BLOG: Investors Residence For Real Estate Buyers in Dominican Republic
By Nabil Ramia
The Dominican Republic offers an attractive opportunity for real estate investors to obtain a residence visa and enjoy the numerous benefits that come with it. With its stunning landscapes, vibrant culture, and thriving economy, the country has become an appealing destination for those seeking to invest in the real estate market.
Investing in real estate not only grants you the chance to own property in a tropical paradise but also offers the opportunity for long-term financial stability and personal enjoyment. The Dominican Republic's residency program aims to attract foreign investors by providing a straightforward process to obtain a residence visa, ensuring a smooth transition into the country's thriving real estate market.
In the following sections, we will delve into the specific requirements, benefits, and steps involved in obtaining a residence visa as a real estate investor in the Dominican Republic. This guide will equip you with the necessary information to make informed decisions and take advantage of the opportunities available in this remarkable Caribbean nation.
This type of residence is aimed at foreign investors, with the intention of making economic investments in the Dominican Republic, for a minimum amount of Two Hundred Thousand US Dollars (US$200,000.00).
First Stage: REQUIREMENTS FOR INVESTMENT REGISTRATION IN PRO-DOMINICAN INSTITUTE:
1) Request addressed to Pro-Dominicana, requesting the registration of the investor (a partner of the local company, as stated in the bylaws), specifying the identification data (natural and legal person). Amount of the investment requested in dollars (the equivalent of the amount of the social participation according to the bylaws, general data of the receiving company. For the conversion use the purchase rate of the central bank on the date of the meeting(s) of the subscription of the actions.
2) Attach the following documentation:
A) From the investor:
Passport copy (for natural person) commercial register copy of the country of origin (legal person);
Notarized affidavit, in which the investor declares that the resources were invested in the local recipient.
B) From the local receiver:
1- Statutes;
2- Commercial registry;
3- RNC;
4- Minutes of assemblies that are related to the reference investment. all must be stamped by the corresponding chamber of commerce.
C) From the origin of the investment:
1- Cash; copy of the transfer and movement of the bank account where the receipt of the transfer is evidenced, or certification of the receiving bank, in which it informs the date(s), amount, value and name of the sender;
2- Checks; copy and evidence of the change issued by an entity authorized to negotiate foreign currency;
3- Contribution in imported goods; commercial invoice, bill of lading and customs clearance;
4- Transfer or purchase; copy of the contract;
5- Technological or intangible contributions; copy of the agreement with the recipient and evidence that you have the right that justifies your ownership;
6- Reinvestment of profits; Copy of audited financial statements of the company that generates the profits, evidence of payment of tax commitments;
7- Copy of the coupon(s) of the shareholder's shares that support the shares in the recipient;
Second Stage: REQUIREMENTS FOR RESIDENCE BY INVESTMENT AS AN INVESTOR BEFORE THE GENERAL DIRECTORATE OF MIGRATION:
1) Investment residency application form
Letter from the company authorized to belong to the Residency for Investment program:
Where you request the foreign investment section of the immigration department to incorporate your investor or shareholder into the residence program for investment. In this case, the company must also present an act of the competent administrative body or council in accordance with its bylaws, in original, duly endorsed by the Chamber of Commerce of the registered office, notarized and endorsed by the Attorney General of the Dominican Republic. , where you specify your status as a shareholder of the company, commercial registry and last 3 financial statements.
2) Certified proof of the corresponding institution depending on the regime to which the investment is accepted:
3) From the foreign direct investment registry issued by Pro Dominicana
Direct Investors: companies established in the Dominican Republic that have received a contribution to their capital, from abroad, for a minimum amount of US$200,000.00, or its equivalent in national currency. Said contribution may be made in currency, in nature, in financial instruments or in technology, under the forms established in Law 16-95 of foreign investment. Said investment must have been registered with the Export and Investment Center of the Dominican Republic (CEI-RD), or failing that, be in the registration process.
3.1.2. You must attach a copy of the following documents: Proof of entry into the country of foreign currency or physical or intangible goods; Constitutive documents of the commercial company or the authorization of the operation of branches by fixing the domicile.
3.1.3. For cases in which the interested party is in the process of processing the investment and still does not have the corresponding certifications, the DGM will receive the file and will accept as a means of proof the acknowledgment of receipt of the application and the deposit. of documents required for the registration of the investment issued by the corresponding institution, until the investor approves their quality.
4) Copy of the complete passport with a minimum validity of one (1) year.
In the event that the name that the foreigner has registered in the passport is different from that of his birth certificate, he must deposit the document that legally guarantees the change, either the marriage certificate if it has added the surname of the husband, the certificate of divorce if you do not want to appear with the husband's last name, the adoption certificate, among others, which must be apostilled and translated into Spanish if it is in another language.
5)Current Residence Visa (RS): Issued at the Dominican consulate in your country of origin or residence.
6) Original birth certificate: Apostilled or legalized and translated into Spanish, if necessary.
7) Certificate of no criminal record: Issued by the competent authority of the country (federal authority for countries with federal regimes) where the applicant resided in the last five (5) years.Legalized or apostilled and translated into Spanish if in another language. If the country is different from the applicant's country of origin, provide a personal identity document from the country of residence for the past 5 years.
8) Four (4) photographs:
9) Two (2) front-facing and two (2) in right profile, sized "2 x 2".
