If you wish to move to the Dominican Republic, here is what you need to know on its economic, geographical and demographic situation.
The Dominican Republic, which is the second largest Caribbean island, stretching over 48,670 km², is divided into two unequal parts. One third of its area hosts the Republic of Haiti while two thirds host Dominicans. The country is a presidential democracy whose leader is elected by direct universal suffrage. The latter holds office for a four years term. Its local currency is the Dominican Peso, which seems to be strong.
Geography and demography
The Dominican Republic is above all famous for its beautiful beaches which stretch over some 600 km. In fact, nature is one of the country's key aspects with 35 scientific reserves, 17 national parks, 7 nature reserves, as well as 5 mountains which offer an idyllic and breathtaking landscape. As regards the local population, it consists of 10 million inhabitants, mostly Hispanics (87%).
The country consists of some 60 cities. Santo Domingo de Guzmán, also known as Santo Domingo, is the capital city. It has even been classified as World Heritage by the UNESCO in 1990. To date, it hosts some 3 million people, including many expatriates. The other major cities are the following: Santiago de los Caballeros with 560,000 inhabitants, Puerto Plata with 300,000 inhabitants, La Vega with 400,000 inhabitants and San Cristobal with about 300,000 inhabitants.
The Dominican Republic has one of the region's biggest and most developed economies. In 2013, its Gross Domestic Product (GDP) amounted to some US$ 60,61 billion. Note that its economy mainly relies on tourism which, in fact, is the country's and the region's main job creator. Other fields such as construction and infrastructure, electricity, mining, metals, transports and commerce are also very important.
As nature is one of the country's key aspects, the export of exotic organic products have become another economic pillar. As regards foreigners wishing to live and work in the Dominican Republic, they are more likely to be hired in the production of medical instruments and appliances, tobacco, cutting apparatus, textiles, ferro-alloy, food processing, among many others.
Good to know:
As regards imports, the Dominican Republic supplies the petroleum and bituminous minerals markets, as well as those of crude oil, petroleum gases and other gaseous hydrocarbons, medicines, etc.
Located between the Tropic of Cancer and the Equator, the Dominican Republic enjoys a tropical climate which is moderated by trade winds. In general, temperatures range between 30°C during the day and 20°C at night. You will also experience two rainy seasons, the first starting in May and ending in June and the second, beginning in October and ending in November.
Apart from its exotic side, the Dominican Republic provides numerous advantages to foreigners wishing to settle there such as:
- a 50% exemption on property taxes
- a tax exemption on the payment of dividends and interest generated in the country or abroad
- an 50% exemption on mortgage taxes to creditors which are financial institutions regulated by the Dominican monetary and financial law
- tax exemption on personal and household goods
- tax exemption on property transfers
- a partial tax exemption on vehicles
- in the case of entrepreneurs, a 50% tax exemption on income from capital if you are the shareholder of a non-commercial or industrial company
- obtaining your permanent residence authorization within 45 days.