Costa Rica vs Dominican Republic?

A

Adrian

Guest
Hey guys,

I am hoping for some words of wisdom to help me out of a predicament.. :)

I have been considering relocating to the DR very soon. I am 29, and work in the tech sector in silicon valley. I love latin america and want to spend some more time there.

I chose the DR for a couple of reasons:

- fun
- beaches
- merengue
- low taxes/no taxes
- cold beer :)

My plan was to get set up with a decent internet connection and set up an online business.

In some conversations with Eric from Florida (who posts here), he's led me to realise that Costa Rica is much better in terms of taxes. Basically it seems like we'd pay 25% more to live in the DR. The problem seems to foreign sourced income tax.

Clearly, many people on this board have moved to the DR for financial reasons.

Given that I will be earning money over the internet, and therefore taxed in the DR, are there strong reasons why I should move there instead of Costa Rica? Is the housing significantly cheaper? General cost of living? Lifestyle better? Is there some factor I'm not aware of?

We both will be extremely grateful for any light you can shed on this..

Warm regards,

Adrian
 
G

Gerd

Guest
Taking into account the points you mention I think you're better of in the DR.

Fun: Definitely DR!!!. CR may be a little more civilized/organized, but (maybe because of this) if you're looking for fun, DR is the place to be.

I wouldn't argue over the beauty of the beaches, both countries have among the most beautiful.

Merengue: If you like it, here (DR) you'll get it , 24/7.

Taxes: For your foreign income? You shouldn't be too concerned.

Beer: Have you tried CR Beer? Probably not, or you wouldn't ask. And to make things worse: They throw ice cubes in there to keep it cold.
If you like beer: come to the DR, order a Presidente and you're in heaven.

CR is definitely great, if you love nature. There's lot's of volcanos, beautiful landscapes, rare species of snakes, birds and lots of other beasts...

My personal impression:
Well organized boring cities. It rains a lot (or how could there be a rainforest?).
Girls may seem more educated. If you care for beauty- forget it.
The beer problem has been mentioned.====> CR=Waste of time.
 
R

ramjet

Guest
Re: Tax in DR for foreign income? LOL!

I've been to Costa Rica and I am going to D.R. in two weeks. Costa Rica is a very primative place which is what I like,and my wife don't. The cost of living in Costa Rica is much lower and the weather is much wetter in the rainy season. A house can be purchased for less than 10,000. But all you have is 4 walls. I went to P.R. last winter and the people there don't like americans , the proof is there is nothing to do away from the resorts. The people of Costa Rica are much friendlier , there is horseback riding on every corner,4-wheeling,rafting,better fishing and the girls are beautiful . I can't say about D.R. because I havn't been there. A maid in C.R. is 1 dollar an hour.
 
D

DR.Veteran

Guest
you already made your choice and also stated the reasons.
so why look for somebody elses opinion!??i wonder how long your reasons for coming here hold up to the negative aspects of living here.
on the other side your true interest is not saving taxes but better paying none!so why bother to declare no matter where you are.
for the taxreason you may be better off in the taxhavens like cayman islands and so on.and what else would you find there?

fun
lots of beaches
no merengue
low/no taxes
cold beer
looks to be a very competive place don't you think?
 
R

Rob

Guest
What about PANAMA ? It is much better than Costa Rica, cheaper too (even in USD), climate is great and no taxes on offshore income. Think about it. I have been in CR, DR and PANAMA. Panama will be my first choice if I was you.

Goodluck.
 
J

Jerry

Guest
Check things closely. You are correct that off shore money is not taxed in Panama. However, the hosting server has to be located off-shore from what I have read. Also I know that the US is saying that if a company has a bank account in the US then that company can be liable for taxes. Just reformated the hard drive, or should I say a virus just caused me to reformat the drive and I lost many of my favorites, so I would have to do some research to find the links again. But try google and look for things like tax havens or something along that lines. It can be done, and it does not seem very hard. But you do need to completely check it out.

Jerry
 
B

Bob

Guest
You should contact ASCOT ADVISORY for complete advise on taxation offshore and inshore.

Their Email is: js@ascotadvisory.com.

Goodluck
 
A

Adrian

Guest
Hi everyone,

I just wanted to thank you all for you responses.

I'm still trying to work this out, and I really appreciate what you had to say. I'm also considering Panama, as it seems to offer many similar benefits to Costa Rica. Also from the reading I've been doing, day to day cost of living in both Panama and Costa Rica is cheaper than the DR right now.

I really liked the warmth and friendliness of the people in the DR.. so I'm certainly not discounting it.. I'll make this decision very soon.

Again, thanks for all your suggestions.

Cheers,

Adrian
 
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