Results 1 to 3 of 3

Thread: DR Investor's Visa (new law?) - tax insentives promised

  1. #1
    Silver
    Join Date
    Nov 2004
    Posts
    2,760
    Post Thanks / Like

    Default DR Investor's Visa (new law?) - tax insentives promised

    I just saw this on local TV (so, don't quote me on the following).
    Apparently, there would be a new (?) immigration law which would provide qualifying residencia applicants who wish or plan to invest in the DR with the following advantages when compared with the regular process:


    • 45 days process time (vs. 6 to 18 months).
    • Reduction on some taxes, including elimination of the real estate tax on the first purchase (commercial or residential).
    • Besides the usual allowance to import home goods and a vehicle, the option to instead buy a first vehicle here without paying ITBIS nor the infamous impuesto selectivo (a particularly intelligent option, for all parties involved, I think).

    The amount to "invest" or job generation/preservation numbers to qualify were not discussed in that TV segment.

    Upon verification of these claims, maybe prospecting immigrants planning to invest, might find it to be worth the while to at least ask an immigration lawyer if this is an option they might qualify for.


    ... J-D.

  2. #2
    DR1 Expert
    Join Date
    Jan 2002
    Posts
    2,225
    Post Thanks / Like

    Default

    You must be referring to Law 171-07 "sobre Incentivos Especiales a los Pensionados y Rentistas de Fuente Extranjera". The attachment contains the text of the law in Spanish.
    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


    [email protected]


    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.

  3. #3
    Silver
    Join Date
    Nov 2004
    Posts
    2,760
    Post Thanks / Like

    Default

    Gracias Licenciado.

    That would seem to be the law discussed. I see, the "investment" is really minimal, basically limited to committing to spend a guaranteed income from a from an annuity or other retirement income from abroad.
    Certainly a type of "investment" but one would like to think that just like many other countries, there would be special treaty visa or residence with perks attached for people seeking to seriously invest by creating jobs and committing a sizable amount at risk (hotels, restaurants, colmados, call centers, excursion enterprise... or even better, some manufacturing outfits, which is what the country really needs).

    ... J-D.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •