Dominican Republic is one of the easiest countries to immigrate to and become a citizen of. Many people dream of living in the Caribbean and if you look at the pluses and minuses of becoming the citizen of the Dominican Republic, it quickly becomes obvious why it’s the country of choice. This guide will help you understand the process of the Dominican Republic citizenship and will explain in detail what leads to it and what comes after.
Choosing to Become a Citizen of the Dominican Republic
Every year more and more people move to the Dominican Republic and seek to become citizens in order to stay and live in the country. Dominican Republic has been a favorite destination for many foreign investors as well as families who move here from abroad. Main reasons could be summed up in a few points:
- The economy of the Dominican Republic is stable
- Business opportunities are endless and available in all areas, including tourism, services, industrial production, imports and exports
- Beautiful tropical weather all year round
- Friendly and welcoming people
- Low bureaucracy
- Pristine nature with lots to explore
Dominican Republic Residency Application and Work Permit
Once you have determined that Dominican Republic is where you want to move to and ultimately obtain the citizenship of, you will first need to apply for a residency status and a work permit. You will need following documents in order to submit your application:
- Medical Exams Report – must be done by Immigration Doctors appointed to perform these exams by the Dominican Republic government. The exams consist of Blood Test and X-Rays.
- Copy of each page of your passport
- Three sets of photographs, each set to have a front and side view of your face
- Notarized copy of your birth certificate with official translation into Spanish (if in foreign language)
- Guarantor – must a citizen of the Dominican Republic
- Mailing address in the Dominican Republic
The Immigration Process
You can start with the immigration process as soon as you have arrived in the Dominican Republic. That means that you can come to the Dominican Republic as a tourist on Tourist Visa and apply for residency right away. Make sure you get all your paperwork and documents ready (including the Medical Exam) and head over to the Immigration Office. Once your application is submitted, you will be assigned a registration number. This is usually a four digit number and once you have it, you can officially and legally work and/or do business in the Dominican Republic.
That’s how easy it is with immigrating to the Dominican Republic. You can literally just come to the country as a tourist, go through all initial procedures, such as Medical Exam and get all other paperwork as per the above ready, bring it to the Immigration Office to submit the application and from that moment on, you can legally stay and work in the Dominican Republic while you’re waiting for your application to get processed.
While most Immigration Officers speak English, it is advisable to bring someone who speaks Spanish along when you’re submitting your application in order to speed things up. Dominicans are very friendly and eager to help and accommodate, but Spanish is their only official language and if you don’t speak it, having someone who does with you can help smoothen the process of applying for the residency.
The immigration process typically lasts 3 to 4 months.
Getting Settled in the Dominican Republic
Once your immigration application has been submitted, you can find yourself a place to live in and look for work. If this is your first time in the Dominican Republic, finding a local who could help you out with this can prove beneficial. Dominican Republic is a country that’s geographically on the island (Hispaniola) and as such it has its own perks. Certain things that are normal in the Dominican Republic may work way different in the country you are coming from. The supply of water is not the greatest and even locals buy bottled water to drink and brush teeth with as tap water is not very safe and could make you sick. There are also frequent black outs which could disrupt normal operation of electronic devices.
When looking for a place to stay, find out whether there is an alternative source of power available so you have a back up when power cuts out. It is also not uncommon to have places without a water tank. Water tanks are located on top of buildings and use rain and dew water to provide for showers inside. Always enquire whether the place you’re going to rent/buy has a water tank. Having a local helping you finding a place can result in better price and could help avoid surprises.
Starting a Business in the Dominican Republic
While you’re waiting for your immigration application to get processed, you can start your own business in the Dominican Republic. The registration number you will be assigned after you have submitted your application will allow you to open a Business Bank Account in the Dominican Republic and if special license is needed, you can apply for it with that number as well (such as if you’re starting an import/export business or if you’re looking to deal with products which are state controlled). You will need the following in order to open a business in the Dominican Republic:
- 2 people are required in order to start a company (old law required 7 people, but it has been recently changed)
- Copy of your Dominican ID card (Cedula de Identidad) or of your passport
- Company must have a mailing address in the Dominican Republic
Dominican Republic Citizenship
You can apply for the Dominican Republic citizenship 2 years after you have become the permanent resident. Unlike most other countries, Dominican Republic citizenship laws are less strict and do not require you to be present in the Dominican Republic for two years in order to qualify for citizenship. Similarly, foreign investors are eligible to obtain the Dominican Republic citizenship after one year from becoming permanent residents.
