Dominican Republic Tax Haven and Second Passports

Although the Dominican Republic is not typically regarded as a tax haven, that is actually one of its attractions. Unlike traditional offshore centres, it has not been under pressure from the likes of the OECD, the G20 and the Obama administration. The Dominican Republic has a territorial tax system much like Panama’s, meaning that you can live there and enjoy the beaches tax free, provided your income comes from outside the country. It’s also known as one of the more liberal places for those seeking a second passport or citizenship.

Three Good Reasons to Consider the Dominican Republic for Second Passports and Offshore Investing

• Tax Haven – Dominican Republic has a territorial tax system, meaning that if you live there, you would only be subject to pay taxes if you had local income. You can earn what you like outside the country and you don’t even have to declare it, yet alone pay any taxes. This applies to both individuals and companies.

• Second Passports – Dominican Republic is one of the most liberal countries when it comes to granting citizenship through naturalization. You obtain one in as little as a year. As long as you haven’t done anything to upset the President, he will sign a decree making you a citizen. Absences don’t affect your citizenship status. This liberal naturalization law dates back to 1948, and there is much talk of it changing soon. Dual citizenship is allowed.

Note: Please do not confuse the Dominican Republic with the Commonwealth of Dominica. The Commonwealth of Dominica is a small, English-speaking island state with an established economic citizenship (second passport) program catering mainly to the super wealthy. The Dominican citizenship program requires an investment of hundreds of thousands of dollars. With Dominican Republic, however, you could likely obtain your second passport for as little as $25,000  plus the one year wait.

• Liveability – Dominican Republic is a good place to live. First of all, it’s affordable. The tax exemption you get in the Bahamas by buying a half-million-dollar property you get almost for free here. The capital, Santo Domingo, is a modern cosmopolitan city with a beautiful colonial heart. The Spanish colonized it, then the Americans were mainly responsible for the development of the city. The country’s second city Santiago, and the beautiful north coast, were only joined by decent roads built by the Americans in the 1920s. Before that, the north was almost a separate country – trading more with the British and Germans. Today there is a substantial Jewish population up there, and parts where French and Italian are frequently spoken. So there’s really something for everybody.

Dominican Republic has not been high on the traditional lists of places to retire to, that are hyped on the internet. This might be a good thing. Real estate is good value, it’s relatively easy to immigrate and obtain citizenship, and the business environment is nearly as favorable as the climate!

Contact us at BankerTrust@gmail.com

Dominican Passport

Owning a second passport through dual citizenship in another country is an integral part of international diversification. The idea is that no government should have the sole power over your life or your assets. If you are the citizen of only one country, as most people are, you are essentially at the mercy of your government. If they decide to jail you or confiscate your assets, most of the time you’re on your own.

The most telling example of how second passports have saved lives and assets is during World War II, when thousands of Jews were saved from concentration camps thanks to second passports that they managed to get through diplomats from various European countries. For every Jew who managed to get a protective passport, there were countless others who didn’t because of the sheer number of applications.

A more recent example is the revolution in Egypt where many people wanted to leave but the only destinations accessible to these people, due to the origin of their passport, were countries such as Syria where the revolution was in full swing as well.

If those people had an adequate second passport, they could have seen the chaos on their televisions, rather than out of their bedroom window. Instead, they had no other option than to stay in place while bullets were flying. An important point here is that those who already had a second passport before the situation started to deteriorate did not have to wait in line. They got out of the country safely and quickly along with their assets.

The US Government is constantly making it harder for its citizens to apply for and renew their passports. One example of this is a proposal that would allow the government to invalidate your passport if you don’t file your tax return in time.

We recommend getting a Dominican passport which offers one of the world's most economic passports. Your total cost would be $25,000. This compares to Caribbean nations like Dominica at $175,000 or St. Kitts at $395,000.

