Schiff Sovereign's Take on Dominican Republic
On December 5, 1492, Christopher Columbus landed on Hispaniola – the island which the Dominican Republic occupies alongside Haiti. It was his first voyage in search of India.
Upon arrival, he reportedly declared Hispaniola “the most beautiful land that human eyes have ever seen.”
Home to more than 180 miles of pristine coastline, azure waters and some of the best beaches in the world, plus an incredibly diverse ecosystem (but with zero creatures that are deadly to humans), the Dominican Republic, to most people, is paradise found.
The Dominican Republic (DR) boasts the Caribbean’s third-largest economy, behind Puerto Rico and the spurious claim of Cuba as number two.
And unlike its peso cousins in Mexico, Colombia, and Chile, the DR’s peso has not experienced the same level of depreciation over the past few years.
The cost of living in the Dominican Republic is surprisingly affordable, especially considering that it is located on an island, which usually makes things more expensive due to the need to import everything.
As an added advantage, obtaining residency in the country is not complicated – we have written about it here.
Naturalization is also possible, and foreigners can become eligible for a passport after as little as two years of residency. (We know several people who successfully became Dominicans via this route.)
In terms of downsides, the Dominican passport is currently a poor travel document. However, as has been the case with many Latin American passports, it may improve with time.
Crime can be bad in the larger cities, although it’s not as much of a concern in resort towns.
It’s very hard to get things done in the DR, especially if it involves dealing with the local bureaucracy. The “Mañana culture” is also engrained in everyday life. Chile will seem like Switzerland to you in comparison.
Lastly, there are far better jurisdictions in which to base your business. The DR’s personal and corporate tax rates alone is reason enough for us to discount it.
Upon arrival, he reportedly declared Hispaniola “the most beautiful land that human eyes have ever seen.”
Home to more than 180 miles of pristine coastline, azure waters and some of the best beaches in the world, plus an incredibly diverse ecosystem (but with zero creatures that are deadly to humans), the Dominican Republic, to most people, is paradise found.
The Dominican Republic (DR) boasts the Caribbean’s third-largest economy, behind Puerto Rico and the spurious claim of Cuba as number two.
And unlike its peso cousins in Mexico, Colombia, and Chile, the DR’s peso has not experienced the same level of depreciation over the past few years.
The cost of living in the Dominican Republic is surprisingly affordable, especially considering that it is located on an island, which usually makes things more expensive due to the need to import everything.
As an added advantage, obtaining residency in the country is not complicated – we have written about it here.
Naturalization is also possible, and foreigners can become eligible for a passport after as little as two years of residency. (We know several people who successfully became Dominicans via this route.)
In terms of downsides, the Dominican passport is currently a poor travel document. However, as has been the case with many Latin American passports, it may improve with time.
Crime can be bad in the larger cities, although it’s not as much of a concern in resort towns.
It’s very hard to get things done in the DR, especially if it involves dealing with the local bureaucracy. The “Mañana culture” is also engrained in everyday life. Chile will seem like Switzerland to you in comparison.
Lastly, there are far better jurisdictions in which to base your business. The DR’s personal and corporate tax rates alone is reason enough for us to discount it.
