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Thread: Dominican Inheritance Law

  1. #21
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    Sounds like you need to file a U.S return for that income. In terms of the DR, they do have a tax on worldwide income if you reside in the country for more than 183 days.

  2. #22
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    That DR tax will affect me, all US taxes have already been paid on it.

  3. #23
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    What is the rate of that income tax from the DR?

  4. #24
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    Quote Originally Posted by Trainman33 View Post
    That DR tax will affect me, all US taxes have already been paid on it.
    In which case you might be advised to have the money deposited to a USA Account & only draw it out via an ATM when needed in the DR!! ~ Grahame.

  5. #25
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    Sounds like a good idea but only 1 banks ATM works in the DR for me, BHD bank.

  6. #26
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    Quote Originally Posted by AndyGriffith View Post
    Sounds like you need to file a U.S return for that income. In terms of the DR, they do have a tax on worldwide income if you reside in the country for more than 183 days.
    Only on income from financial sources, not on any other type of income, and this only after the 3rd year of residency.
    Fabio J. Guzman
    Guzman Ariza
    Attorneys-at-Law
    Sosúa, Santo Domingo, San Francisco de Macorís, Cabrera
    Las Terrenas, Samaná, Bávaro (Punta Cana) and La Romana
    Dominican Republic


    info@drlawyer.com


    Website

    The opinion above should not be construed to be formal legal advice and was given without reviewing the facts and documents pertinent to the case. The reader should NOT act based upon this opinion without seeking professional counsel.

  7. #27
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    Bonds would be financial sources..

  8. #28
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    Quote Originally Posted by Fabio J. Guzman View Post
    Only on income from financial sources, not on any other type of income, and this only after the 3rd year of residency.
    Mr. Guzman,

    Does the 3 year exemption only apply thru some type of residency program for foreigners or does it also apply to foreigners whom obtain residency thru marriage?

  9. #29
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    I'm correcting myself, I found out that Popular and Scotiabank also work with Bank of America. However I havn't seen any Banco Popular in Santiago.

  10. #30
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    I just found out I will also be receiving income from oil and gas holdings that my grandfather had.

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