• Dual Citizenship
  Dual citizenship is permitted and there is no residency requirement.  However, once citizenship is granted you have the option of living and working in the Dominican Republic for the rest of your life.
• Granting of Citizenship
  If you submitted all documents, passed all necessary procedures, as a rule we can expedite your case where you will receive your Certificate of Naturalization and Passport. The Minister of Immigration will personally sign the Certificate of Naturalization authenticating you as a citizen of the Dominican Republic. 
• Visa-Free Travel
  Travel visa-free to more than forty (40) countries. Visas to the US, Canada, and European Countries are available for an additional cost. 
• Tax Free Status
  Second passport and Dominican citizenship is the key to preserve your wealth. If you have income coming in from outside of the Dominican Republic you do not pay income tax on this income.
• Security
  Protection of bank accounts, real estate and businesses, both abroad and within your own country.
• Confidentiality
  The Government of Dominican Republic does not inform the country of your current citizenship or residency about your second or third citizenship.

Please contact us with any questions. Email us BankerTrust@gmail.com  or call (809) 712 - 4412.

Asset Protection Strategy

Putting your money into foreign real estate is a more appealing strategy right now than it has ever been. Real estate has always made sense to me as an asset allocation, but I'm more persuaded today than ever that foreign property should be part of every investment portfolio. You can't watch everything going on in the United States right now and not be persuaded that holding real assets in the form of real estate outside that country isn’t a very good idea. As you know, thanks to the new U.S. HIRE Act, currency controls in the United States have been seriously tightened. When this legislation takes full effect, foreign financial institutions will be required to report on the investment activities of U.S. citizens. It's been increasingly difficult for some time for an American to open a bank account overseas. Some banks have taken the position that they don’t want to do business with Americans, period. Not worth the hassle. Some banks are even kicking current American clients, even longtime American clients, to the curb, unceremoniously closing their accounts. Options for Americans to protect their assets abroad are going to continue to diminish. If you aren't already holding a sizeable portion of your assets outside your home country, we strongly recommend that you make this a priority agenda, and a portfolio of international real estate holdings should be an important part of your strategy. First, if you're an American, it is one of two assets you can hold offshore without triggering a reporting requirement to Uncle Sam (the other is gold and other precious metals). The real estate you hold in another country is your own business. Plus, it's unseizable. The IRS might be able to take your foreign bank accounts (the new legislation makes this easier than ever). But how are they going to take your condo in the Caribbean? If you want assistance in acquiring real estate in the Dominican Republic, please contact us.

Is A Second Passport Worth It?

At some point or another, anyone who is even remotely paying attention to reality will likely reach a critical moment of awakening in their lives.

It's what I call the "Aha! moment". This is the point at which people realize that there is something terribly, terribly wrong with the system... and that almost everything they've been brought up to believe about their government and society is total BS.

The 'Aha! moment' is usually brought about by something you learn or read... for example, finding out that your national government is deeply, hopelessly in debt. Or that it is mathematically impossible for you to receive the pension benefits you've been promised. Or that your currency is being printed into degeneracy by a single individual.  

According to Google's trend analysis, keyword searches for terms like "renounce citizenship" have soared in the past week.



Is it any wonder? Millions of people are disconcerted, dismayed, or outright disgusted at President Obama's victory, and they sense a continued decline of civil liberties and economic opportunities.

The frustration and apprehension is understandable.  I can't begin to tell you how many emails we've received over the last few days, mostly from US citizens who reached their breaking points, asking "where can I get a second passport?"

A second passport is like an insurance policy. Rather than protecting you from risks of fires, floods, and fender benders, though, a second passport helps protect against sovereign risks.

Throughout history as once powerful empires have slid into terminal economic decline, political leaders have routinely resorted to plundering their citizens. Capital controls, exchange controls, price controls, and even direct confiscation of savings.

From Argentina to Greece, these same tools are being applied throughout the world today. A second passport gives you the means to defend yourself against these measures.

