Ever asked yourself?
Do I have enough to cover monthly costs for the next 20-30 years?
Is retirement in Dominican Republic feasible?
Maybe you’re interested to live and invest overseas.
Retirement planning can be scary. Fear of running out of money to cover monthly expense is real. And, you are not alone.
According to the National Retirement Planning Coalition, a Boomer Expectations for Retirement 2016 Study.
Only 24 percent of Baby Boomers are confident that they will have enough savings to last throughout retirement
What if there was a way to lower your cost of living?
What if there was a place where $1500 a month is more than enough?
Wouldn’t that be wonderful?
Of course, this guide gets updated information on a regular basis.
Here are 7 wonderful reasons why retirement in Dominican Republic is a fantastic idea.
#1: Retirement in Dominican Republic Cost of Living is Cheaper
According to Expatistan the cost of living in Santo Domingo is 65% cheaper than New York. Cost of living index is relatively low.
Simply put, Dominican Republic is 51% cheaper than the United States even if you include the cost of health care in the Dominican Republic.
How can you say no to that?
Eating local is the way to go in Dominican Republic. The year-round fruits and vegetables are inexpensive and scrumptious.
The variation of exotic fruits is stupendous, from mangoes to papaya, pineapple to guava.
Don’t forget the passion fruit, the world famous Chinola juice. Perfect to sip on a hot afternoon.
The sky’s the limit.
Food prices for local staple foods such as rice, eggs, corn, beans, potatoes, and chicken are cheap across the country.
Single person can live like a king in Dominican Republic on a $1500 monthly budget that includes the cost of public transport, health insurance and food prices.
Living in the city center of big cities like Santo Domingo Dominican Republic or Punta Cana might be a bit more expensive, expect to pay less for rent but more for food and transportation.
#2: Unbeatable Low Cost Health Insurance
When traveling, very often if you buy air travel tickets with Visa or Mastercard, you’ll get some limited form of travel insurance and health care insurance.
However, when it comes to moving to the Dominican Republic, you’ll have to consider private health insurance.
According to a study from the Center for Retirement Research at Boston College.
The average retiree spends around $4,300 per year on out-of-pocket healthcare costs.
Luckily private health care is well established and reliable!
Full insurance coverage average prices in Dominican Republic range between $40 and up to $100 per month.
Imagine the savings. 4 times less than U.S.
If you compare the cost with the U.S. you see that it is much… much cheaper while the quality of life in Dominican Republic is far more pleasurable.
Most medicines are available without a prescription with the exception of serious pain killers.
So with your dosage on hand, get your heartburn or high blood pressure medication straight from the pharmacy, you won’t have to see your doctor again.
#3: Charming and Affordable Living
The vibrant and multicultural Santo Domingo sits next to the Caribbean Sea.
Average cost of a fully furnished 1-2 bedroom apartment in Santo Domingo away from the city center is $400-700/ month.
Gym memberships can be as cheap as $10 USD per month to $40 USD per month.
According to Numbeo, the rent in Dominican Republic is 74% less expensive than in the United States.
Along the North Coast are the popular expat enclaves of Sosua and Cabarete, close to Puerto Plata and its international airport.
Second to none cities to spend your time with fellow expats, explore the world class beaches and enjoy the golf courses.
Renting gives you the freedom to pay for a short period (sometimes even month to month). Greatest way to fall in love with Dominican Republic.
What about buying a house?
Come to Dominican Republic and visit them first.
Why not rent for a few months vs committing to real estate purchase?
It is an easy way to explore the neighborhoods and choose the most appealing to you.
The real estate market in the Dominican Republic can be frustrating.
Buying a property is risky as the bureaucracy and scams can put homebuyers off making real estate difficult to get into safely.
Property prices seem to be very stable, so don’t expect double digits growth.
#4: United States Is Right Next Door
Afraid of “Island Fever”? Are you concerned with living in Dominican Republic?
The feeling of being trapped on an island with nowhere to go. The Feeling of being disconnected from the world.
Do not fret, the United States is a 3h direct flight away with many options available, like Miami, Fort Lauderdale, Newark, New York or Toronto and Montreal in Canada.
An opportunity to replenish your wardrobe.
#5: Dominican Republic Is Surprisingly Safe
Sosua, Cabarete and Puerto Plata being smaller cities with a large population of expats breath safety.
The gated communities, on the North Coast, protected by security guards are the safest and quite affordable.
According to Forbes and Data.World you are more than 10 times likely to die in the US than abroad.
