GringoCArlos long reply...
0Thanks for the reply. Well written and yes I may just learn something from it or from researching items in it. I like to learn and appreciate any little tidbit I may pick up. Any help in life that you get is good.
You said:
"And one last thing, go read the fine print about your new Dominican Residency = that part about how after 3 years, you will be legally required to file an annual return listing all of your assets, in the DR and internationally, and then paying an annual asset tax if you really want to be legal about it. Don't believe me, just go read the laws or ask your attorney. Check out the DGII website."
I haven't heard about this one. I have been lead to believe that income made outside the country is NOT taxable. Correct me if I am wrong.
The post was so long I dare not quote it back to make points because there must be a limit here.
As far as the tolls and taxes, this is something I am quite use to. In the US I pay about 8 bux to cross a bridge. No biggie on the 5 to15 pesos but of course I am not in any business that would be more affected by them.
I am not familiar nor do I have a clues as to what GE pays taxes on because I have no interest. The taxes you have laid out do NOT seem excessive to me compared to what I pay in the US.
I am familiar with the need to report the income in order for it to be NON taxable in the US. I also understand that you MUST pay taxes on what you earn in the US. By the way there are other countries that are overseas that pay decent percentage interest rates that are also safer than the DR in my opinion.
I don't know what you are referring to when you say that I said I was going to set up a Dominican Company. I haven't set up a Dominican Company and don't know if I will do that now or in the future. I think a Panamanian company may serve me better if I feel the need. They have interesting laws regarding income earned outside of Panama.
Interesting way to transfer property in the DR is by selling a company that owns the property. I don't own property in the DR either. I am not sure that I ever will. I haven't been able to figure out where it would pay. When I do I may do it if I have the desire in the future but not presently.
I don't plan on working for a living. I have taken a pass on investing in a business and Real Estate there many times. I plan on retiring in the DR maybe and maybe somewhere else. I enjoy the country now and don't believe I would not continue to go back and possibly die there.
What I may do if I move and live there is some mortgage lending at some point in the future. More passive than working for a living every day and something I may enjoy since I currently do this now in the US and enjoy it. I don't know that I need a company to do this as I am not ready to do it just yet nor have I looked into it to any great degree.
I am very familiar with the Tax laws in the US and have consulted both tax and estate attorneys in the US to aquire knowledge I needed. Well worth their fees that outweigh what they have saved me.
I haven't paid income taxes in the US in 20 years although I have paid hundreds of thousands of dollars in Real Estate taxes, sales taxes, corporate taxes along with taxes on Airlines, phones, cellular phones (You got to take a look at a phone bill) ( currently sales tax is 8% on everything in my area ).
Real Estate has been very good to me and so have the tax benefits. It is going to be time to pay the piper shortly. I am just finishing up my taxes from last year. I don't know how I am going to end up this year yet but if I have to pay I won't feel bad about it. I still showed a loss on the business end of it but on the personal end with mortgage interest I may have to put up this year. Next year is a definate for paying more taxes than I have in 20 years.
Regarding your post about what do we need from the government other than... I think, if you think, that these people are going to give up their patronage and their graft you must be crazy. Not in our lifetime will that happen.
Eighty thousand dollars a year is plenty of money for me to live on in the DR. I have simple needs. If after 3 years I find the taxes to be a problem I will seek out residency in another country that is less of a problem. No problem.
Most if not just about all the taxes you have laid out refer to businesses. I am not in business and not familiar with them. I have no reason to bitch about them as well since I don't pay them. Neither do most people here. That being said I still don't find them excessive. Sure who wants to pay taxes, show me just one person that does.
You said:
"If youare self=employed here, you MUST STILL pay the US 15.3% for the full pop on FICA. I call that a tax, and so would any reasonable reader. Get studying pal."
Again not applicable to me since I don't plan opening up a business (most unlikely but never say never) nor trying to make a million dollars in the DR. I would be perfectly happy with 80k a year and then trying to figure out how to spend it there.
Most likely scenerio is that I make what I need to make to live on comfortably and then make other moneys outside of the country.
Forewarned is forarmed and I thank you for the information and for a brief background about yourself. Most important when deciding how much weight on a persons statements although checking and double checking is good for the soul.
One question on a personal nature if you don't mind. If you find it so bad there why stay and why do business there? With your experience I would wager that you would do equally as well in the Phillipines for example.
Regards
Scott
