Dominican Republic ~ Residency By Passive Income
Time to Permanent Residency: 0 Year ~ Time to Citizenship: 2 Years
The Residency by Investment program of the Dominican Republic is a legal privilege under the General Immigration Act and its regulations, and the Foreign Investment Act. It exempts a foreign national from the procedure of obtaining temporary residence.
The program may allow you to obtain an instant permanent residence permit by investing in movable or immovable property or bringing your regular passive income or pension to the country.
Permanent Residency must be renewed 1 year after its issuance. The other renewals must be made every 4 years.
Through the program, after 2 years of permanent residency you may be eligible for naturalization, provided that investment/income requirements are still met.
To become a citizen, you will have to be fluent in Spanish, as you are going to attend an interview with an official, where you will state the reasons why you want to be a Dominican citizen, while your knowledge about the country’s values, traditions and culture, and your Spanish skills will also be tested.
Although there is no official physical residence requirement, it is recommended to spend significant periods of time in the country prior to naturalization, and to prove some ties to the country.
Investment
Person of Independent Means
You may obtain your permanent residence in Dominican Republic if you can prove that you will receive a monthly passive income from a foreign-source for an amount of at least US$2,000 for 5 years, and you are able to transfer it to a local bank.
Passive income may be derived from:
– Deposits and/or investments in foreign banks.
– Remittances from foreign financial institutions.
– Investments in foreign companies.
– Yields from real estate located abroad.
– Interests from securities in foreign currency, that are in financial institutions legally authorized to operate in the Dominican Republic.
– Investments from securities issued in national or foreign currency, provided that the capital invested is generated abroad, and the currency exchange is made in the national financial system.
– Interests, income or dividends from real estate investments in the Dominican Republic, provided that the investment was made from foreign resources.
For each dependent, an additional amount of US$250 is required.
Income received from wages or company profits do not qualify.
To renew the permanent residence permit and/or apply for naturalization, you must prove that at least US$2,000 monthly passive income has been transferred to a local bank.
Requirements
– Do not suffer from a contagious disease or a mental illness that alters your behavior.
– Clean Criminal record.
– Letter signed before a notary by a Dominican or permanent resident alien in the Dominican Republic that guarantees that you will at no time be a charge for the Dominican State. In addition to the expenses of repatriation and others, if necessary, evidence of an insurance policy. This guarantee must include any dependents too.
– Bank letter stating that you have a bank account at a Dominican bank.
– Receipt of foreign currency income to the country and original certification of the receiving bank in the Dominican Republic.
– For foreign bank deposits or foreign financial institution remittances, account number, average annual balance, time that the account has been open for, and a certified copy of the investment certificate.
– For investments in foreign entities, a certificate issued by the company that certifies that the investment provides stable and permanent income for a period of no less than 5 years, in addition to the documentation proving you as a shareholder or owner.
– For foreign real estate income, proof that you have permanent income from abroad for a period of no less than five years, through an original of the contract of rent and copy of the original title of the property.
– For foreign currency securities in DR, certificate issued by the financial institution authorized to operate in the Dominican Republic that certifies that these interests provide you with stable and permanent income for a period of no less than five years.
– For national/foreign currency securities, a certificate issued by an institution certifying that these profits obtained by investment in securities will provide stable and permanent income for a period of no less than five years, in addition to the copy of the securities issued in foreign and / or national currency, but whose capital has been generated abroad.
– For DR real estate, certification issued by deed registration on the property purchased in the Dominican Republic and copy of the deed.
– For real estate investments that yield dividends and interest, certification of these investments.
– For rental income, you must deposit the lease duly registered or legalized, in addition to proof that the money invested in real estate investment comes from abroad. Receipt of currencies to the country, by copy of checks or notice of transfer of financial institution established abroad.
Documents Required
Certified copy of passport- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Original Police Clearance Certificate
- Evidence of Health Insurance
- Medical Certificate
- Nine passport-size photos
- Bank Statement
- Original Bank Reference Letter (Not older than 6 month)
- Proof of income
- Affidavit of support for Dependents
