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Home Countries Dominican Republic

The Historic Past And Bright Future Of Santo Domingo, DR

What If You Could Have Invested In Panama City 15 Years Ago? Here's A Second Chance

Kathleen Peddicord by Kathleen Peddicord
Jul 07, 2021
in Dominican Republic, Travel
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A boat in the sunset in a beach in Santo Domingo, Dominican Republic.

Alamy/Giovanni Guarino Photo

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Portugal, France, and England turned him down… so Christopher Columbus decided to give Spain a try.

Buoyed by their recent victory against the Moors and looking to expand their influence even further, King Ferdinand and Queen Isabella were more receptive to Christopher’s proposal than their European counterparts had been. The Spanish royals agreed to sponsor Chris’ sailing expedition.

They were betting on Columbus being able to fulfill on his promise to find a shorter route to Asia, making Spanish trade with that region easier and more profitable. Chris’ patrons had visions of silks and spices dancing in their heads, but nobody… including Columbus himself… could have imagined where his journey would actually lead.

He thought he’d landed in India. In fact, Columbus had discovered an island he would name Hispaniola.

Four years later the Spanish crown doubled down on its investment in Christopher and sent his brother Bartholomew to meet up with him. Bartholomew was named governor of the territory and charged with building a city representative of the Spanish colonizers that could serve both as the Spaniards’ base in the New World and as a staging post for further explorations into this uncharted territory.

That city, called Santo Domingo de Guzmán, became home to the first palace, the first customs house, the first hospital, first cathedral, first university, first library, even the first pharmaceutical business (marrying the medicine the colonizers brought from Spain with the natural healing techniques of the Indians they met upon arrival) in the Americas.

The Columbus brothers and their cohorts were bound and determined to make the land they’d discovered as much like the land they’d set sail from as possible. That approach had its downsides, of course, but much of the architectural legacy that New Spain strategy led to remains… and makes Santo Domingo stand out among all the cities the Spanish colonizers would go on to build in these parts over the decades and centuries to follow.

Indeed, Santo Domingo could be called the birthplace of the New World. To this launch pad, Spain sent a series of conquistadors, each of whom leveraged the city the Columbuses had built to give their exploratory journeys increased chances of success. From Santo Domingo, Pedro de Alvarado set sail and discovered Guatemala and El Salvador… Hernán CortĂ©s found Mexico… Francisco Pizarro González conquered Peru… Pedro Arias Dávila located Nicaragua… Vasco Núñez de Balboa led the Europeans to the Pacific Ocean… and Ponce de LeĂłn happened upon Puerto Rico and Florida.

The oldest city in the Americas is today an awfully nice place to spend a Sunday afternoon. Each time I return I’m happy to note more cafĂ©s and restaurants with more sidewalk seating… more shops… more boutique hotels occupying the centuries-old buildings… and more tourists to keep all those going concerns going.

Centuries ago, Spain used this city to launch a golden age. Today, Santo Domingo is playing a key role in Dominicans’ efforts to launch a new phase for their own country.

The New Panama City

Across town from the spot where Christopher and Bartholomew hung out the landscape is increasingly dotted with new condo towers, mega-malls, five-star restaurants, and multiplex cinemas. Walking around this part of town I’m reminded of Panama City 15 years ago… when Panama first began pushing for real and sustained economic expansion and a place on the world stage.

Panama’s capital from a decade-and-a-half ago is unrecognizable alongside current-day Panama City. Massive land reclamation projects, hundreds of high-rise towers, top-tier brand-name hotels, and monumental infrastructure projects have reshaped this city entirely. I don’t know if Santo Domingo will undergo as radical a transformation over the coming 15 years, but I can tell you from conversations with key players in the country’s government that growth is the battle cry.

The increased services and amenities and improved infrastructure and overall standard of living that the current investor-friendly climate is fostering are great to see. However, when I’m in town, it’s not in the new Santo Domingo that you’ll find me… but in the old town… where strolling musicians serenade and al-fresco dining is de rigeur.

My preferred perch is a café on the grand Plaza de España. I enjoy watching the passing show of children chasing each other around the cobblestones and tourists consulting their maps and taking selfies in front of the palace from which the Spanish managed and administered the New World.

If the Columbuses could see this place now.

Sincerely,
Kathleen Peddicord
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter

Tags: 'Dominican Republic'christopher columbusKathleen Peddicordsanto domingo
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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