As citizen of the Dominican Republic you will be entitled to the following:
- Full Dominican Republic Citizenship, not just so called “economy citizenship” which is common in many other Caribbean and Central American countries
- All rights equal to native Dominicans, except from the ability to run for presidency – only native Dominicans can become presidents of the Dominican Republic
- You will get a Dominican Republic ID, same as Dominican natives have (will replace Cedula de Identidad)
- Dominican Republic birth certificate
- Dominican Republic passport
Obtaining the Dominican Republic citizenship is truly very easy. And it’s fast. You could be on your way to living in a nice tropical country without much bureaucracy and need to meet impossible expectations. Dominican Republic welcomes new immigrants and citizens and makes it really easy to become one. I hope this guide has cast some light on whole process from choosing Dominican Republic as your place to live and do business, through process of obtaining residency permits all the way to obtaining the Dominican Republic citizenship. The time to become a citizen of the Dominican Republic is now. While real estate market as well as entire global economy has been on a slow down throughout the globe because of recession, the market and business in the Dominican Republic have been soaring like never before. And it’s only going to get better as more and more investors realize the potential that lies within this Caribbean country. Welcome to the Dominican Republic.
Source: http://www.caribe-lawyers.com/en/
SANTO DOMINGO, DOMINICAN REPUBLIC -- Seven steps which can change you life today - you ever dreamed to live in Caribbean? Just continue reading.
1st Step - Decision to move During the last couple of years the Dominican Republic became a home of higher quantities of foreign investors or whole families coming here from abroad.Which are the principal reasons why to choose Dominican Republic?Very stable economyUnlimited business opportunities in industry production, services, tourism, export and importNice tropical weather whole yearVariable and in many places still virgin beautiful natureFriendly and helpful local people
2nd Step - Prepare documents to submit your application Which documents are necessary to submit your application for Dominican residency and work permit? Medical exams (it must be done here in Santo Domingo by Immigration doctors)Full copy (all pages) of your passportThree sets of your photographs (front and side)Notarized, officially translated into Spanish and legalized Birth CertificateDominican citizen who is required by the local authorities as a personal guarantee for your applicationPostal address in Dominican Republic
3rd Step - Immigration process It is strongly recommended to start the process as soon as you reach the country and settle, because you can start your immigration during the turist visa. The first step is to visit the Immigration Office with all the papers for application, you will pass the medical exams (Blood-test and X-ray). At the moment of the acceptation of your file in the Immigration Office, you will receive four digit registration number (which is the number of your file in the Dominican Immigration system) and based on this number you can start immediately to work or do business in Dominican Republic because you are officially considered as a person who has his application in process. Tip! Is better to bring with you an Spanish speaking, the staff in Immigration Office is really nice and mostly they can speak English with you, but with Spanish you will really speed things up.
4th Step - Settling in new country Now you have time to settle in and make yourself comfortable in your new home. Because Dominican Republic is an island, it have own problems - reliable supply of power or water has not yet been achieved. When you will rent or buy an apartment or a house ask everytime for own alternate sources: Planta (gas generator), Inversor (backup power in batteries - like UPS) and for Tinaco (water tank in top of building). When the power goes down for 2-3 hours, it is good to have at least one backup to run the basic (light, fridge, TV, etc.). Tip! Find a local person to help you with ads for apratment or house, will achieved better prices.
5th Step - Business companyThe time to finish your residency process vary from 3 - 4 months from the moment that you submit your application. You can use this time to open a Dominican local business company with bank account, get needed licences for special type of business, such as import or export of medicaments or other controlled products by the state. What do you need to open a business company with bank account? According to the new Business Law of the Dominican Republic 2 persons as owners of the company (before there had to be seven persons)Copy of your passport or new Dominican ID "cedula"Postal address in Dominican Republic for your company
6th Step - Naturalization (citizenship)You are living in a new environment and culture, you have a new life, business company and new experiences. You felt in love with Dominican Republic and you want to become a citizen with full rights and advantages of this country? You can apply for the Dominican citizenship normally after two years of obtaining the permanent residency in the country but the substantial advantage consists in the fact that you do not need to be physically in the country all the time. There are also some exceptions determined by Dominican authorities, for example in case of foreign investors, when you can apply for the Dominican citizenship practically after one year. What you will get with citizenship? Full citizenship and not only so called "economical" citizenship which is offered in most of Caribbean and Central American countriesSame rights as native Dominican with only one exception - you can not be elected as president of the countryFree travel visa for example to Israel, Japan, South Korea, Uruguay, Argentina, Honduras, Peru, Ecuador and othersYour Dominican ID card "cédula de identidad" will be changed for new one, the same as any native Dominican hasNew Dominican Birth CertificateYour Dominican travel passport
7th Step - Last step is your first step to become a citizen of Dominican Republic It looks like a difficult process for you? But in fact, it is really easy, all you have to do is trust to professionals, which will be happy to assist you with every single step, any advice or help that you will need.
