If you retire to the white-sand beaches of the Dominican Republic, a budget of $2,000 a month means you can live in a luxury apartment, having a maid, access good health care… everything. And of course, you can live there comfortably for less.
The Dominican Republic Retiree Program
In 2007, the Dominican Republic introduced Law 171-07, a special incentives law for retirees. Unlike similar programs, the great thing about this program is you don’t have to be of “retirement” age to benefit.
To retire to the Dominican Republic, you must have a stable source of income, either from a government pension (Social Security), a private pension or annuity, or independent income from investments (dividends or interest) of at least $2,000 a month. There is no age limit.
Benefits of the Dominican Republic retiree program include:
- Tax-free importation of your household goods
- Exemption of taxes on real estate transfers
- Exemption of motor vehicle taxes
- 50% off any annual real estate taxes
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