- Thread starter Tonchi
- Start date
Conversion from Temporary to Permanent Status
There were zero ramifications after the party that is now back in power wrote the immigration laws for immigration in 2003. The PLD came into power in 2004and just ignored the laws for 16 years, so nobody ever saw any "effects" from the laws. The party currently in power who wrote those laws so long ago says the laws will be enforced, but I have stopped believing them. Maybe CV19 blocked their thought processes and now that we have perched on peak Covid they will have a few moments to get on to such things.
As for lawyers, I avoid them like the plague.
I am somehow beginning to feel comfortable with the idea of just coming as a tourist. From April I am going to England, Denmark and Spain during 2022 and beginning of 2023 to Miami before I come back here.
I agree. This DR company used to have far more advantages than it does now. Now you open up the world of DR tax liability. And of course lawyers love their fees to open one.
Yeah you will need a lawyer and a tax accountant. You are opening up a can of worms. You certainly shouldn’t do it to get residency. If you are starting a large property investment company it’s different.
I've had two DR companies (small for houses) and neither one was a headache. They're really quite simple.
So you were running it as a business. I am just advocating against this perception that you can buy a home in the DR and get residency. You can start a real estate investment in property business and then also get residency.
Perhaps not a headache, but why would they need to be in a company since the benefits are minimal compared to what they were?
It costs money for the company and taxes on the value of it are charged annually as I understand it.
Unless you need the so-called benefits of a company, I would not recommend one at this time for holding property.
I agree totally. It can only be relevant for someone investing in multiple properties and running it as a business. You don’t run your home like a business. The realtors and lawyers shouldn’t be mentioning it as an option to get residency unless it’s a professional commercial real estate investor who then as bonus gets legal residency which he/she probably needs to oversee the investment or for an employee.
Probably one of the biggest benefits of having your home and vehicles in a corporation is knowing you won't lose them if you have an accident and kill somebody.
Also, when it comes time to sell your home, it's a simple document transferring shares from one to another. Stupid simple to do.
That’s really a negative mindset. If you kill somebody? And please explain how that goes down. How do you loose all your property if it was an accident.
Transfering the shares to a new owner means you have to find a buyer who wants those shares. A sucker who wants to then deal with the Dominican company. Who ends with the final problem of having to close the company?
Guy on a moto pulls out in front of you.... you smash him.....what are your chances of paying $0?
I think inheriting via a company is better too
I think inheriting via a company is better too
Much, much, better. One of my closest Dominican friends had that exact thing happen to him. He owned a trucking company with 8 trucks.
Some idiot was pulling a wheelie, crossed over the center line while doing it and hit one of my friends trucks head on. Killed instantly.
The family went after everything he owned. He couldn't form a company after the fact, so he sold everything to a company of a friend right after the accident. Close call, but it worked.
Last but not least, having an asset in a company is a major selling point. It also means the documentation is legal and correct.
Having a property in an S.R.L. makes inheritance much, much easier. If a husband and wife own a property in an S.R.L. and say the husband dies, his shares automatically go to the wife. If it's not in an S.R.L., it has to be probated. That can take several years and a lot of money in lawyer fees.
Please don’t make it sound so easy to have a property in a Dominican Company. You have to pay asset tax annually and file a tax return which you don’t have to for a home. You guys are business people. It’s not a smart purchase form for a home and to obtain residency.
Hhmm I noticed we were two and apparently you are three who thinks it’s a great idea.
It is easy. I had a good lawyer and she would do the docs yearly and I'd just go by her office to sign and pay.
So easy even a caveman can do it.
BTW, I've never mentioned anything about residency; only about protecting one's assets from predators.