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Dominican Republic
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 Dominian 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 accesible, 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.
Dominican Republic at a Glance
|
Population |
9.4 million (July 2007) |
|
Gross Domestic Product (GDP) |
$85.4 billion (2007) |
|
GDP Per Capita |
$9,200
(2007) |
|
Inflation Rate |
5.8%
(2007) |
|
Currency |
Dominican Peso (DOP) |
|
Exchange Rate Versus U.S. Dollar |
33.113 Dominican pesos = 1 U.S. dollar (March 2008) |
|
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) |
|
System of Government |
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 |
17% to 32% |
|
Rental Income Tax |
20% |
|
Transfer Tax |
4.5% of assessed value |
|
Sales Tax |
16% |
Restrictions on Foreign
Owernship 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 Visas: 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 |
|
Preferred Contact |
|
|
