It seems that peolple who are retirees with sizable incomes/sizable savings move to the Dominican Republic because they can buy houses/apartments. They are not dependent on the DR for any type of income. But someone that is in the 20 to 40 age range does not have sizable retiree funds to move to the DR. I would have to get financed through a Dominican bank to buy a house and their interest rates are high. Is 10,000 in savings enough to make a permanent move to the Dominican Republic. Or is 100,000 or 500,000 is what one really needs to move to the DR?
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Do mainly retirees or young people (20-40) move to the DR? USA Social Security funds
It seems that peolple who are retirees with sizable incomes/sizable savings move to the Dominican Republic because they can buy houses/apartments. They are not dependent on the DR for any type of income. But someone that is in the 20 to 40 age range does not have sizable retiree funds to move to the DR. I would have to get financed through a Dominican bank to buy a house and their interest rates are high. Is 10,000 in savings enough to make a permanent move to the Dominican Republic. Or is 100,000 or 500,000 is what one really needs to move to the DR?
10k will get you here and if you live as frugal as possible you could take one year off from working.
Wages here are very low, but if you have a job that you can work from home you can make a real living.
Retiring is another matter, so if you have to ask.......
10k will get you here and if you live as frugal as possible you could take one year off from working.
Wages here are very low, but if you have a job that you can work from home you can make a real living.
Retiring is another matter, so if you have to ask.......
So is it not a good ideal to retire in the DR? Does the hospital keep you until you pay off medical the bill in the DR if one gets sick?
Including everything, I lived on about US$2,500/month for my first 2 years here. I wouldn't want to have lived on less. It took me a while to figure things out and its more expensive at the beginning. Now I spend more, but my quality of life is much higher.
It seems that peolple who are retirees with sizable incomes/sizable savings move to the Dominican Republic because they can buy houses/apartments. They are not dependent on the DR for any type of income. But someone that is in the 20 to 40 age range does not have sizable retiree funds to move to the DR. I would have to get financed through a Dominican bank to buy a house and their interest rates are high. Is 10,000 in savings enough to make a permanent move to the Dominican Republic. Or is 100,000 or 500,000 is what one really needs to move to the DR?
I moved here when I was 40 and used the US90k I made on selling my house in Florida to pay for the move and most of the house I ahve here. I got a home loan here at 17% but will be refinancing soon with an American lender at around 7%. Contact JRR of this forum for more info.
Also, my income comes from my Engineering consulting business I have in Florida. Things are quite slow now but after I refinance my home we should do a lot better becasue one can live ok here on US30-40k a year if the house and car payment aren't too big. This would be a difficult salary for most to be able to make here as wages are generally very poor. Good luck
We moved here in our early-mid 40s with three kids (at that time just turned 8, 11, and 16), 2 cats and a 100lb dog. There are quite a few families around but you'll find that the DR is definitely more expensive than most developing countries. It IS possible to live frugally--especially if you are willing to NOT live in a bigger, nice development and shop in the outdoor markets. We rent and pay a premium for perceived safety (note: PERCEIVED) and the ability to liquidate rapidly and leave if we so desire. With the amount we pay in rent, we could easily buy some place but we have too many friends who haven't been able to sell their houses/condos and don't want to be in that situation. It isn't like we are planning on running off the island with a moment's notice...rather dh's job is thru a NY-based company and one can't predict what will happen.
(For general info): There are many college students here taking advantage of the fact that med school, dental school and other programs are a bargain down here. Most of these people are not buying houses or condos--although I suppose there are some. The fact that they can rent cheaply on the Malecon in SPM and take guaguas or motos to the university helps. However, most of the med/dental students I know are really quite ready to leave for their internships/residency (PGYs) after being here and don't want the hassle of having to sell real estate or they can't afford a down-payment.
There are many ways one can avoid huge bills here: don't use AC, shop at the local markets, eat/drink local (for example, if you like Vodka--you'll pay much more than if you switch to Rum), live like a local, take advantage of the local outdoor activities (the island has many wonderful natural attractions)... One thing we've refused to compromise on is whole grain products. So, we pay substantially more for "arroz integral" and "pan integral" and have to buy it in smaller quantities (because large bags of brown rice are just not available--and IF someone KNOWS of where we can get them, please share the info!!)
Definitely contact JRR (on DR1) for mortgaging info. He's a great guy and works through US lenders. He'll give you the straight scoop on various financing options and I trust him completely. If he doesn't answer you right away, PM me and I'll put you in touch with him directly.
If you have a stable source of US income (SS for example), it is very possible to live at a higher standard of living down here than in the US-- UNLESS your home in the US is paid off so you have few housing costs in the US (in which case, I'm not so sure about which is cheaper because some people grow much of their food in the US and don't spend much on AC or heat depending on their locale; it would depend on where you are living in the US). Other questions you should ask yourself are: how do you feel about bugs and humidity? are you willing to learn Spanish (many people come here thinking they speak it already only to find out that the dialect is quite different)? how do you feel about unpredictable electric (there are several very humorous, but honest takes written on DR1 about this)? does waiting drive you crazy (if so, this island--Latin Amer in general--may be a bit tough on you)...what type of lifestyle are you looking for here or in retirement in general?
