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Retiring & Pensions

Dominican Republic - Retiring & Pensions

Thousands of people come here every year, as they choose Dominican Republic as their well deserved place under the sun, after a lifetime of hard work. And they stay.

Life in Dominican Republic is quite easy for the retiree. People are friendly, and comfortable housing is very affordable when compared to the prices in most developed countries. Cost of groceries, staples and all local products, including those wonderful tropical fruits will also be very low. One has to remember, though, that most imported products will be more expensive than back home. Don't forget your private health insurance policy either: public hospitals here aren't exactly the best in the world.

There are only a few quirks to be aware of, at the beginning of your stay. There is a certain amount of paperwork to be done in order to apply for residency, but once done, you can get your personal items shipped here tax-free, and you won't need to purchase your tourist card every time you enter the country back from visiting the family.

The 'culture shock' is important. I would say that the most difficult might be to get used to driving according to local rules of the road. Actually, they are quite simple to describe: there is none. Other things are easier to adapt to: the smiles, the friendliness, the absence of stress...

In terms of money, as you won't need to live on the relatively low Dominican salaries, or struggle to even find a job, you should enjoy very good quality of life. Your pension won't be taxed, ATM's are widespread in cities and main seaside resorts, wire transfers will just take a few days to clear into your local bank account and all the interest from your local financial investment (which can be kept in bank accounts denominated in euros or dollars) will also be tax free.

This guide was compiled with the help of Lindsay de Feliz, a British expat blogger living in the Dominican Republic. Visit her blog at yoursaucepans.blogspot.com.

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