Even if you don't live in the country full time, you can easily get your residency status and enjoy the many benefits that come with it.
If you're looking for an affordable island lifestyle, it's hard to beat the Dominican Republic.
First off, it's one of the best places in the world to invest in an income property. Not only is demand growing, the property market is undervalued.
And another reason?
The DR's fantastic approach to residency for foreigners.
The government wants to attract foreigners and foreign investment, so has laid out the red carpet.
As a foreign national staying in the country for an extended period, you can get your legal residency status.
And when you have your residency status, you get access to a number of benefits.
If you qualify as a foreign investor, you can skip the temporary residency stage (see below) and instead apply directly for pemanent residency.
This means you don't have to wait the usual five years!
So what's a foreign investor?
The Dominican Republic is looking for 3 different types of investors:
Typically, the first step is to apply for temporary residency status. After some initial paperwork, you'll get yoru status in 6 to 8 months.
With your temporary residency status, you can legally live and work in the Dominican Republic. As a bonus, you don't need to purchase a tourist card to enter the country.
Once granted, your temporary residency is valid for one year.
After a year, you can renew your temporary permit for another year. The process is easier this time around than for the first application.
After five years as a temporary resident you'll be able to change your status to permanent.
After 2 years as a permanent resident, you can apply for naturalization. The naturalization process can take less than a year.
If you've got permanent residency status, you need to return to the DR every 4 years to renew.
For temporary residency, you need to renew each year for the first four years. If you don’t renew on time, you can still renew, but will need to pay a fine when you do.