Good luck!
(For general info): There are many college students here taking advantage of the fact that med school, dental school and other programs are a bargain down here. Most of these people are not buying houses or condos--although I suppose there are some. The fact that they can rent cheaply on the Malecon in SPM and take guaguas or motos to the university helps. However, most of the med/dental students I know are really quite ready to leave for their internships/residency (PGYs) after being here and don't want the hassle of having to sell real estate or they can't afford a down-payment.
There are many ways one can avoid huge bills here: don't use AC, shop at the local markets, eat/drink local (for example, if you like Vodka--you'll pay much more than if you switch to Rum), live like a local, take advantage of the local outdoor activities (the island has many wonderful natural attractions)... One thing we've refused to compromise on is whole grain products. So, we pay substantially more for "arroz integral" and "pan integral" and have to buy it in smaller quantities (because large bags of brown rice are just not available--and IF someone KNOWS of where we can get them, please share the info!!)
Definitely contact JRR (on DR1) for mortgaging info. He's a great guy and works through US lenders. He'll give you the straight scoop on various financing options and I trust him completely. If he doesn't answer you right away, PM me and I'll put you in touch with him directly.
If you have a stable source of US income (SS for example), it is very possible to live at a higher standard of living down here than in the US-- UNLESS your home in the US is paid off so you have few housing costs in the US (in which case, I'm not so sure about which is cheaper because some people grow much of their food in the US and don't spend much on AC or heat depending on their locale; it would depend on where you are living in the US). Other questions you should ask yourself are: how do you feel about bugs and humidity? are you willing to learn Spanish (many people come here thinking they speak it already only to find out that the dialect is quite different)? how do you feel about unpredictable electric (there are several very humorous, but honest takes written on DR1 about this)? does waiting drive you crazy (if so, this island--Latin Amer in general--may be a bit tough on you)...what type of lifestyle are you looking for here or in retirement in general?
Good luck!
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30 something
Hi,
I am an american, 30-something that recently moved here with my young son. I have a bit more savings than what you are inquiring about, but have found an apartment (with a nightwatcman and feel very safe), enrolled my son in school and established a high speed internet connection without too much hassle. I would say, as is suggested on other threads on this site, that you need about 2k/month to live off of comfortably. There are apartments available for pretty cheap with the customary, n. american amenities (full kitchen, hot water, modestly furnished) for 3-500/month. and without internet (which is available at cafe's in this area, juan dolio, for 60 pesos ($US2/hour), you could live for less than this, maybe 1000/month. As far as jobs are concerned, it is chellenging to earn a compreable wage. I've heard teachers here can earn up to 20k per month ($US600) and there is the jewelry factory in SP for people who can speak english (chris can you chime in on wages here?). but the idea that you can merely relocate and restablish life as you currently know it is not really accurate by standards here. mostly because finding a job at a compreable wage is VERY challenging to find. i've heard that if you work on this before you move here it's better than attempting to find work as a foreigner once you're here.
where are you thinking of moving to?
d
Hi,
I am an american, 30-something that recently moved here with my young son. I have a bit more savings than what you are inquiring about, but have found an apartment (with a nightwatcman and feel very safe), enrolled my son in school and established a high speed internet connection without too much hassle. I would say, as is suggested on other threads on this site, that you need about 2k/month to live off of comfortably. There are apartments available for pretty cheap with the customary, n. american amenities (full kitchen, hot water, modestly furnished) for 3-500/month. and without internet (which is available at cafe's in this area, juan dolio, for 60 pesos ($US2/hour), you could live for less than this, maybe 1000/month. As far as jobs are concerned, it is chellenging to earn a compreable wage. I've heard teachers here can earn up to 20k per month ($US600) and there is the jewelry factory in SP for people who can speak english (chris can you chime in on wages here?). but the idea that you can merely relocate and restablish life as you currently know it is not really accurate by standards here. mostly because finding a job at a compreable wage is VERY challenging to find. i've heard that if you work on this before you move here it's better than attempting to find work as a foreigner once you're here.
where are you thinking of moving to?
d
i've heard that if you work on this before you move here it's better than attempting to find work as a foreigner once you're here.
d
I would have to disagree with what you heard. Finding a good job in the Dominican Republic is all about networking while you're here. I think it would be very difficult to do any real research on finding a job in the DR before your arrival.
My advice to the OP would be to make the move (if that's what your heart desires), make your contacts, network and ask. You'd be surprised how things sometimes work out.
It's all about timing and good fortune, maybe a good attitude as well.
You could do everything right and get nowhere.
Others come along and do it all wrong and are successful despite themselves.
You could do everything right and get nowhere.
Others come along and do it all wrong and are successful despite themselves.