Best Buy in the Caribbean
Our editors' pick for best buy in the Caribbean, the Dominican Republic offers both cheap beachfront property and a low cost of living.
Europeans discovered the Dominican Republic more than two decades ago, and the island continues to draw good numbers of Euro sun-seekers. Since the early 1980s, the French, especially, have been a driving force in development on the island, in particular at Samana, where French is commonly spoken.
The Dominican Republic is easily accessible, especially from the East Coast of the U.S. Once you get there, you have three white-sand Caribbean beach regions to choose from: Puerto Plata, Samana, and Punta Cana. Investment for both capital appreciation and rental income continues to make good sense, especially in Samana, say our editors.
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| Population | 9.956 million (July 2011) |
| Gross Domestic Product (GDP) | $87.25 billion (2010) |
| GDP Per Capita | $8,900 (2010 est.) |
| Inflation Rate | 6.3% (2010 est.) |
| Currency | Dominican Peso (DOP) |
| Exchange Rate Versus U.S. Dollar | 36.92 Dominican pesos = 1 U.S. dollar (2010) |
| Language | Spanish (offical) |
| Capital | Santo Domingo |
| Population of Capital City | 913,540 |
| Time Zone | GMT minus 4 |
| Seasons | Tropical; wet season lasts from May to November |
| International Dialing Code | 1-809 |
| Electricity | 110V / 60 Hz; Plug Type: A (US style) |
| Presidential Republic | |
| Name and Party Affiliation of Current Leader |
Leonel Fernandez, Dominican Liberation Party |
| Income Tax Rate for Residents | 15% to 25% |
| Property Tax | 0% to 1% |
| Capital Gains Tax | 25% to 29% |
| Inheritance Tax | 3% |
| Rental Income Tax | 20% |
| Transfer Tax | 3% |
| Sales Tax | 16% |
| Restrictions on Foreign Ownership of Property |
None |
| Local Chamber of Commerce | www.camarasantodomingo.org.do/ Arzobispo Nouel No. 206 Zona Colonial Santo Domingo |
| American Chamber of Commerce | www.amcham.org.do Torre Empresarial, 6to. Piso, Ave. Sarasota No. 25, Santo Domingo Tel: (809) 381-0777 |
| Primary Exports | Ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods |
| Residency and Visa Requirements | Tourist Visa: 60 days, $10 Residency: Residence Visa, Provisional Residence Card, Permanent Residence Card Citizenship: after 6 months of legal residence with an investment of US$50,000 in real estate or business |
| Special Benefits for Foreign Residents or Retirees | None |
| National Airline | Air Dominicana www.airdominicana.com.do |
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