LIVING IN THE DOMINICAN REPUBLIC
Chances are you’ve dreamed about moving to the Caribbean. (Who hasn’t?) Blue skies, sunshine and beautiful beaches are just the beginning. In the meantime, we have answers to some of the questions you may have about living in the Dominican Republic. Our list of FAQs is by no means exhaustive. We invite you to come and experience living here for yourself!
How much does it cost to live here?
For many people, ‘how much does it cost to live here?’ is the first question that comes to mind. Here are a few fast facts on what it will cost you to dine out, get around, buy groceries and more.
BASIC LIVING COSTS $RD*
Inexpensive Restaurant: 180 - 400
Mid range Restaurant: 800 - 2,000
Domestic Beer: 75-100
Imported Beer: 75-100
Rum + Mix: 100-180
Milk (1 Liter): 50-60
Eggs (1 -Dozen): 250-500
Chicken 1 Kg: 198-330
Economy Vehicle (Buy): 750,000-1,200,000
Gas (1Liter): 62-72
Taxi (4-5 Km): 50-150
Moto-Concho (4-5 km): 50-100
*Subject to change
Can I retire in the Dominican Republic and live comfortably?
The short answer is ‘yes’. When you consider the cost of housing versus your country of origin, you may be surprised at how little it costs to live here.
In major cities in Canada, like Toronto and Vancouver, the price per square meter for an apartment in the city center is upwards of $6500-7,800 CDN/sq. meter.
In New York, it’s even more, with prices climbing to over $10,000 USD/sq. meter.
In the Dominican Republic, the price per square meter is considerably less, at just over $1,300 USD/sq. meter.
The cost per square meter at Las Canas Apart-Hotel
in the Dominican Republic is even less than the Dominican average,
depending on the type of apartment you choose.
Special Incentive Programs
What’s more, you don’t have to be of ‘retirement age’ to live here thanks to a special incentives law (Law 171-07) introduced in 2007.
In order to qualify, you’ll need a consistent source of income, Social Security, a private pension or annuity or some other independent income of at least $2000 USD per month.
Other benefits of law 171-07 include:
* 50% off any annual real estate taxes
* Tax-free importation of your personal household goods
* Tax exemption on real estate transfers
* Motor vehicle tax exemption
Should I buy or rent an apartment?
At Las Canas Apart-Hotel, you have an opportunity to ‘try before you buy’. So why not think about an extended stay? Our long-term rental rates are very attractive and should you decide to buy one of our apartments, at the end of your stay, we’ll offer you a discount on the purchase price.
We have a wide variety of floor plans to choose from. However, your purchase options don’t end there. You also have the choice of purchasing a fully equipped Luxury or Standard apartment.
Only you can decide what’s best for you, standard or luxury, rental or purchase - but rest assured, we’ll be happy to have you as our guest either way. We know you’re going to love it!
Please note: None of the above information is intended as legal advice nor should you consider it as such. Please consult with your own legal advisors. Housing prices and other living costs are based on data from Numbeo.com, a global database of user-contributed data as of March 2015. All the information presented here is subject to change without notice.