INVESTING 200K IN DR BANKS

fiocco · Mar 28, 2017

Hi everyone.
Just heard that seems, the Immigration don't accept anymore the investment in local bank (Investing in Bound or other Financial Products for at least 5/10 years) as a possibility to seeking and justify Permanent Residency. Does anyone heard this? Thanks a lot

LTSteve · Mar 28, 2017

fiocco said:
Hi everyone.
Just heard that seems, the Immigration don't accept anymore the investment in local bank (Investing in Bound or other Financial Products for at least 5/10 years) as a possibility to seeking and justify Permanent Residency. Does anyone heard this? Thanks a lot

I went on-line and through 2016 that was still a possibility to use for your application for residency but why would you want to put that much money in a DR bank? Are you trying to fast track your residency? Is there a reason you need to do this?

fiocco · Mar 28, 2017

LTSteve said:
I went on-line and through 2016 that was still a possibility to use for your application for residency but why would you want to put that much money in a DR bank? Are you trying to fast track your residency? Is there a reason you need to do this?

Hi,
yes, one option was to invest in financial products to apply for residency. We do not have pension and it seems it was the only suitable way for us to get it. We know, that it is also possible to apply for residency, buying a property; we did, but it is a new project and it will be ready in September 2018. Do you know some other different ways to get it?
Thanks

irishpaddy · Mar 28, 2017

I would think it would be safer to buy a house in your own country and then rent it out ...this way you could show that you have an income from the rental property ...I believe they want to see an income of $1500 US a month

Manuel01 · Mar 28, 2017

Don't understand your Hype about the Perm. Residency !?

If you apply for a temp. Residency with a DECENT Immigration Lawyer (i recommend Stuckman),

you should have no limitations whats so ever living or doing business here.
The only Benefit of a Perm. Residency (Citizenship) is that you can not be deported.

AlterEgo · Mar 28, 2017

Manuel01 said:
If you apply for a temp. Residency with a DECENT Immigration Lawyer (i recommend Stuckman),

you should have no limitations whats so ever living or doing business here.
The only Benefit of a Perm. Residency (Citizenship) is that you can not be deported.

Permanent residency and Naturalization are two different things.

KITTU · Mar 28, 2017

Anyone investing 200.000 or more here in the country, they have their residency automatically by the state. CEI-RD facilitates the residency for these investors.

Conchman · Mar 28, 2017

Manuel01 said:
If you apply for a temp. Residency with a DECENT Immigration Lawyer (i recommend Stuckman),

you should have no limitations whats so ever living or doing business here.
The only Benefit of a Perm. Residency (Citizenship) is that you can not be deported.

Permanent residency results from temporary residency continued and it is the right to work and be legal in the country. The only real benefit of citizenship compared to permanent residency is probably the right to vote.

LTSteve · Mar 29, 2017

fiocco said:
Hi,
yes, one option was to invest in financial products to apply for residency. We do not have pension and it seems it was the only suitable way for us to get it. We know, that it is also possible to apply for residency, buying a property; we did, but it is a new project and it will be ready in September 2018. Do you know some other different ways to get it?
Thanks

If you have 200k I am assuming that it is in some kind of investment currently. All you need to do is show that you are and will be receiving monthly payments from this investment as a retirement fund. I don't think this would be that difficult to set up on line. Also have you paid anything towards your condo. You must have a document that shows a sales agreement? If you are not living in LT then what is the rush for residency. It is much easier when you move permently to finish the process in Santo Domingo. If it is a year and a half away get all your documents together and appostliized and line up an attorney so you are ready to go. I doubt you will have much trouble applying.

windeguy · Mar 29, 2017

Conchman said:
Permanent residency results from temporary residency continued and it is the right to work and be legal in the country. The only real benefit of citizenship compared to permanent residency is probably the right to vote.

And not having to renew permanent residency, which of course is never permanent, since it needs to be renewed periodically. Not going to Santo Domingo and renew would be the biggest benefit to me regarding being a naturalized citizen.

DR Solar · Mar 29, 2017

windeguy said:
And not having to renew permanent residency, which of course is never permanent, since it needs to be renewed periodically. Not going to Santo Domingo and renew would be the biggest benefit to me regarding being a naturalized citizen.

My wife and I have discussed this for years. But we look at where the bulk of our savings/stocks/banking/credit unions/retirement accounts are. We also look at our U.S. heath insurance and "death" policies. Having a duel citizenship may have an upside but is illegal in the U.S. unless you renounce and give up your U.S. citizenship. If you do, all the above changes. Keep in mind that our income from stocks and working are still put through our US banks and we pay taxes in BOTH the U.S. and the D.R. We are very transparent.

The talks between my wife and self have quickly changed to we will not go for Dominican Citizenship. It would be an advantage here in the D.R. and would have not changed anything in the U.S. until the U.S. elected a President that could change everything with one pen movement. And that one signature could be devastating to many with duel citizenships that still have heavy interests in the U.S.

CFA123 · Mar 29, 2017

DR Solar said:
Having a duel citizenship may have an upside but is illegal in the U.S. unless you renounce and give up your U.S. citizenship.

I think you may be wrong about this... do you have contrary information?

https://travel.state.gov/content/tr...ip-and-dual-nationality/dual-nationality.html

"However, a person who acquires a foreign nationality by applying for it may lose U.S. nationality. In order to lose U.S. nationality, the law requires that the person must apply for the foreign nationality voluntarily, by free choice, and with the intention to give up U.S. nationality."