Predominantly, a second passport ensures that you ALWAYS have a place to go in case you need to leave your home country.  Plus, it opens up new financial opportunities, making it much easier to establish foreign bank accounts to move your savings away from your home government's thieving hands. 

One of the most economical passports is from the Dominican Republic. For $24,900 this privilege can be granted in approximately 1 year after your first of four trips into the country. We will meet you at the airport in Santo Domingo (SDQ) and take you to your hotel. The next morning we'll pick you up and head to the Immigration Department where documents will be deposited and medical tests will be performed. 

These are some of the documents that you are required to bring on your first trip:

1.    Original birth certificate

2.    Police Check - A report from your local police department indicating no warrants against you.

3.    Eight passport-sized (2"X2") color photos on white background - 4 frontal and 4 profile - no glasses or jewelry

• Dual Citizenship
  Dual citizenship is permitted and there is no residency requirement.  However, once citizenship is granted you have the option of living and working in the Dominican Republic for the rest of your life.
• Granting of Citizenship
  If you submitted all documents, passed all necessary procedures, as a rule we can expedite your case where you will receive your Certificate of Naturalization and Passport. The Minister of Immigration will personally sign the Certificate of Naturalization authenticating you as a citizen of the Dominican Republic.
• Dominican Republic Second Passport Validity
  The validity of this passport initially will be for two (2) years. After this period the passport will be renewed every seven (7) years. A passport which has expired or which has no further space for visas must be replaced with a new one at nominal cost. 
• Visa-Free Travel
  Travel visa-free to more than forty (40) countries. Visas to the US, Canada, and European Countries are available for an additional cost. 
• Tax Free Status
  Second passport and Dominican citizenship is the key to preserve your wealth. If you have income coming in from outside of the Dominican Republic you do not pay income tax on this income.
• Security
  Protection of bank accounts, real estate and businesses, both abroad and within your own country.
• Confidentiality
  The Government of Dominican Republic does not inform the country of your current citizenship or residency about your second or third citizenship.
• Guarantee
  Your representative for the citizenship application will be Banker Trust, which has years of experience in these matters. 
  The money to be transferred into Banker Trust's account is to cover legal costs, processing and application fees, and expenses.
  We are the largest passport procurement company in the Dominican Republic and one of only a few which does expedited work.
  Our office is located in the Dominican Republic.

Please contact us with any questions or to schedule your first visit. BankerTrust@gmail.com

The Passport World

Over the past month, there's been a surge of interest in second passports: Google trends indicates that the keyword search has grown like a weed.

Here's the thing, though... obtaining a second passport is no panacea. And it ain't easy either. Acquiring one takes a combination of time, money, and flexibility... or very lucky ancestry. We'll explain--

I. ANCESTRY

If you're fortunate enough to be descended from Irish or Polish grandparents, you may be able to obtain citizenship in these countries at minimal time and cost by working through the consulate nearest you.

Certain unique cases of ethnicity can also land you a passport--

1. Israel. Are you Jewish? Are you willing to be? Israel's Law of Return entitles all Jews to become residents of Israel, and eventually obtain citizenship.

2. Spain. Even more specifically, are you a Sephardic Jew?

If so, the Spanish government announced that Sephardic Jews would receive instant Spanish citizenship; Ferdinand and Isabella (the same folks who funded Christopher Columbus) expelled all Sephardic Jews from Spain more than 500 years ago, and apparently the government is now trying to make amends.

3. Hungary. In 2010, the government of Hungary passed an new immigration law streamlining the citizenship process for anyone who can demonstrate at least one ancestor had once lived within the territory of the defunct Austro-Hungarian Empire.

This vast territory, which existed from 1867 until the end of World War I, encompasses most of modern day Austria, Hungary, Ukraine, Romania, Slovakia, Slovenia, Croatia, and Serbia.

