Following the example of Panama and Belize, the Dominican Republic
has just enacted a new law aimed to attract foreign nationals with a
fast track residency system, especially aimed to foreign retirees.
With the approval and publication of Law 171-07 on Foreign Retirees,
the Dominican Republic bills itself as "a paradise for people wanting
to retire to an idyllic setting."
The new law enables fast track residency program with simplified
paperwork, to be done within 45 days. It also allows to import duty-
free household goods and hosts tax breaks including reductions on
motor vehicle taxes, exemption on transfer taxes for the first
purchase of local real estate, a 50% reduction on taxes on mortgages,
a 50% reduction on the annual property tax, exemption on taxes on
dividends and interest, and a 50% reduction on capital gains taxes.
Check out more at http://www.provaltur.com/news_events.php?news=3
(Christie's Reps in DR)
http://www.provaltur.com |
