and real estate held in the Dominican Republic, whose principal has been generated mainly abroad.

On the other hand both retirees and the independently wealthy can enjoy the same benefits and exemptions for foreign investors and citizens residing outside the Dominican Republic. We note the following:
Obtaining permanent residence within 45 days.

50% exemption of Real Property Tax.

Exemption from taxes on the payment of dividends and interest generated in the country or abroad.

50% exemption of taxes on mortgages, when the creditor financial institutions are adequately addressed by the Dominican financial and monetary law.

Exemption from taxes on home furnishings and personal property.

Exemption from real estate transfer taxes.

Quasi-partial tax exemption of vehicles.

50% exemption of capital gains tax, provided the annuitant is the majority shareholder of the company and that company is not engaged in commercial or industrial activities.

The conditions required by law to renters and retirees are:

Pensioners and annuitants wishing to benefit from the facilities that are permitted by law, must receive a monthly income of not less than 1500 USD and the annuitant must receive a minimum monthly fee of $ 2000 plus 250 U.S. dollars for each dependent.

Everyone can benefit from the law without requiring a minimum or maximum age.

Relying on this law, may apply to the Residency Program for Investment, retirees and annuitants and their spouses and unmarried children under 18 years of age, disabled adults or the elderly who prove attend college and rely economically from the person who has used the law.

Pensioners and annuitants who benefit from this law may perform remunerative work.

Last Updated on Tuesday, 24 May 2011 18:52