II. FLEXIBILITY

Are you willing to get married? Adopt a child? Serve in a foreign military? Yes, it sounds extreme... which is why I said that obtaining a second passport is no easy feat.

1. Serve in the French or Israeli militaries and receive citizenship at the end of your service.

2. Marry someone from Ecuador, Ireland or Singapore and you can apply for naturalization after two years.

3. Become financially responsible for a Brazilian child and you can apply for naturalization after just one year.

III. MONEY

Citizenship by investment programs have existed for quite some time, the most famous of which are in St. Kitts / Nevis (about $285,000 total expense for a single applicant, $340,000 per couple) and Dominica ($135,000 / $215,000 for a single and couple respectively).

Yet with so many countries (particularly in Europe) going bankrupt, governments are desperate to raise revenue. Several have resorted to 'selling' residency to foreigners in exchange for an investment in real estate or government bonds.

1. Ireland. New rules grant residency in exchange for investments in the country, including a 1 million euro government bond purchase; you can apply for naturalization after five years.

2. Portugal. The new "Golden Residence Program" offers residency in exchange for 500,000 euro real estate purchase. You can apply for naturalization after six years. Language proficiency is required.

3. Hungary. A new bill in Hungary offers to grant residency to foreigners who purchase at least 250,000 euros worth of government bonds; you can apply for naturalization after eight years, and language proficiency is required.

4. Spain. A proposal is on the table to grant residency in exchange for 160,000 euro real estate purchase; naturalization timeline is still unknown.

IV. TIME

If your spouse won't let you marry a foreign national, and you don't have the liquidity to buy a home in Europe, there are also options where, if you spend enough time on the ground, you can qualify to apply for naturalization.

For example-- Singapore (2 years), Argentina (2 years), Belgium (3 years), Uruguay (3 years), Paraguay (3+ years), Australia (4 years), Canada (4 years), Chile (5 years), Panama (5 years).

The critical question is how much time you actually have to spend on the ground in order to qualify to apply for naturalization. In Canada, for example, you must have your boots on the ground for at least 1,095 days within a four-year period in order to qualify to apply for naturalization.

Singaporean and Panamanian naturalization procedures, on the other hand, have no specific time requirement.

V. BOTTOM LINE -- IS IT WORTH IT?

In total candor, there is no perfect passport solution that's cheap, fast, high quality, and easy to acquire. Moreover, spending large sums of money on acquiring a passport may not be the wisest use of funds either.

The Dominican Republic passport program which assures a passport in 1 year at a complete cost of $24.900 may be the answer.  

We consult on most passports. Write us at BankerTrust@gmail.com

Advantages of a second citizenship in the Dominican Republic

With a Dominican Passport you can - Invest in offshore unit trusts or mutual funds - Buy and rent out property wherever you choose without punitive taxation -Avoid electronic logging of your existing passport - Take greater advantage of offshore business opportunities - Obtain employment worldwide. Your new citizenship can be procured in as little as 12 months for under $30,000.

The very fact that a second passport opens up the additional options already mentioned is actually reason enough to obtain one, but in case you need a little more convincing ... Your passport is in fact the property of your government - and for US citizens, government which claims, and increasingly exercises, the right to confiscate it at any time. Even if you have sensibly removed the bulk of your assets to an offshore haven, they are no good to you here if you are trapped in your home country because your passport is no longer valid or has been confiscated. Most countries have laws which allow them to restrict not only entry but also exit from the territory. Exchange controls can be imposed overnight and the necessary legislation is already in place in the US.

U.S. citizens are subject to tax wherever they work and live in the world. But a second passport can open opportunities for sheltering income and protecting assets. If your citizenship demands fulfillment of military service contrary to your beliefs, it would pay you to have dual citizenship. If your passport allows your government to supervise your movements, monitor or control your travel in any way, or restricts your liberty to invest, borrow, or participate in any currency transactions, you are at a disadvantage.

