MORE THAN JUST A WISH...
There are many Americans who wish to go overseas and live in some exotic place after they retire. Most of them usually search for destinations that have a lower cost of living, warm climate, and friendly locals. Luckily, there are plenty of exotic locations outside the United States that offer great retirement options for retirees who are on a budget. One of these places is the Dominican Republic.
There are several reasons why retirees choose to relocate to the Dominican Republic. One of those reasons is the popular Law 171-07 which was introduced back in 2007 and allows retirees to live in the Dominican Republic under great circumstances and with a lot of benefits. If you are an American retiree who wants to settle down in the DR, all you need to do is to provide a stable source of income of at least $1,500 a month. The income can come from a private pension, government pension plan, or even from an independent income. There are no minimum age restrictions on qualifications for relocation to the Dominican Republic for retirement.
With a stable infrastructure and pristine beaches, the Dominican Republic is definitely a retirement option worth looking into. They also have a good healthcare system and the cost of living is cheaper than in the United States.
HERE IS A SHORT LIST OF REASONS WHY AMERICANS RETIRE HERE
1. THE COST OF LIVING IS LOW
Latin America first comes to mind when thinking about retiring on a budget from the U.S. The good news is that the Dominican Republic is probably one of the least expensive destinations to live in this area, which makes it an interesting place to retire.
With a monthly budget of $1,000 to $1,500, you will be able to live comfortably here in the Dominican Republic as a retiree. Pensioners who can afford $2,000 per month can enjoy various entertainment options, island-hopping on boat rentals, and nice homes with household assistance and other services that will make life easier.
Retirees who decide to purchase a home rather than rent one will have the opportunity to live on a much lower budget. For example, you can purchase an upscale condo or an apartment for less than $100,000. Those who prefer to buy a house can already find properties around $150,000.
2. GROWING EXPAT COMMUNITY
You can find year-round warm weather and pristine beaches with crystal clear waters throughout the Caribbean, but there is something that makes the Dominican Republic different from the rest of the neighbouring islands. It’s that the lifestyle here is European and most Americans get to enjoy the tropical setting but still feel like living at home.
For example, there are cities like Las Terrenas and Santo Domingo where you will find growing expat communities. In these cities, pensioners can dine one evening in a French restaurant and go to a BBQ joint on the next day. There are also many international products available for purchase. In case you miss home for some reason, the Dominican Republic is just a 2-hour flight from the east coast of the United States.
3. DEVELOPED INFRASTRUCTURE MEANS EASY LIVING
There are several airports in the country that have been upgraded recently and offer easy travel from and to the Dominican Republic. Expect to find brand new highways that have cut down on travel time. No more dirt roads and 6 hours of traveling from one part of the island to the other.
Most of these improvements in the infrastructure section have cut down on the cost of living, which makes it easier to transport local produce to markets and reduce the prices of groceries.
4. EASY RETIREMENT APPLICATION PROCESS
The retirement application process in the Dominican Republic is easy and one of the reasons why many American pensioners choose this lovely island to live in. As mentioned, all you need to do is provide proof of a monthly pension, plus $250 for each person who is relocating together with you. The whole application process usually takes around 45 days for approval, but keep in mind that this can take a bit longer.
As a retiree, you will have the privilege to use the retiree residency program which comes with various tax breaks and benefits.