Dominican Republic Retirement Now Much Easier
Dominican Republic retirement is now easier than ever, and you might wonder why, right?
Searching online for articles on Caribbean retirement, it is natural to start looking into answers to basic questions related to retiring or moving abroad: Cost of living, immigration laws, health care systems, personal safety, housing options, and even assisted living if you are not an independent senior. Before we mention why now it is easier, let`s take a look at those factors, one by one:
Dominican Republic retirement Factors:
Cost of Living
The cost of living in the Dominican Republic is low, when compared to countries such as the USA or Canada. in the island of DR ( as it is commonly known ), some people can live with as little as USD$1,000.00, though that is the lower end of the actual options.
The average retiree can make it with near $2,000.00/month comfortably as an independent adult that requires no assistance. Puerto Plata offers cheaper housing than Sosua, Cabarete or Cofresi; rent can be down to 50% in condos or houses. On the higher end, there`s no limit. Luxury villas can have ocean or beach front, in exclusive locations.
Expats enjoying Carnival in Dominican Republic.
Immigration Laws
The Dominican Republic is one of the most flexible to North Americans, offering a special retirement visa if you have income over USD$1,500.00 or higher. Most retirees first stay several months and up to a year, then apply to get a permanent residency. Overstaying a visa carry a fee of USD$50 ( three months ) and for a year around USD$100.
Health Care System
Getting insurance in the DR when you’re over 65 requires a special insurance provider. Many believe insurance to be the reason most retirees in DR are from higher than average wealth, although that is not always the case. The DR healthcare system is based on a contributive ( worker/employee), subsidized (by the government), and contributive subsidized. If you’re below 65 years old, you’re still able to get most benefits, so these rules do not apply. If not, be ready to navigate the costlier options.
Personal Safety
Whenever you travel to a Caribbean island, safety should be #1 in your priority list. The Dominican Republic safest areas clearly should be where most expats live. The North Coast has the highest expat/retiree density, specially the Puerto Plata regions of Cabarete, Sosua, Cofresi, Costambar (best to choose a home in a gated community). Also parts of Samana, or Punta Cana/Bavaro. As long as you follow common sense, do not flash cash and avoid bad neighborhoods, you’re fine.
View of Sosua, Puerto Plata
Housing Options
Housing for retirees in the Dominican Republic is widely available in many projects, specially along the North Coast. One special detail to pay attention to, is the fact that many of those same villas become vacation rentals, and endless weekly parties next to you can be disappointing to say the least. Retirees should know what communities are more dedicated to residential use, and which ones are more affected by frequent traveler turnover. Prices can be as low as USD$100k, just expect to get what you pay.
Assisted Living
Assisted living in the Dominican Republic has traditionally been cheap when compared to USA or Canadian costs, but again, you get what you pay for and not bilingual. The exception is the Assisted Villas care program, of course; prices vary with the level of care and the number of people in a given villa. These villas are not like a facility, but more like a Caribbean lifestyle for seniors in their golden years.
One of the retirement villas in Dominican Republic.
How can it be an easier process?
Dominican Republic retirement is now easier when you consider all these factors can be arranged for you under one roof. This is why we launched the first ever program of Caribbean retirement villas for sale, where independent seniors can retire to the Caribbean in their own private villa, with full assistance of our very experienced legal and sales staff of the Assisted Villas by Golden Treasures Real Estate.
Many retirees retire to a Caribbean island to later find out they will need special care when they reach a certain age, or they become dependent of special care.
Imagine you get a private villa in a safe area, within a nice community, including legal and immigration support. Also management and care option later in life should you ever need it. Just like an extension of your family in the Caribbean, ready if you need it.
