Any income earned by a US citizen, whether in the US or a foreign country, is taxable. Deductions in some cases can reduce what you pay to zero. If you paid tax in a foreign country on income there, you get a tax credit from the IRS on any tax due the IRS.
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4 Reasons Why The Dominican Republic Is Breaking All-Time Tourism Records
What countries make you pay taxes based on citizenship?
There is only one major country in the world that taxes their citizens based on their citizenship, the United States of America. The only other country is Eritrea. The residential taxation and the territorial taxation are the most widely used tax systems in the world.
Never said you did not, just pointing out that the US is the ONLY Country in the World that does this. For all the US "Land of the Free" people here..............
Canada does as well, until you official become a non-resident. Even then you still have to file income tax if you have any Canadian sourced income like a pension.
Yes, Toursim started on the north coast of the DR in Puerto Plata and the windsuring crowd from Canada found Cabarete at the dawn of windsurfing.
Then the resorts got old, Punta Cana started massive AI resort building, the flights went from POP to Punta Cana and we now have more expats than tourists on the north coast.
I retired here. I have no day job. The US taxes all income that a person like me gets from investments, IRAs, capital gains on stocks or mutual funds, Annuities, interst on bank accounts and such as well as taxing Social Security. All are considered US based income and all are taxable no matter where a US citizen lives.
It is true there is a foreign earned income exclusion for those that have day jobs in foreign countries. I never had that situation and it never applied to me.
Four reasons why the Dominican Republic is breaking all time records?
The answer to all four is likely US tourists. They comprise more than 50% of incoming tourists and have been for many years. Once the DR started to build hotels in P.C. circa 1995 they started to come. A build it and they will come proposition.....and it has worked quite well/
There were small numbers from the US that initially came to the north coast, but back then it was mostly Canadians/Europeans and the kite surfing crowd.
In 2000, the DR was not even in the top 5 tourist destinations for US tourists. While tourists from the US had been going there well before that, it was not in significant numbers.
And to one poster, I would be remiss if I did not point out that the success of your business likely came from the citizens of the very country you continue to malign.
Respectfully,
Playacaribe2
The answer to all four is likely US tourists. They comprise more than 50% of incoming tourists and have been for many years. Once the DR started to build hotels in P.C. circa 1995 they started to come. A build it and they will come proposition.....and it has worked quite well/
There were small numbers from the US that initially came to the north coast, but back then it was mostly Canadians/Europeans and the kite surfing crowd.
In 2000, the DR was not even in the top 5 tourist destinations for US tourists. While tourists from the US had been going there well before that, it was not in significant numbers.
And to one poster, I would be remiss if I did not point out that the success of your business likely came from the citizens of the very country you continue to malign.
Respectfully,
Playacaribe2
It was the windsurfing crowd from Canada that "discovered" Cabarete . Kit surfing came along years after that and Encuentro is popular with those who can only afford a surf board ( I kinda make joke here on that point).
Indeed. Even when I purchased in 2002 and moved in 2003 to Cabarete , that majority of my friends and relatives in the US were very surprised I would pick a place like the DR which they knew nothing about to retire to. By the same token it was an American that recommended I check out the windsurfing in Cabarete.
Now the number of American Expats is significant and growing with all the new condos on the north coast. Tourism is way down and will stay that way. The flights are terrible at POP.
Despite government promises and the delivering on few of them, the north coast continues to be more of a snowbird retirement destination. P.C. is still mostly tourists although there are far more expats retired there than when I built in 2004.
Cabo Rojo airport is scheduled to open in late 2025 as is at least two AI hotels in the area. Whether that helps or hurts overall tourism in P.C or the north coast remains to be seen. This new destination will certainly draw more tourists to the Island as it already has with the opening of the cruise ship port there.
Respectfully,
Playacaribe2
Windy. The closed resort in Luperon was a big draw for Canadians since the late 90’s. That resulted in the start of a Canadian expat community in the area. The majority of expats there now are US citizens, followed by Canadians, Brits, and EU citizens.
