Thoughts on Dominican Republic?

[JohnnyDoe]

I'm here.

Where exactly? It’s a big country

The country is a bit messy in matters of culture

What do you mean?

and organization.

It’s not Switzerland, fortunately.

Meals are $40-$60 in 2, not expensive but not dirty cheap in my opinion.

You can eat with much less. And you can eat at home, like most locals do most of the time.

Curious if there is a tax haven country that is more organized

Define organized. The DR is a big country with 10 million people, not a small 100k people island that you can tour by bike in a day.

without paying $200-$300+ for every meal as it is in Turks and Caicos or Cayman.

There are many Caribbean islands where food is good and cheap.

To have a beach chilling life while remote work

Did you try Las Galeras?

 

[crypto7figs]

I tried Punta Cana, Santo Domingo and Punta Cana.
Never heard Las Galeras. Is it good there? Any else to recommend? You seem understand about this Island.

Thank you

 

[JohnnyDoe]

I tried Punta Cana, Santo Domingo and Punta Cana.

This means you have never saw the DR.

Never heard Las Galeras. Is it good there? Any else to recommend? You seem understand about this Island.

Rent a car, wander around for 6 months, visit the whole country. If you have an adventurous spirit, use guaguas and motoconchos, live like a local. You will have the time of your life.

 

[void]

This means you have never saw the DR.

Rent a car, wander around for 6 months, visit the whole country. If you have an adventurous spirit, use guaguas and motoconchos, live like a local. You will have the time of your life.

I stayed for three months, did try to fit in basically this way (as everywhere else I visit) and I agree that Samana peninsula is the place in DR. The countryside and the beaches and sea are beautiful, it still has the right level of "underdevelopment" to feel free, relaxed atmosphere. On the other hand locals are ready to skin alive any gringo and any closer look reveals the terrible mess everywhere. Las Terrenas is a s**t hole, endless noise from construction, trucks, motoconchos, bars, local neighbors with zero respect to others (I know... "part of their culture" ), Sanchez needs no comment, and Samana is an uninterestig place and Las Galeras seems to be still forming into something else than a village with no services... hopefully it will not end up as Las Terrenas.

 

[JohnnyDoe]

I stayed for three months, did try to fit in basically this way (as everywhere else I visit) and I agree that Samana peninsula is the place in DR.

I didn’t say that… some like it, some don’t. There’s something for everyone in the DR, you have to explore. There are many hidden gems.

On the other hand locals are ready to skin alive any gringo

Which is fair. You need to learn how to deal with locals.

and any closer look reveals the terrible mess everywhere.

This is a gringo’s view

Las Terrenas is a s**t hole, endless noise from construction, trucks, motoconchos, bars, local neighbors with zero respect to others (I know... "part of their culture" ),

100% agree

Sanchez needs no comment,

There are some nice places around Cabrera

and Samana is an uninterestig place

For gringos

and Las Galeras seems to be still forming into something else than a village with no services... hopefully it will not end up as Las Terrenas.

It’s not for everyone. Like in the Bahamas, you can’t have it all: it’s either the peace and quiet of the family islands or the services, buzz and crime of Nassau. You can choose and be happy.

 

[picsous]

Territorial taxation, great variety of landscapes and climates, great food and low cost of life. If you don’t mind being a gringo, it’s a nice place to be.
Citizenship can be obtained, realistically, after 7 years of residence.

Hi, as it seems you are one of the guys which most experience in the Dominican Republic.

Looking forward to move there from Dubai. Have been there several times, so I know what the country is like, also can speak Spanish.

I am a bit confused about this 3yrs tax excempt. This is only for passive income, stocks whater right?

My consulting fees will be paid from Dubai and United States / will this be permanently tax free?

Thanks in advance

 

[JohnnyDoe]

Looking forward to move there from Dubai.

Good move

Have been there several times, so I know what the country is like, also can speak Spanish.

If you need any help locally let me know

I am a bit confused about this 3yrs tax excempt. This is only for passive income, stocks whater right?

Correct. However, enforcement is non-existent

My consulting fees will be paid from Dubai and United States / will this be permanently tax free?

Yes, as long as you keep it abroad and don’t have a pe in the country.

 

[picsous]

Good move

Thanks - can't stand the summer here anymore. Will do one more year to get everything sorted but than i am done.

If you need any help locally let me know

Very generous offer - i'll for sure remember / but hopefully can do it on my own (but as i am going to buy some realestate, i might have 1-2 questions concerning this in the future)

Correct. However, enforcement is non-existent

Well - had this semi-legal stuff too long, i dont mind if passive is taxed tbh, just wanted to make sure its only passive income & not regular foreign income. (some sites say so, some so ... at least from my research)

Yes, as long as you keep it abroad and don’t have a pe in the country.

