Tax Exemptions and Automatic Residency to Americans/Europeans that Employ Dominicans

[pinonuevo]

1-Exempt from transfer taxes when they purchase a property
2-Exempt from income tax for 5 years if they employ at least one Dominican
3- Exempt Americans and Europeans from Visa / Visa Free ( Other countries give them 90 days entry)
4) Require only their passports

Reason:
1) Simple Economics; they bring in the Money and they automatically employ at least one person and spend money in the country.
2)Transfer of Technology.
3) American and Europeans already host lost of Dominicans working in the respective countries

 

[playacaribe2]

1-Exempt from transfer taxes when they purchase a property
2-Exempt from income tax for 5 years if they employ at least one Dominican
3- Exempt Americans and Europeans from Visa / Visa Free ( Other countries give them 90 days entry)
4) Require only their passports

Reason:
1) Simple Economics; they bring in the Money and they automatically employ at least one person and spend money in the country.
2)Transfer of Technology.
3) American and Europeans already host lost of Dominicans working in the respective countries

The DR, like many other places, already offers residency incentives by investment...............

The incentives they offer pale in comparison to their island neighbor........Puerto Rico............


Respectfully,
Playacaribe2

 

[beeza]

1-Exempt from transfer taxes when they purchase a property
2-Exempt from income tax for 5 years if they employ at least one Dominican
3- Exempt Americans and Europeans from Visa / Visa Free ( Other countries give them 90 days entry)
4) Require only their passports

Reason:
1) Simple Economics; they bring in the Money and they automatically employ at least one person and spend money in the country.
2)Transfer of Technology.
3) American and Europeans already host lost of Dominicans working in the respective countries

1- Many foreigners purchase property that belongs to a corporation - therefore no transfer tax on property as the owner stays the same, ie: the corporation.
2-Not many foreigners pay income tax, very few are employed by Dominican companies. Many are self employed, contractors or entrepreneurs.
3-If you don't have a visa, you can stay as long as you like and simply pay an overstay fee when you leave.
4-See 3 above, just your passport is required.

Reason
1)There is already a huge foreign investment in the DR. Hundreds of foreign multinational corporations hire Dominicans.
2) Technology sector is growing. Adoption of tech by young Dominican graduates is a booming industry.
3) Dominicans have to jumps through the same hoops as most Latin American citizens to live and work in American and European countries.

In short, DR is VERY foreigner friendly compared to many Caribbean / Latin American countries.

 

[william webster]

Quite true---Plus - the current gov't has a knack for bringing in money

Any special 'foreigner' deal would yield such low numbers, it might not rank too high on the priority list

 

[playacaribe2]

Quite true---Plus - the current gov't has a knack for bringing in money

Any special 'foreigner' deal would yield such low numbers, it might not rank too high on the priority list

Perhaps it is not the numbers of persons, but the number of pesos those persons have. At least that is how Puerto Rico seems to view it;

CryptoTaxAudit | Home

The Crypto Tax & IRS Audit Experts

donnellytaxlaw.com

How Puerto Rico Became the Newest Tax Haven for the Super Rich

Welcome to a paradise for the personal-jet set among the ruins of Hurricane Maria.

www.gq.com

Respectfully,
Playacaribe2

 

[pinonuevo]

Thanks so much for your comments.

 

[william webster]

Number of pesos -
Yes, there should always be 'minimum amount' in the program.... the DR already has this in it's offers

 

[Predestina]

Greetings , My wife and I we just purchase a home in DR in Puerto Plata, are we eligible for tax exempt? We are looking to open a business very soon , but we do not know where to go first to inquire information.

 

[JDFriend]

Greetings , My wife and I we just purchase a home in DR in Puerto Plata, are we eligible for tax exempt? We are looking to open a business very soon , but we do not know where to go first to inquire information.

Maybe under Real Estate you'll find some info. (??)

Fideicomiso, Inmuebles, Sucesiones y Donaciones

 

[CG]

Head over to "LEGAL" in the Forum Section, loads of information to get you started. https://dr1.com/forums/forums/legal.44/

 

[Riva_31]

1-Exempt from transfer taxes when they purchase a property
2-Exempt from income tax for 5 years if they employ at least one Dominican
3- Exempt Americans and Europeans from Visa / Visa Free ( Other countries give them 90 days entry)
4) Require only their passports

Reason:
1) Simple Economics; they bring in the Money and they automatically employ at least one person and spend money in the country.
2)Transfer of Technology.
3) American and Europeans already host lost of Dominicans working in the respective countries

Do you have the link for official migration website? would be intresting if you show all details about what you wrote.

 

[Fulano2]

1-Exempt from transfer taxes when they purchase a property
2-Exempt from income tax for 5 years if they employ at least one Dominican
3- Exempt Americans and Europeans from Visa / Visa Free ( Other countries give them 90 days entry)
4) Require only their passports

Reason:
1) Simple Economics; they bring in the Money and they automatically employ at least one person and spend money in the country.
2)Transfer of Technology.
3) American and Europeans already host lost of Dominicans working in the respective countries

Europeans or EU citizens?

 

[Predestina]

Thank you all .

 

[CristoRey]

1- Many foreigners purchase property that belongs to a corporation - therefore no transfer tax on property as the owner stays the same, ie: the corporation.
2-Not many foreigners pay income tax, very few are employed by Dominican companies. Many are self employed, contractors or entrepreneurs.
3-If you don't have a visa, you can stay as long as you like and simply pay an overstay fee when you leave.
4-See 3 above, just your passport is required.

Reason
1)There is already a huge foreign investment in the DR. Hundreds of foreign multinational corporations hire Dominicans.
2) Technology sector is growing. Adoption of tech by young Dominican graduates is a booming industry.
3) Dominicans have to jumps through the same hoops as most Latin American citizens to live and work in American and European countries.

In short, DR is VERY foreigner friendly compared to many Caribbean / Latin American countries.

Well said.

 

[pinonuevo]

Doing Business in Dominican Republic or Any New Country: Offer a Service to Start: Low Risk/No Inventory: If you Can offer the kind of service that require precision skills, many business are looking for that.

 

[pinonuevo]

Why to USA and Europe? Because of the close economic ties:

Vehicles imported from the United States or from European Union countries have a tax advantage in the Dominican Republic. The DR has signed free tax entry agreements for US or European Union country vehicles. This places the vehicles from these countries in a price advantage against Korean, Chinese or Japanese vehicles.

To compensate for not taxing these in Customs, the Tax Agency has created what is called the first license plate tax.

 

[Astrabus]

I am an 82 year old American married 17 years to a Dominican woman. We own property and Havienda investments. Is it difficult to get residency in DR?

 

[Fulano2]

I am an 82 year old American married 17 years to a Dominican woman. We own property and Havienda investments. Is it difficult to get residency in DR?

Hi Astrabus. You cualify by law, because your wife is Dominican.