is the Dominican Republic one of the best places for retirement or relocation?
The short answer is: living better on less. How much better? Let
us consider the strictly financial aspect of things to offer a better idea.
We have spoken about the possibilities of
owning a new home in Santo Domingo for less than US $ 70,000, but that
is not the real reason for considering the Dominican Republic. Unknown
to most people, is the fact that interest rates on time deposits (both
in US Dollars and Dominican Pesos) tend to be higher. In addition,
bank account interest and US Dollar based investments are exempt from local
income tax. Considering that up to 10% tax-free interest can be achieved
with a US dollar deposit, or up to 18% with a Dominican Peso investment,
it does not take long to realize that by simply changing countries - one
can greatly improve your investment income.
The other side of the equation is of course
monthly living expenses. The largest part of your monthly budget
will be housing costs, and certainly it is possible to rent a 3 Bedroom
apartment in a residential neighborhood for about US $ 300 per month.
One can also rent a luxury apartment, complete with 24 hour security and
other amenities for about US $ 700 per month. It all comes down to
what you want, or what you are comfortable with. But finding a comfortable
place to live, for about US $ 300 monthly, is very possible.
In addition, one can easily hire live-in domestic
help for about US $ 250 per month. That is to say, a maid to do the
cooking, cleaning and other chores for a price I guarantee you cannot match
in the US or Canada. Where in the world can you rent a decent apartment
or home, have full time domestic staff, and cover your other monthly untility
expenses for less than US $1,000 per month. Not many places.
With very modern and comfortable supermarkets
close by, cable television in English, modern golf and other facilities,
living better on less is not just a dream - in the Dominican Republic,
it is a reality!
For additional information about relocating
or residency information,
Domingo, Dominican Republic