If you wish to keep a low profile, for reasons of nationality, religion, race etc., a second passport can give you the necessary mobility you require. It could even save your life. As an insurance policy against future economic stability, political strife or war, you should think about a second passport. When catastrophe is imminent you've left it too late. A second passport in these circumstances would be worth its weight in diamonds.

True case histories of people who would have benefited from possessing a second Passport:

- The happily married couple (or so they thought) whose spouse after fifteen years of marriage is now attempting to take him/her to the cleaners, and grab ninety per cent of their joint assets.

- The American mistakenly accused of being an alimony and tax dodger who has had his passport confiscated, so he cannot leave the country even though he has ample assets stashed away in an offshore nest egg.

- The law abiding Scandinavian who has been told he risks having his application for a new passport refused for alleged tax offences - even though he has paid more than fifty per cent of his income over to the state over the past five years.

- An Israeli woman still haunted by memories of the time when she genuinely feared she was facing summary execution during the hijacking of a plane. (This could also happen to US or UK citizens).

- A Dutch citizen who took a routine business trip to a fundamentalist Islamic Republic that turned into a nightmare when his passport was confiscated until his company agreed to outrageous economic and other demands.

- A French investor who established a factory providing employment in an African country, only for corrupt politicians and officials to force him to sell; the company he had worked years to establish, and at a giveaway price. He was illegally stripped of his passport until he agreed to sign the sales contract, virtually giving away a life's work.

A Special Note For US Citizens: Americans who are considering acquiring a second citizenship and relocating themselves and their money to a safe haven out of the reach of the US tax grabbers should move fast because your President has proposed a windfall tax on the entire wealth above $600,000 of anyone ungrateful enough to renounce US citizenship or take up residence elsewhere. This is not wild speculation of what might happen, but an actual proposal. We can procure a second passport and help you protect your assets. Contact us by email at BankerTrust@gmail.com

When Nations Go Bankrupt, Your 2nd Passport is Your Last Refuge

Nations go bankrupt the same way. Slowly, then all at once. Banking collapses occur in the same way. Currency crises strike in the same way. They all happen gradually... and then suddenly. Sometimes overnight. History is generous with examples of entire nations that have suffered this fate, from the collapse of the Soviet Union in 1991 to Argentina's millennial financial crisis in 2001. The warning signs are always there, even at the beginning. Over a period of years, sometimes decades, a tiny trickle of warning signs turns into a steady stream... and eventually a great flood. The United States is clearly within this model, somewhere between a steady stream and a great flood. It shows. Recently, after more than two weeks of utterly embarrassing theater, the government in the Land of the Free inked a deal to kick the can down the road a few more months. And in doing so, they set a very dangerous precedent. As part of the bargain codified in HR 2775 (which President Obama signed into law), the Treasury Department is authorized to SUSPEND the debt ceiling. In other words, for all intents and purposes, there is now NO LIMIT government borrowing. This limitless borrowing authority will expire on February 7, 2014. But it sets the precedent that dismissing the debt ceiling is a perfectly viable course of action.  Congress has effectively removed their handcuffs... so you can almost assuredly bet down the road that this provision will be extended, and ultimately become permanent. No one in the Land of the Free seems to care. But foreigners do. The lead commentary out of China's state media the other day was very clear in its position: "It is perhaps a good time for the befuddled world to start considering building a de-Americanized world." America's dominance is coming to an end. Nearly every piece of objective evidence points to this conclusion-- from the US government's absurdly unsustainable finances to the worldwide backlash against their desperate spying tactics. For several years now, this decline has been happening gradually. But we are quickly reaching the bifurcation point where the steady stream of warning signs will turn into an epic flood of consequences.  As these events unfold, this will become the biggest story of our time. The end of the US dollar hegemony will affect nearly every human being on the planet. And if history is any guide, what follows will be incredibly tumultuous.  Get a second passport now. With increasing government regulation, later may be too late. Contact BankerTrust@gmail.com