17th February 2023
How to obtain Dominican residency through investment in real estate?
The Dominican Republic offers various residency programs for those interested in residing in the country on a long-term basis. One of the most popular and efficient ways of obtaining residency in the Dominican Republic is through investment. The process of obtaining residency through investment can seem complex, but with the right guidance and preparation, it can be a straightforward and efficient process.
In this article, we will break down the process of obtaining residency through investment in the Dominican Republic, especially through buying real estate properties. From the eligibility requirements to the application process, we will provide a comprehensive guide to help you understand the steps involved in obtaining residency in the Dominican Republic. Whether you are considering retirement in the Caribbean or looking to establish a business in the country, this article will provide valuable information to help you make an informed decision about the process of obtaining residency in the Dominican Republic through investment.
The eligibility criteria for obtaining Dominican residency through investment are relatively straightforward. However, there are certain conditions that must be met in order to be considered eligible. The first requirement is that the applicant must be at least 18 years of age and have a valid passport from their country of origin. In addition, the applicant must have no criminal record and be able to demonstrate good health.
- Do not suffer from a contagious disease or a mental illness that alters your behavior.
- Clean Criminal record.
- A 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 burden on the Dominican State. In addition to the expenses of repatriation and others, if necessary evidence of an insurance policy might be required. This guarantee must include the dependents being included in the application.
- Certificate of Investor issued by CEI-RD (Export and Investment Center of the Dominican Republic).
- If you are a shareholder of the company, original and copy of the Act of the administrative board of the company.
- Bank letter stating that you have a bank account at a Dominican bank.
Additionally, the applicant must also have sufficient financial resources to support themselves and their family, if applicable, while living in the Dominican Republic. This typically means having a steady source of income or significant savings, as well as the funds to make the required investment. The exact amount of the investment will vary depending on the specific residency program, but it is typically in the range of $200,000 to $500,000. Furthermore, the investment must be made into a legally recognized investment vehicle, such as a real estate project or a government-approved business venture.
- 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
- Affidavit of support for Dependents
When applying through a real estate investment, it is important to note that the property will have to be official in the name of a company, that you can open for this purpose. This will allow your real estate purchase to be considered an investment.
The application process for obtaining Dominican residency through investment is a multi-step process that requires careful preparation and attention to detail. The first step in the process is to gather all of the necessary documentation, including proof of identity, financial statements, and other relevant documents. This documentation will be used to demonstrate your eligibility for residency, and to support your application.
Once all the necessary documentation has been gathered, the next step is submitting your application to the relevant authorities. This may be done through a local embassy or consulate, or through the Dominican government's immigration office. The application will be reviewed by the immigration authorities, and if your application is approved, you will be issued a residency permit. This permit will allow you to live and work in the Dominican Republic for a specified period of time, and to obtain the benefits of residency, such as access to healthcare and other services.
Procedure to follow:
- Enter the DGM service portal.
- Register your username and password in the system. (If you have previously registered, enter your previous username and password).
- Service Selection:
- Choose the “APPLICATION LIST” option.
- In the “AVAILABLE SERVICES” option, select the LOCATION-OFFICE where you will receive the service.
- From the “LIST OF SERVICES”, choose the service you will request.
- Complete all the information required in the “INFORMATION QUESTIONNAIRE FOR APPLICANT”.
- The scanned documents must be in JPG format for the application via the web.
- The medical examination must be carried out within three (3) days after payment (including the day of payment), otherwise, you must make the payment again. You must wait (10) ten days to know their results.
- All documents deposited in the DGM must be original and must be notarized, legalized, and apostilled, as appropriate.
Once you have obtained your residency permit, it is important to continue to follow all of the requirements and regulations associated with residency in the Dominican Republic. This includes maintaining your financial stability, paying taxes, and following all other rules and regulations that are set forth by the government. By following these requirements and regulations, you can ensure that your residency status remains in good standing and that you continue to enjoy the benefits of residency in the Dominican Republic.
Maintenance and Renewal of Residency
Obtaining Dominican residency through investment is a multi-step process that requires ongoing maintenance to ensure that the residency remains valid. Once a person has been granted residency, they must maintain their status by following certain requirements, including maintaining a minimum level of investment in the country.
It is important to be aware that Dominican residency is granted on a provisional basis, and must be renewed every two years. The renewal process requires the submission of updated documentation and a demonstration of continued compliance with the eligibility criteria outlined above. This includes proof of continued investment and evidence of meeting the minimum economic requirements for residency.
In order to ensure a smooth renewal process, it is essential to stay organized and keep track of all relevant documentation and information. It is also recommended to seek the guidance of a professional immigration consultant, who can assist with the process and provide support and advice throughout the maintenance and renewal of residency.
In summary, the process of obtaining Dominican residency through investment involves researching eligibility criteria, preparing necessary documents, and completing the application process. It's important to note that the eligibility criteria for this type of residency include proof of financial stability and a significant investment in the Dominican Republic. The application process involves submitting all necessary documents, attending an in-person interview, and obtaining a residency permit. Maintenance and renewal of residency involve keeping up with annual requirements and ensuring that the investment remains in good standing.
If you're interested in obtaining Dominican residency through investment, it's essential to seek expert guidance. Our team of experts can assist you in navigating the process and ensuring that all requirements are met. Don't hesitate to reach out to us for more information on starting the journey toward obtaining Dominican residency.