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My husband though it would be a good idea to retire to the Dominican Republic. The Dominican Republic is a beautiful tropical paradise in the Caribbean. The Dominican property market is very affordable and the cost of living is very low. But you have to be very careful when investing in Dominican real estate, there is a lot of fraud and corruption like in most developing nations.
My husband had visited the Dominican Republic before and loved it, but I was sure this would be a terrible idea. We searched the internet for Dominican property guides and estate agents/brokers. We came across a web site called Dominican Watchdog; they have a property guide with 10 simple rules on how to avoid fraud and corruption when buying property in the Dominican Republic. It was very helpful. Dominican Watchdog also helped us find a trusted lawyer that wouldn't take advantage of us because we're "gringos" and they referred us to a Realtor too.
The Realtor made the arrangements for just to come out and view properties. When we arrived we where picked up at the airport by the Realtor and taken to our hotel in Santo Domingo. Santo Domingo was better than I could have ever imagined, it a huge, modern, cosmopolitan city. We first when to see Dominican real estate in Boca Chica and Juan Dolio. The next day we visited Casa de campo in La romana. Casa de Campo is beautiful, but it was more than we were looking to spend so we kept looking. We went further east to Punta Cana, Bavaro and Cap Cana. The Bavaro/Punta Cana area has some of the most beautiful beaches in the world, its true paradise. But before deciding on a property I wanted to see the north coast of the Dominican Republic. So we visited the towns of Samana, Cabarete, Sosua and Puerto Plata. The north coast of the Dominican Republic is beautiful, but we finally settle on a home in Punta Cana.
For us buying property in the Dominican Republic was made easy thanks to the information and references we received from Dominican Watchdog. I've heard so many bad stories about Latin America, but the Dominican Republic is actually pretty safe, you never hear of people getting kidnapped here and the general crime rate is lower than many US cities. The locals are very kind and friendly to foreigners. If you are planning to buying property in the Caribbean, I recommend the Dominican Republic. Before investing in Dominican real estate search Dominican property guides and consumer protection agencies that deal with investing in Dominican real estate. It’s the only way to be able to avoid Dominican fraud and corruption. Dominican Watchdog was the best Dominican property guide and consumer protection agency that I found. I couldn't be happier with the investment we made and now I spend my days enjoying one of the most beautiful beaches in the world and all our friend and family want to come visit every chance they get.
Um, you're better off buying property in Puerto Rico. A little more expensive to acquire, but still cheap from a mainland point of view. It's part of the US, which means no passport, no visas, no foreign currency exchange problems and much more airline travel options.
Um, you're better off buying property in Puerto Rico. A little more expensive to acquire, but still cheap from a mainland point of view. It's part of the US, which means no passport, no visas, no foreign currency exchange problems and much more airline travel options.
Same for the US Virgin Islands.
Although, it sounds like you've made up your mind and good luck.
Well, obviously Panama for me. US dollar is used, so no conversion, much lower cost of living, we have the Canal so vital importance to everyone, democratic country and just a great place to live. To me it reminds me of the US in the 70's (but with 21st century technology) where everyone knows their neighbors and I live in Panamanian neighborhoods. For Christmas my neighbors brought over a huge plate of food and watch my house when I need to go to my other offices. It's not 'little North America', but we have all the amenities due to US influence building the canal, etc. JMO but Panama is the place to be.
The exchange rate in DR is not as good as some other places. For some people they don't think its worth it. You can get comparable or better bang for your buck in other places in the Caribbean or Central America.
I have not been to Panama and I do hear that Boquete is nice but it is far away from the Capital, isn't it? Pretty remote.
I have lived in the DR for five years now .... after traveling a lot in Mexico, Costa Rico and Guatemala. I think it is a good place to retire. I certainly think it is better than Puerto Rico or the US islands which are expensive and small.
I would not advise anyone to actually buy property here before they live here for at least a year. Rents are pretty reasonable... perhaps not as cheap as Guatemala.....
But the DR is a lot closer to the States than anywhere in Central America... I get all the US networks on my TV, watch incredible local baseball, and, as a New Yorker... well.... Santo Dominigo is really a barrio....
I have not been to Panama and I do hear that Boquete is nice but it is far away from the Capital, isn't it? Pretty remote.
I have lived in the DR for five years now .... after traveling a lot in Mexico, Costa Rico and Guatemala. I think it is a good place to retire. I certainly think it is better than Puerto Rico or the US islands which are expensive and small.
I would not advise anyone to actually buy property here before they live here for at least a year. Rents are pretty reasonable... perhaps not as cheap as Guatemala.....
But the DR is a lot closer to the States than anywhere in Central America... I get all the US networks on my TV, watch incredible local baseball, and, as a New Yorker... well.... Santo Dominigo is really a barrio....
But you need to have Spanish.
Hi Mountainannie, actually Boquete has a great infastructure, both physically and socially. Plus it's only an hour plane ride to the Capital of Panama City (where the Canal is) and about a 35 minute drive from the Provincial Capital of David where the national/international airport is, there's great hospitals, movie theatres, pricesmart (think costco), even TGI Fridays, MacDonalds etc. So we have pretty much everything in the area; in Boquete we have local owned restaurants that serve great breakfasts for $2 to higher end restaurants- essentially whatever rings your chimes. High speed internet and the US dollar is legal currency here so no conversions, just much, much lower cost of living. I'm watching an American TV show as I type (big Law & Order fan).
Actually a lot of people speak English though I do encourage clients to take Spanish lessons when they move here for traveling to say the interior and just being respectful to the fact that Spanish is the 'primary language' of the country. Also like you brought up, we recommend clients rent or spend substantial time in an area before they buy. It's a very important decision for someone to make and while we have a strong American influence due to the Canal, etc., it's not 'Little United States'. Panama is rich in culture and definitely for people who want a lot of what they had 'back home' but a heck of a lot less expensive - yet realize we are Panama. I've lived here going on 5 years and literally no where else in the world I'd rather be.
Anyway, great country, democracy and just awesome people - I'm too young to retire so I was looking for the perfect place to call home and RE was secondary to my desire for a higher quality of life. Sounds like you're pretty darn happy in the DR and good for you to follow your dreams Big world out there!
Has no one caught on that the Op is advertising his/her Dominican Watchdog service?..lol
You know - this used to be in the World Forum (when I posted my first response) and was titled something completely different. Something like best places to live in Caribbean, or which country is the best, or something like that; hence why I responded 'well obviously, Panama'. I wondered why all of a sudden it jumped over here along with the posts and different title. Hmmmmmm - curious indeed.
Addition: Well I went to this website and all I know after reading it glad I picked Panama. If this is an advertisement, then well . . . . think better marketing in order because it says its a consumer watchdog group and what I read there made my hair stand on end.
Last edited by JustJoy; 08-20-2009 at 08:06 PM..
Reason: Addition
I was wondering why all the properties in Punta Cana, etc have bars on the windows. It wasn't just a few, it was the majority. I am guessing there is a lot of crime? Is that a true assumption?
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). 
Big world out there!
- this used to be in the World Forum (when I posted my first response) and was titled something completely different. Something like best places to live in Caribbean, or which country is the best, or something like that; hence why I responded 'well obviously, Panama'. I wondered why all of a sudden it jumped over here along with the posts and different title. Hmmmmmm - curious indeed.