“In general, a violent death abroad is extremely unlikely. Between 2009 and 2013, 1,151 Americans - out of a population of 316 million - were killed abroad. For comparison, 15,809 homicides occurred in the U.S. in 2014 alone.”
So, it’s simple.
If you steer clear of ghettos and extremely poor neighborhoods as you would in the US you are safe.
As for natural disasters.
Hurricanes usually blow over. There will be lots of wind and rain, but no major damage
The USA Today newspaper wrote that of the countries of the Caribbean Basin, the Dominican Republic is the least affected by this danger. Neighboring Antigua, Jamaica, the Bahamas, the Virgin Islands and Puerto Rico are much more likely to suffer.
Hurricanes hitting the Dominican Republic, contrary to most people’s beliefs, are rare events.
Looking at history, hurricanes have been spaced out over the course of time. When they strike, they hit the less populated southern parts and western parts of the island, sadly Haiti.
#6: The sublime weather
Lengthy winters, the cold and the dark dragging you down?
Let the year-round tropical weather lift up your spirit.
Winter in Dominican Republic is marvelous.
The north east wind cools you down and the sun warms you up ever so gently. To feel in perfect harmony.
The temperature rarely goes below 68°F (20°C) year-round. With an extraordinary 77°F (25°C) yearly average.
I’ve heard complaints that it rains excessively in Dominican Republic.
Sure there is the rainy season, June to November but it mostly rains at night. The daytime showers last 15-20min and the sun comes out to warm and dry everything up.
Rarely will you be stuck at home for days because it is pouring, this is usually what happens in North America. I recall going stir crazy in Canada for days, even weeks, because it was too unbearable to go out.
Do you know the best part about Dominican Republic?
Yes, the sunshine. It shines bright on average 8 hours a day to get an average of 3000 hours of sunshine a year.
Throw away your vitamin D supplement, you don’t need it here.
And, no more dry skin. Your skin will love you for it.
Hard to resist, right?
#7: Many Transportation Options from Public Moto to Private Taxi
Should you buy a car?
Really, it is not necessary.
Plenty of public transport options to choose from.
All depends on distance, budget and level of comfort you desire.
Let me clarify all the available options in detail.
They are privately owned motorcycle taxis. This is the cheapest solution and perfect for shorter trips. The trip costs around RD$25 ($0.50 US) for a few kilometers, remember to bring exact change they are not forthcoming with giving change back.
Fun fact, the price double at dusk when they turn on their headlights
Small sedan vehicles known as public taxis distinguishable by the signs on the roof which show their specific route. They are shared taxis meaning you will have to share with strangers and they are often overcrowded, they can fit 6 people so if comfort is necessary, it should be avoided.
The transport cost is fairly cheap RD$25 ($0.50 US per person for a couple of km).
Mid size buses with plenty of seats. Good thing about them is they will stop anywhere and everywhere along their specific route. They are almost impossible to miss as they tend to honk their horn whenever the driver spots someone standing at the side of the road. But again if comfort is imperative it can be tricky as they overcrowd the van (carrying up to 20 people instead of the legal 12). This shouldn’t be a problem if you do not travel in peak hours.
Guaguas are the cheapest option for long distance, expect to pay as little as RD$50 for 10-15km. Make sure you confirm prior to leaving as they will squeeze you for as much as they can.
If comfort and safety is priority #1, then this is your best option. They have the newest minivan models with working air conditioning. But comfort comes at a price, this is the most expensive mode of transportation. Taxis are harder to spot than guaguas and don’t drive around looking for potential customers.
They do not have meters so the fixed rates are affixed at the designated location. Taxi fares are on average RD$1200 ($24 US) for 15-25 km.
Bonus Reason: Permanent Residency Done Quickly
Why should you become a resident?
First of all, it lets you leave the country without paying the exit fee.
And you don’t have to show a return tickets when entering Dominican Republic. So you can stay as long as you want without any worry.
A few more compelling reasons.
According to Investopedia, Dominican Republic has an easy citizenship program for retirement. Don’t take my word for it, read more here
So, follow these amazingly simple steps and in a few months you have your Dominican Republic temporary residency. Continue with the renewal process and within 5 years you possess your permanent residency.
With a pension of $1500 a month for a single person and the following documents you are eligible to apply.
Fear of not having enough money impacts your life. Impacts your health.
Don’t let stress get the better of you. Your quality of life is more important.
Now, imagine what your life would look like if you relocated to the beautiful and sunny Dominican Republic.
Retirement is about living and enjoying life not about fear.
Remember that the cost of living is drastically cheaper. Retirement in Dominican Republic is doable.
Serenity and peace of mind await you.