DR Solar · Mar 29, 2017

CFA123 said:
I think you may be wrong about this...

https://travel.state.gov/content/tr...ip-and-dual-nationality/dual-nationality.html

"However, a person who acquires a foreign nationality by applying for it may lose U.S. nationality. In order to lose U.S. nationality, the law requires that the person must apply for the foreign nationality voluntarily, by free choice, and with the intention to give up U.S. nationality."

You have NO choice in the U.S. Either you are a U.S. citizen, or by taking an legal oath sworn to another country automatically renounces your U.S. citizenship. The United States does NOT recognize duel citizenship. Let's understand that Nationality is more to due with place of birth rather then being a citizen being born or naturalized via legal process. Nationality has nothing to due with being a legal citizen.

Hence the debates around the world and here in the D.R. continue. By Blood or by heritage. Born here or ?. Sworn oath vs ?? Having Papers and can not get papers. The list is too long.

So you have confirmed this scenario. Thus, U.S. held property, assets, and income would change. Under this new U.S. administration that could become a game changer to many expats.

DR Solar · Mar 29, 2017

Going back to the OP question. We used a Dominican Lawyer that we still use 20 years later. We have more then enough assets. But in the beginning, HE was the one that posted the needed guarantee for our solvency. Even though our paperwork confirmed that income/saving was not a problem.

Putting 200K into a Dominican bank is not an option that I would look at nor in the beginning buying a bunch of property to try to get around/solve this requirement. It most likely will backfire.

I'd invest in a good immigration lawyer right here in the D.R.

LTSteve · Mar 30, 2017

DR Solar said:
My wife and I have discussed this for years. But we look at where the bulk of our savings/stocks/banking/credit unions/retirement accounts are. We also look at our U.S. heath insurance and "death" policies. Having a duel citizenship may have an upside but is illegal in the U.S. unless you renounce and give up your U.S. citizenship. If you do, all the above changes. Keep in mind that our income from stocks and working are still put through our US banks and we pay taxes in BOTH the U.S. and the D.R. We are very transparent.

The talks between my wife and self have quickly changed to we will not go for Dominican Citizenship. It would be an advantage here in the D.R. and would have not changed anything in the U.S. until the U.S. elected a President that could change everything with one pen movement. And that one signature could be devastating to many with duel citizenships that still have heavy interests in the U.S.

We are not talking citizenship here. The original poster is talking permanent residency which is what you need to live in the DR even part time and be legal. You can have residency and still have a US passport.

judypdr · Mar 30, 2017

DR Solar said:
My wife and I have discussed this for years. But we look at where the bulk of our savings/stocks/banking/credit unions/retirement accounts are. We also look at our U.S. heath insurance and "death" policies. Having a duel citizenship may have an upside but is illegal in the U.S. unless you renounce and give up your U.S. citizenship. If you do, all the above changes. Keep in mind that our income from stocks and working are still put through our US banks and we pay taxes in BOTH the U.S. and the D.R. We are very transparent.

The talks between my wife and self have quickly changed to we will not go for Dominican Citizenship. It would be an advantage here in the D.R. and would have not changed anything in the U.S. until the U.S. elected a President that could change everything with one pen movement. And that one signature could be devastating to many with duel citizenships that still have heavy interests in the U.S.

If you are a US citizen, you can also apply for and become a Dominican citizen without losing your US citizenship. In fact, it is quite difficult to revoke your US citizenship, especially if you have any money at all, as the US wants taxes on your investment earnings, even the earnings on your income from another country. Also, be careful where you put your money. There has been at least one bank failure and two investment firm failures in the past five years.

judypdr · Mar 30, 2017

DR Solar said:
You have NO choice in the U.S. Either you are a U.S. citizen, or by taking an legal oath sworn to another country automatically renounces your U.S. citizenship. The United States does NOT recognize duel citizenship.

This is not correct. The legal use of 'may' is different than will ... dual citizenship is allowed...

southern · Mar 30, 2017

judypdr said:
If you are a US citizen, you can also apply for and become a Dominican citizen without losing your US citizenship. In fact, it is quite difficult to revoke your US citizenship, especially if you have any money at all, as the US wants taxes on your investment earnings, even the earnings on your income from another country. Also, be careful where you put your money. There has been at least one bank failure and two investment firm failures in the past five years.

Exactly. People who move, retire, X-pats that establish residence here still owe uncle Sam. Many have tried to avoid paying U.S taxes on thier 401k, real estate and equities sales. Uncle Sam wants his sugar and will do nasty things to you to get it.Dont complicate your life.

La Profe_1 · Mar 30, 2017

LTSteve said:
We are not talking citizenship here. The original poster is talking permanent residency which is what you need to live in the DR even part time and be legal. You can have residency and still have a US passport.

This is wrong. You can be legal in the DR with temporary residency too. As a matter of fact, most people have to have temporary residency for five years before being eligible for permanent.

I think that there was once a direct route to permanent residency, but that seems to have gone by the wayside with the reformulation of residency rules several years ago.

DR Solar · Mar 30, 2017

judypdr said:
This is not correct. The legal use of 'may' is different than will ... dual citizenship is allowed...

You may think you have duel or even more LEGAL status as a citizen in several countries. The U.S. does not. You may have passports from all over the place from other countries. The U.S. does not. IF you U.S. finds that you have another passport, you are in deep sh?t.

INVESTING 200K IN DR BANKS

New member

Gold

New member

Bronze

Well-known member

Administrator

Member

Silver

Gold

Platinum

Bronze

Silver

Bronze

Bronze

Gold

Active member

Active member

I love Hillary!

Moderator: Daily Headline News, Travel & Tourism

Bronze