A Second Passport from the Dominican Republic

There are quite a number of people that either desire a Second Passport from a stable democratic country, or in the least know that they can gain some important benefits from the possession of a secondary travel document. The problem for many is of course the expense and time involved. In the case of countries like Belize or Grenada, an almost immediate passport is possible through special economic citizenship programs. However, with costs reaching up to US$ 50,000, the price tag is prohibitive for some people.

One can also look at special residency programs from countries such as Panama, Ecuador and elsewhere. While the expenses may be much lower than the figure mentioned previously, clients must often wait up to five years to obtain their passport.

The Dominican Republic - The Best Kept Secret in the Caribbean for Expatriates

While the Dominican Republic does not offer formal economic citizenship programs, the process and cost involved for both residency and eventual naturalization makes it one of the best bargains around. The Dominican Republic is also one of the best places in the Caribbean for bargain Caribbean Real Estate, Tax-Free Banking, and the added bonus of beautiful climate should your interests include a comfortable place to call home.

Being situated on the second largest Caribbean island (for those that want to explore the possibility of a second home), the country offers both the highest Caribbean mountain range ~ Pico Duarte, and miles of unspoiled beaches. In short, this means that those people seeking either a cooler climate found in the lush mountain range or the endless summer lifestyle of a tropical beach can find what they want.

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Canadians and Europeans can declare themselves non-resident for taxation purposes in their respective home countries with a legal residency elsewhere.

Americans have the most difficulty establishing bank accounts abroad with a US Passport.

The country also has a number of special "free-zones", allowing entrepreneurs or business owners to operate a business with a very reduced corporate income tax for up to twenty years. This is in contrast to places like the Bahamas, which prohibits owners of a Bahamas IBC or "International Business Company" from owning real estate or operating a company within the Bahamas through the IBC structure. As a result, it is possible for individuals to live in the Dominican Republic and own property without restriction as an individual or through a Dominican Incorporated Company (or other entities as well, such as a Panama Foundation). In addition you can enjoy US Dollar or Euro denominated bank accounts (some US Dollar investments up to 9% tax-free) and also may own and operate a business through a local Dominican Incorporated Company.

There are few low priced places in the Caribbean and none have more opportunities with less hassles than the Dominican Republic - It is a Caribbean nation with low real estate prices and a loyal European tourist community. The beaches, mountains and countryside are truly magnificent with a wide range of climate zones.

Some Immediate Banking Benefits for Americans and Europeans

If you are an American and have attempted to open a bank account outside of the US these days - then you already know that showing a US passport to a banker can be like garlic to a vampire. If you are a European, we all know that the only way one can address taxation in terms of banking - is to demonstrate residency outside of an EU Country. In both cases, a very legal and legitimate Residency Document solves the problem in many cases.

The Process for Obtaining Residency and a Second Passport

Clients would need to visit Santo Domingo in order to begin the residency process, but there is no requirement that clients remain in the country during the residency process. In addition, there is no specific required minimum investment in the country in order to apply for residency. Clients should bring with them at least 3 original or official copies of their birth certificate and a letter of good conduct from their local police department.

The process would begin with a required local medical examination by the medical staff at immigration. However, this is a fairly quick and painless process. (blood test, urine and chest x-ray) The reason of course is that the government wants to make sure prospective applicants do not have TB or AIDS, or are illegal drug user - a valid health concern for any country.

Banker Trust would arrange for completion and deposit of the residency application. In conjunction with this, handling the translation of client documents (such as birth certificate, etc.) and everything else to move the process along. In fact, the hardest thing a client must do is - show up. If you can simply make your way to Santo Domingo, half the battle is already won.

Within 60 to 90 days of the initial application, clients would receive a special card from Immigration, indicating Provisional Residency, which is dated for one year. Also, the client would obtain a Cedula Card as well. At this point, the client would have the legal right to both live and work in the country, should they choose to do so. Unlike in Panama, where the initial temporary residency card must be turned in to immigration should the client wish to travel, this first Immigration card obtained from the Dominican Republic is kept by the client at all times. Clients may exit and enter the country at will.

Note: A Cedula Card is technically a voter registration card used in all Latin American countries. This is the same card all Dominicans receive at the age of majority (18 years of age), and provides for all of the rights and privileges of any other Dominican, with the exception of the right to vote in local elections. The right to vote comes when the client is naturalized as a citizen (whereby the client would obtain a new cedula as a citizen, once they become one - should they wish).

The initial Cedula carries a one-year expiration, and must be renewed after the first year expires. Upon completion of the second year, the client may then move forward with the naturalization process (citizenship) and application for a Dominican Passport.

What is the cost involved? Much less than half of the costs required by other programs, and in fact a much easier process as well. In short, clients have the opportunity to pursue second citizenship from a stable democratic country, at a cost that is downright inexpensive in comparison to some other programs. In addition, should someone wish to retire, live or perhaps start a business in the Dominican Republic, there are a number of attributes that make this country one of the best places for relocation as well. When you also consider the additional investment or tax-free banking opportunities, this wonderful island nation is ideal place to call home.