Investor visa - Visas de Residencia por Inversión

[MariaRubia]

And I would avoid lawyers like the plague they are. Especially here.

I was able to get DR citizenship without a lawyer BECAUSE of questions I asked on DR1 and Lindsay (RIP) responded to with the correct procedure I did myself. Different stroke for different folks.

I do some of the simpler processes myself, I use lawyers for the more complicated areas. And to do all that filing of nonsense at every government department, there never seems to be a day when some organisation doesn't want a report on something.

 

[MariaRubia]

That's because you're richer than Elon Musk.

Oh yes, you're right, I have a whole team of staff dedicated to continuously counting my money.

 

[johne]

Oh yes, you're right, I have a whole team of staff dedicated to continuously counting my money.

And what about a team of accountants certifying and lawyers to notarize their work?

 

[windeguy]

I do some of the simpler processes myself, I use lawyers for the more complicated areas. And to do all that filing of nonsense at every government department, there never seems to be a day when some organisation doesn't want a report on something.

Not wishing to get involved in a business, I can only imagine what a nightmare that is here for you.

And an investor visa means you are getting into a business.

I can only speak to doing the work for renewing residency and finally for me becoming a citizen, which did not require a lawyer's help.
And as Lindsey, RIP, mentioned, they at MIP, prefer you do it yourself.

 

[chico bill]

Oh yes, you're right, I have a whole team of staff dedicated to continuously counting my money.

I had to implement AI (not All inclusive) to count mine

 

[JD Jones]

Not wishing to get involved in a business, I can only imagine what a nightmare that is here for you.

And an investor visa means you are getting into a business.

I can only speak to doing the work for renewing residency and finally for me becoming a citizen, which did not require a lawyer's help.
And as Lindsey, RIP, mentioned, they at MIP, prefer you do it yourself.

With decades of running free zone businesses under my belt, I can tell you all about nightmares.
Nightmare is a little bit of an exaggeration, but it seems like the reports and document filings are never-ending.
Another reason not to be bothered by employees who want their liquidation.
Just give it to them and tell them to get lost.

 

[windeguy]

With decades of running free zone businesses under my belt, I can tell you all about nightmares.
Nightmare is a little bit of an exaggeration, but it seems like the reports and document filings are never-ending.
Another reason not to be bothered by employees who want their liquidation.
Just give it to them and tell them to get lost.

As reported on the Sosua Beach thread, a "liquidation" dispute is allegedly the reason what was called Malibu Beach Bar is now closed.

What you describe above is indeed a nightmare.

 

[aarhus]

With decades of running free zone businesses under my belt, I can tell you all about nightmares.
Nightmare is a little bit of an exaggeration, but it seems like the reports and document filings are never-ending.
Another reason not to be bothered by employees who want their liquidation.
Just give it to them and tell them to get lost.

Try not to have any employees in the first place. Try and start a business where you deal just independent contractors/freelancers.

 

[MariaRubia]

And what about a team of accountants certifying and lawyers to notarize their work?

Yup, I have a big swanky office building in Churchill full of women in impossibly high heels and swanky young professionals all dedicated to making me richer.

 

[aarhus]

Yup, I have a big swanky office building in Churchill full of women in impossibly high heels and swanky young professionals all dedicated to making me richer.

I don’t believe it

 

[MariaRubia]

Not wishing to get involved in a business, I can only imagine what a nightmare that is here for you.

And an investor visa means you are getting into a business.

I can only speak to doing the work for renewing residency and finally for me becoming a citizen, which did not require a lawyer's help.
And as Lindsey, RIP, mentioned, they at MIP, prefer you do it yourself.

Joking apart, if you start to do anything other than just live here, then you do need a good lawyer. And if you have any type of investment here, or anything chunky in terms of assets and you're foreign, then again you need a good lawyer to help protect you. I use a variety of lawyers, depending on how complicated the matter is, and whether I want someone who is scary represent me, or just someone to do something which I can't be bothered to do. And I have a really good "little" accountant who does things like renews Registro Mercantil and filing all those documents with DGII and with Camara Comercial and so on and so on.

 

[MariaRubia]

Try not to have any employees in the first place. Try and start a business where you deal just independent contractors/freelancers.

But if you have employees then they are way more loyal to you and available to you than contractors. My contractors are all good, but they are all so busy that it takes weeks to get them to do something. Anyone whose work is decent here and who charges reasonable prices is usually overloaded with work. I think I'm reasonably good at employing people, I work hard to keep my staff happy and motivated and loyal and it generally results in very few HR problems. Treat people with dignity and respect and not like dogs, and they will treat you the same.

 

[JD Jones]

But if you have employees then they are way more loyal to you and available to you than contractors. My contractors are all good, but they are all so busy that it takes weeks to get them to do something. Anyone whose work is decent here and who charges reasonable prices is usually overloaded with work. I think I'm reasonably good at employing people, I work hard to keep my staff happy and motivated and loyal and it generally results in very few HR problems. Treat people with dignity and respect and not like dogs, and they will treat you the same.

This. And the Ministerio de Trabajo looks down on Free Zones having contractors with a 40 hr. week position.

 

[JD Jones]

Yup, I have a big swanky office building in Churchill full of women in impossibly high heels and swanky young professionals all dedicated to making me richer.

Pictures or it didn't happen.

 

[aarhus]

But if you have employees then they are way more loyal to you and available to you than contractors. My contractors are all good, but they are all so busy that it takes weeks to get them to do something. Anyone whose work is decent here and who charges reasonable prices is usually overloaded with work. I think I'm reasonably good at employing people, I work hard to keep my staff happy and motivated and loyal and it generally results in very few HR problems. Treat people with dignity and respect and not like dogs, and they will treat you the same.

I just think if it’s a small business it’s best to avoid. Of course there are types of businesses where you have to have many employees and that is different. Not sure about the loyalty thing though. I find freelancers can be loyal. And many young Dominican professionals now prefer it. It also depends on what type of person you are yourself. I admit after having tried it that managing employees is not for me.

 

[MariaRubia]

Pictures or it didn't happen.

Oh stop, of course I don't have that. Nothing like that. My desk is in like a converted storeroom, people constantly dump stuff in my office and most of the time the AC doesn't work. Living the high life.

 

[daisypolanco]

Hi so I bought my first property here and expect to buy the second now shortly and continue. This adds up.. so how to make this investment count for obtaining residency as an investor?

I know they ask for a certificate, Certificado de Inversionista, from the Centro de Exportación / Prodominicana. That's a bit ahead as I need to invest more. But how to I make sure that what I do count for this in the future. Investments sometimes need to be registered with the central bank ++ depending on the country. Any particular thing I should keep in mind as I bring money into the country and buy property with this in mind?

It's tourism related so I see in some cases it's the ministry of tourism that certifies the investment.

K

Hi!
Depending on the type of residency permit you're applying to you may or may not need this 'Certificado'.
In order to obtain residency through investment by property purchase, you need these 3 main reuirements:

• Property must have a value of at least USD$200,000. -
• The property must be approved by the Ministry of Tourism's CONFOTUR program (this can be confirmed with the seller, real estate agent or broker);
• Copy of the property title under the applicant's name.

In any case, there are additional investment programs you might be eligible to.

Best,
Daisy