My first trip to the DR was in 2002 to the Wyndham in Cabarete. I visited Canadian expat friends in Luperon and that piqued my interest in exploring remote beaches and small country towns like Luperon.
For many Canadians in Atlantic Canada, Cuba was the big AI draw in the 90’s followed by Jamaica, and now both have been replaced by Punta Cana. It goes without saying that Punta Cana is the heart of DR tourism.
WHAT AN OPPORTUNITY!
IF and I say that in capitals, I had dual citizenships, spoke English and Spanish,twenty years living on the NC, intimate knowledge of the surrounding cities and all that is being built I suppose selling real estate would be like shooting fish in a barrel..
I don't have those attributes or desires , but there must be people that are sitting on go ready to take this opportunity on. Right?
IF and I say that in capitals, I had dual citizenships, spoke English and Spanish,twenty years living on the NC, intimate knowledge of the surrounding cities and all that is being built I suppose selling real estate would be like shooting fish in a barrel..
I don't have those attributes or desires , but there must be people that are sitting on go ready to take this opportunity on. Right?
I have a good friend (retired) living on the North Coast. He's owned a piece of property ocean side, PP near the
University for many years. After dealing with around a dozen "lawyers" over the last decade, he's finally found someone
who's been able to put his money where his mouth is and start generating some solid leads regarding potential buyers.
No doubt there is a ton of new development happening from Puerto Plata (pueblo) over to Cabarete but smart folks still
have major and very valid concerns about the lack of proper infrastructure and planning along that stretch of highway.
Until these issues are resolved (electricity, water, internet, waste) I don't expect to see sales numbers thru the roof.
I went to Luperon once maybe 10 years ago. It had the feel of a community populated by those with outstanding bench warrants in other countries. Didn't get a feel for the overall mix of people and their origins who were hiding out there. I recall there were big plans for Luperon that never came to be. Maybe some day.
Everybody and out through their cousins 6 times removed including moto concho drivers sell real estate in the DR. Just take a look at FB and see all of the promotions. The DR is a place to come to and retire...
Puerto Plata city are is probably a lot harder sell than Cabarete. The properties in my neigborhood seem to have no problem selling and more people are starting private houses and smaller apartment buidlings in the past two years than in my previous 20 in Cabarete.
Dealing in Real Estate in the DR is like shooting crap in an alley. You never know who brought the dice...............
Almost all properties for sale here are "open listings" which means most of them are being offered by several brokers. Sounds like a real headache to me trying to constantly keep track of whether a property you have listed for sale is still available.
It’s like any other place. Good and bad bits but the people make the place. I like areas that include the locals, like Luperon, Costambar, I even had some memorable times in busy Sosua.
Lifestyles expressed an interest in the closed Luperon resort and that generated a buzz in the town for a while. Nothing happened. The marina, generates business and expat money keeps place chugging along. It has everything one needs. Pharmacy, small hospital, colmados, restaurants, cafe, good bus service, apartment and villa rentals, and you’re only 45 minutes away from the outskirts of Puerto Plata on a decent road.
Gated communities have their benefits and I can see why expats are attracted to them. At the Luperon marina, I can sit, drink, eat, and chat with the locals and people from all over the world. That appeals to me. Same in Costambar. Hanging with the locals and the expats is hilarious at times. Both places have a laid back feel that relaxes me both physically and mentally. Busy is not always better.
I'll never forget the time when I was sitting in a bar in Costambar with my spouse. There were two German gentlemen sitting at the bar and talking.
All of the sudden one of them slapped the daylights out of the other one, who took a second or two for it to register, then he slapped the daylights out of the other guy.
After that, both went back to their beers and continued their conversation like nothing happened.
I'll never forget the look on my wife's face. Hilarious.
All of the sudden one of them slapped the daylights out of the other one, who took a second or two for it to register, then he slapped the daylights out of the other guy.
After that, both went back to their beers and continued their conversation like nothing happened.
I'll never forget the look on my wife's face. Hilarious.