Punta Cana, located in the Dominican Republic, has emerged as the most coveted holiday destination for its mesmerizing sea beaches, serene, warm environment, luxury villas and high standard of living. Every year, from January to July, it invites millions of tourists and prospective property buyers from America, Canada and South America. A good proportion of this population comprises retirees. It is the dream of millions of retirees to settle in the tropical wonderland after retirement. It allows them to escape the freezing climate and bask under the warmth of the sun with their partners, and enjoy the hospitable culture and neighbourhood. To encourage more retirees to settle in Punta Cana, the Dominican Republic government offers multiple benefits and perks through Law 171-07.
Apart from the lucrative real-estate business opportunities, the allure of retirement perks is also an important factor that makes foreigners buy property in Punta Cana. By investing early, you can earn fortunes through the rental business and make it your residence after retirement. Thus, if you are planning to make Punta Cana your go-to destination after retirement, then it is important to know more about Law 171-07 in detail. The following section explores the benefits the law offers and how it can transform your retired life.
What is so Alluring about Punta Cana for Retirees?
Before discussing Law 171-07, let’s discuss why Punta Cana is preferred by a large number of senior people to settle after retirement. There are multiple attractive reasons for expatriates to move out to Punta Cana. It offers everything one needs to spend a superior and peaceful life in the most enchanting scenic beauty of Punta Cana. Factors that make seniors move into Punta Cana in large numbers every year are:
Comfortable Cost of Living
One of the major factors for expatriates to move into Punta Cana is lower cost and higher standard of living. The cost of living is considerably lower in Punta Cana than in most Western countries, such as the USA and the UK. As a result, relocating to Punta Cana becomes financially beneficial for expatriates. It allows them to live a comfortable and luxurious life without breaking the bank.
Warm Tropical Climate
The sunny, warm weather of the Caribbean Islands invites millions of tourists every year and is one of the top reasons for retirees to choose the Dominican Republic over other countries. It allows them to escape the freezing climate of their homeland and enjoy the tropical sunshine. Additionally, the natural bliss, vibrant cultures, luxurious sea-facing residences, supportive neighbourhood and unlimited leisurely avenues make Punta Cana the best choice for older adults.
High-Quality Healthcare
The exceptionally high-quality medical facilities in the Dominican Republic are also one of the major reasons for many to retire in the country. There are varied healthcare plans for retirees offering competitive prices. Retirees can choose from a wide range of healthcare services.
Top-Notch Security
Relocating to a foreign country is quite daunting, and the most common concern is the safety and security of the country. Expatriates choose the Dominican Republic as their retirement homeland due to its high security and safety level. To flourish their real estate investment and tourism, the Dominican Republic government has implemented various security measures to ensure the safety of their immigrants.
If you want to experience the comfort and opulence of the tropical paradise and want to settle there after retirement, Law 171-07 is your passport for the tropical getaway. Check out how Law 171-07 make your journey smooth and the benefits it offers, making your stay the most comfortable and rejuvenating experience of your life.
The Benefits of the Law 171-07
Law 171-07 offers an easy passport for retirees to have a home in the most heavenly land of the Dominican Republic, Punta Cana. It provides exclusive perks, reducing your cost of living and enhancing your standard of living. Let’s check out some of the noteworthy benefits that Law 171-07 offers.
1. No Tax on Foreign Income
The best part of moving to the Dominican Republic is that the income you earn from your homeland, either through retirement pension or investments, is not taxed by the government of the Dominican Republic. As a result, you can save a considerable portion of your income that you might have to pay if you move to any other country as tax.
2. Additional Tax Exemptions
Apart from income tax reliefs, you also enjoy tax exemptions of various types. This includes:
- There will be no real estate transfer tax on the first property that you buy in the Dominican Republic.
- Mortgage tax is reduced by 50% if you take a mortgage loan to purchase the property from a financial organization based exclusively in the Dominican Republic.
- Property tax is reduced to 50% if it is applicable.
- If you buy property under the Confotur (158-01) Law, then you will not have to pay any property tax for 15 years. This property can be residential as well as commercial as the law exempts buyers from paying the 1% tax on both commercial and residential properties.
3. Hassle-Free Relocation
If you wish to transport your belongings, such as vehicles and electronics goods, from your homeland to Punta Cana, you will not have to pay any customs duty. You can have a smooth transition without any financial hassles.
4. Secured Residency
Under the retirement visa program you enjoy legal security to stay as long as you want in Punta Cana with a residency permit. This provides you with complete peace of mind to enjoy the tranquillity of the tropical haven.
Who Qualify for the Law 171-07?
While there is no restriction for retirees to move and settle in the mesmerizing land of Punta Cana, there are some basic requirements to qualify for Law 171-07. Check out below:
1. Mandatory Health Insurance
Ensuring your health is the priority to ensure you enjoy a healthy and long life in Punta Cana after retirement. So, Law 171-07 has made it mandatory for you to have health insurance within the Dominican Republic.
2. Stable Income
Another important requirement to obtain a retirement visa under Law 171-07 is to have a steady monthly income of $1,500 minimum. The income source must be reliable, such as pension or investments, to ensure you will continue to receive that throughout your stay in Punta Cana.
3. No Legal Issues
You need to provide a declaration of no criminal offence in the past. It proves that you do not pose any threat to the country.
Conclusion
Punta Cana is one of the most sought-after tourists spot in the Dominican Republic. Its luxurious hotels and villas, affordable lifestyles and rich natural beauty with 30-mile-long gold and white sea beaches, warm weather, jaw-dropping sea views and vibrant culture have invited millions of tourists and real estate investors. It is no exception for expatriates.
It offers the perfect setting and amenities for older adults to settle after retirement. Nothing can be more blissful than moving into the land of ultimate relaxation, comfort and affordable luxury. Law 171-07 is the get pass for retirees offering multiple tax and financial benefits to offer the most blissful life to their much-valued elderly immigrants. To make your move smooth and stress-free, it is beneficial to consult a top real estate agency like Punta Canada.
