Relocation to the Dominican Republic can be a relatively straightforward process. It is especially easy with the help of a local immigration lawyer. A lawyer who understands the system and documentation requirements is invaluable.
Pensioners and retirees are eligible for a special residence permit by demonstrating a stable pension or passive income. This is part of the country’s effort to attract foreign retirees and investors.
Residency permits are indeed a pathway to citizenship, but it’s not automatic or necessarily fast. Applicants typically must maintain legal residency for several years before applying for naturalization.While residency is a prerequisite, Dominican citizenship usually requires:
A formal application and approval process
At least five years of legal residency (or two years if married to a Dominican citizen)
Demonstrated ties to the country
Quality of life here in the Dominican Republic – Advantages:
- It is a good place to live and to raise a family.
- It has great weather.
- No organized business community.
- Geographically located near major trade markets in the center of the Americas.
- Abundant non-skilled workforce of earnest and fast-learning young people.
- Abundant, qualified managerial staff available.
- There is a free economic market.
- It has the largest tourism industry in the Caribbean which is a large export market within the country.
- Excellent telecommunications service.
- Diversity of investment opportunities.
- Preferential trade agreements signed with Europe, the United States, the Caribbean and Central America.
- Positive attitude towards foreigners and foreign investors.
- Fastest growing economy in Latin America for the past five years.
- Political stability.
- Low crime rate.
- DR is a state trading port with little racial tensions.
- Yes, you will be able to find American styled supermarkets in the DR. Also, you will be able to find American foods as well as a large selection of international foods.
Security
For most part, life around the north coast and East is pretty safe. However, with any developing country it is always wise to ensure you take the simple steps to the security of your family and possessions. Gated developments always popular, at least because of good security control, though “locked” compounds are not in universal use as you might expect. In fact, gated communities are not a Security panacea, the best security is simple awareness and responsibility on your part.
Banking and Currency
The official currency system is controlled by the Central Bank, listed in Santo Domingo and the currency used is the Dominican peso. At the present time the exchange rate for one 1 US$ = RD$62.5 and 1 EURO = RD$ 72.5 (approx).
The Dominican banking system has many branches of local and international banks offering all normal services. Banks are open from 8:30 a.m. to 4:00 p.m. Monday to Friday. There are branches at hotels, etc. ATM machines are plentiful at most banks throughout the country. The maximum amounts you will be able to withdraw will vary from bank to bank.
Opening a Bank Account
There are some simple steps; firstly you do not need to be a resident, you will however need all of the following:
- Your passport.
- Letter of recommendation from your own bank.
- Personal recommendation from a person known to the bank.
You may then open a bank account in dollars or pesos or both.
Transfers of funds into and out of your dollar account may be by wire transfer, check or cash. You should be aware that the banking system normally takes 30 days to clear checks, including cashiers checks or bank drafts.