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Facts About the Dominican Republic
The Dominican Republic is the oldest country in the Americas. This island nation was discovered by Christopher Colombus in 1492 during his first trip to the West Indies. The DR is known for being a country of strong faith. The Dominican Republic flag is the only national flag to feature the bible. Santo Domingo was home to the country’s first catholic cathedral. The population of the Dominican Republic is estimated to be 95% Roman Catholic.
With over 25 golf courses, the Dominican Republic is becoming one of the top destinations for golfers throughout Latin America and the Caribbean. The PGA regularly holds events in the DR and there is even a course designed by legendary Jack Nicklaus (Punta Espada Golf Club).
|
Population |
10.48 million (2015 est.) |
|
Gross Domestic Product PPP (GDP) |
US$127 billion (2015 est.) |
|
GDP Per Capita |
US$12,098 (2015 est.) |
|
Inflation Rate |
0.8% (2015 est.) |
|
Currency |
Dominican Peso (DOP) |
|
Exchange Rate Versus U.S. Dollar |
45.89 Dominican pesos per U.S. dollar (May 2016) |
|
Language |
Spanish (official) |
|
Capital |
Santo Domingo |
|
Population of Capital City |
2.9 million (metropolitan area) |
|
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 (U.S. style) |
|
System of Government |
Democratic Republic |
|
Current Leader |
President Danilo Medina Sanchez (re-elected May 15, 2016) |
|
Income Tax Rate for Residents |
27% |
|
Property Tax |
0% to 1% |
|
Capital Gains Tax |
27% |
|
Inheritance Tax |
3% to 4.5 % |
|
Rental Income Tax |
27% |
|
Transfer Tax |
3% |
|
Sales Tax |
18% |
|
Restrictions on Foreign Ownership of Property |
None |
|
Local Chamber of Commerce |
www.camarasantodomingo.org.do/
Avenida 27 de Febrero No. 228, Torre Friusa, Sector La EsperillaCódigo Postal 10106 Santo Domingo, Distrito Nacional.Tel: 809-682-2688 |
|
American Chamber of Commerce |
http://www.amcham.org.do/en/ Torre Empresarial, 6to.Piso, Ave. Sarasota No. 25,Santo DomingoTel: 809-381-0777 |
|
Primary Exports |
Ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods. |
|
Residency and Visa Requirements |
Residency in the Dominican Republic is easy and the country embraces—even offering rewards and incentives—to foreign residents and investors. |
|
Special Benefits for Foreign Residents or Retirees |
Residents can apply for loans, import household goods and a car tax-free, and can apply for citizenship (and thus a second passport). |
|
National Airline |
PAWA Dominicana is the current flag carrier of the country. http://fly-dominicana.com/ |