Alright, so in your opinion a foreign company and a foreign bankaccount are the best to go?
I actually thought about registering a company in the domrep and just get my money by wire from us/uae.

----------
I'll stop asking for now - will be too much if i ask everything / once i decided for silver/gold membership i might drop an additional message if thats okay for you!

 

[JohnnyDoe]

Very generous offer - i'll for sure remember / but hopefully can do it on my own (but as i am going to buy some realestate, i might have 1-2 questions concerning this in the future)

contact me if you want to jump lines

Alright, so in your opinion a foreign company and a foreign bankaccount are the best to go?

Yes

I actually thought about registering a company in the domrep and just get my money by wire from us/uae.

The company would be taxed locally then, unless you set it up in a free zone, but I don't think you can do that for a consulting business.

 

[Marzio]

Alright, so in your opinion a foreign company and a foreign bankaccount are the best to go?

And FYI transparent entities are treated like capital companies in Dominican Republic.

 

[saintjohnny]

Alright, so in your opinion a foreign company and a foreign bankaccount are the best to go?
I actually thought about registering a company in the domrep and just get my money by wire from us/uae.

Born and raised here. Don't do that unless you want to be on first name terms with a local tax inspector (DGII). Local companies are literally harassed with endless bureaucracy, requirements and B.S. from the tax authority. Trust me it will be a headache.

It's a very attractive place for people WITHOUT business in the country. Once you establish a PE, the story is another. Do your thing and stay quiet. Also try to not call attention (expensive clothes, watches, girls, etc.) and don't remit a lot of money. Keep your money abroad in the US and sleep well at night.

 

[void]

Born and raised here. Don't do that unless you want to be on first name terms with a local tax inspector (DGII). Local companies are literally harassed with endless bureaucracy, requirements and B.S. from the tax authority. Trust me it will be a headache.

It's a very attractive place for people WITHOUT business in the country. Once you establish a PE, the story is another. Do your thing and stay quiet. Also try to not call attention (expensive clothes, watches, girls, etc.) and don't remit a lot of money. Keep your money abroad in the US and sleep well at night.

shouldn't be that bad if the company is just used to hold assets (typically real estate) - from what I understand it's pretty common instrument for safety reasons

 

[Cavaliere]

Is Dom. Republic a place where you can just pay nothing because of zero enforcement? What about Western European countries, how do you prove to them you have paid taxes at all.

 

[JohnnyDoe]

You buy a colmado or a small finca and pay your taxes on that.

 

[Cavaliere]

You buy a colmado or a small finca and pay your taxes on that.

Imagine if I would buy a small finca of yours, but in reality only a small fee changed hands.

 

[jafo]

girls

Well...I'm out then! Better to just visit once in a while!

 

[JohnnyDoe]

Imagine if I would buy a small finca of yours, but in reality only a small fee changed hands.

You pay taxes on the earnings, plus some salaries to give jobs to locals (this is very important). The real estate transactions fees are negligible, plus you have tax incentives on agricultural businesses.
Btw you can make good profits with your finca if you want to put in some efforts.

Well...I'm out then! Better to just visit once in a while!

Local girls are shaped differently than those you like And they can be very dangerous because they come with the whole extended family attached.

 

[jafo]

Local girls are shaped differently than those you like

Thanks for the warning. Instead, I'll buy AAPL, BRKA, & MSFT shares with the money I'll save from the flight and hotel stay

And they can be very dangerous because they come with the whole extended family attached.

Myyy Gooooddddddddddddddddddddddddddddddddd....... You pressed the right button here! This is my pet peeve! My personal vexation!
Why is that?
Is every place in Latin America like this?
After so many decades in these places, I have not found ONE girl who isn't like this! What gives?

Can the smarter people chime in and explain this crazy mentality to me?

PS. This is the SINGLE reason why I am STILL single after ALL these decades! I can't imagine hustling 16-hour days across multiple continents, so some girl's brothers, and brothers-in-law can sleep in until 2 p.m. and spend the fruits of my labor on a yacht and luxury items with a bunch of strangers they call friends while NOT adding anything positive & constructive in society. If this isn't the definition of slavery, I don't know what is (at least for me it is)

 

[picsous]

Anybody an idea if the pcc they ask for residency has to be from my homecountry or the country I am
Currently living in?

 

[picsous]

You buy a colmado or a small finca and pay your taxes on that.

Taxes like „buying taxes“? Planning to buy Sth for myself