The government of the Dominican Republic established a new law in 2007 that allows retirees to easily retire to the country, attracting many retirees. In order to qualify for immediate permanent residency, one must receive at least $1500 per month from any type of income- pension or independent. No minimum age is required to qualify for this retirement program. Any additional persons (such as spouses or dependents) must just show $250 per month in income in order to qualify. Other documents that must be presented include health certificates, criminal background checks, marriage and birth certificates. Usually, it takes about 45 days from the time of submitting paperwork to qualify for this type of residency in the Dominican Republic.
For Americans who decide to settle in the Dominican Republic for retirement, it’s important to know that they can continue to receive their Social Security benefits from the U.S. government, whether they remain a U.S. citizen or become a citizen of the Dominican Republic. Benefits can be direct deposited into a bank in the U.S. or the Dominican Republic. Medicare, however, will not cover health care services that U.S. citizens receive while living abroad.
The Dominican Republic provides a unique choice for retirees looking for a retirement destination. After weighing the options, many decide that moving to the Dominican Republic upon retirement is the best usage of their money in their golden years.