Source: http://www.caribe-lawyers.com/en/
London.– British Airways is launching new twice-weekly flights to Punta Cana in the Dominican Republic and Montego Bay in Jamaica, reinforcing its position as the airline with more flights to the Caribbean than any other UK carrier.
The new routes start October 2009 with the airline also increasing services to other Caribbean favorites. According to Richard Tams, head of sales, they are "popular destinations with our customers and it's due to demand that we're increasing the number of flights to the region."
The addition of Montego Bay alongside the existing Gatwick-Kingston route makes it easier than ever before for customers to choose their perfect holiday to Jamaica. Customers will also be guaranteed discounts on flight plus hotel packages via the new dynamic holiday packages feature on the British Airways website.
Increased frequencies from London Gatwick to other hotspots in the region mean the number of flights to St Lucia will increase from three to five a week, Barbados flights will rise from nine to ten, and flights to Port of Spain, Trinidad, from three to five times weekly.
SANTO DOMINGO (PRNewswire).- The Dominican Republic (DR) is a preferred destination for luxury according to Virtuoso, an exclusive network of more than 6,000 elite travel specialists worldwide. The network has joined forces with the Dominican Republic (DR) Ministry of Tourism to ensure that savvy travelers choose the DR for premier luxury.
DR Minister of Tourism Francisco Javier Garcia said, "The DR's alliance with Virtuoso underscores our amazing array of upscale hotels, resorts and amenities that discriminating travelers have come to expect. Last year we welcomed 3.4 million visitors to our lush tropical island and we are committed to attracting more visitors with amazing new resort developments. Now with Virtuoso - and its upscale clientele - we will have a highly-qualified team of luxury travel professionals to help sell the DR to discerning travelers."
The DR boasts sophisticated cities that showcase exclusive resorts and luxurious hotels. Travelers to the DR may also select from elegant boutique hotels and a growing list of world-class hotel brands, all amid the magnificent setting of sun, sea and sand.
Designed to showcase the DR as one of today's most luxurious Caribbean destinations and increase American arrivals, the new relationship comprises a variety of activities including a marketing agreement that presents the DR to Virtuoso's discerning clientele as well as builds awareness of its upscale product.
Angela Goicouria, Vice President of Alliances for Virtuoso said, "Based on advisor feedback and increasing market demand, we feel that the DR is well-positioned to attract luxury travelers and provide them with authentic, yet upscale experiences. The dedication demonstrated by the DR Ministry of Tourism, combined with the cooperation from our exceptional preferred suppliers, will allow Virtuoso to create an innovative and successful program, benefiting both our member advisors and their well-traveled clients."
ABOUT THE DR: The Dominican Republic's first tourist was probably an American Indian from the Arawak or Carib nations of South America thousands of years ago. Rich in history, the DR has developed into a diverse destination offering both Dominican and European flavors to more than one million U.S. visitors each year. Named #1 Golf Destination in Caribbean & Latin America by the International Association of Golf Tour Operators, the DR boasts 25 designer golf courses, upscale resorts, pristine nature, and sophisticated cities and quaint villages filled with warm Dominican people. The DR features the best beaches, fascinating history and culture, and is a chosen escape for celebrities, couples and families alike.
The Caribbean called Scott Medina back home, and he's glad he listened.
While the economic landscape in the US is looking grim these days, the blue-sky view from La Costa Destinations International Realty's new headquarters in Punta Cana Dominican Republic shines bright with promise. Demand for property is high, and sales are strong. "It's a success story," says owner-broker of the company.
Originally from Puerto Rico, and having done business in the US all his life but concerned about today's plummeting economy, this Florida agent has found a silver lining. It's taking business outside the country to the sugar-colored beaches of the Caribbean, as he's always dreamed.
"After two years of doing so well, we've decided to relocate permanently. I knew my return to the Caribbean was coming," Medina says.
La Costa Destinations International Realty is a growing network of international brokers promoting Punta Cana real estate around the world. Although company staff has been in place in Punta Cana Dominican Republic for the past two years, Medina plans to relocate there in May, finalizing the move. Until then, Medina will continue to travel and manage business from Florida with the help of his partner, Emil Montas, a current resident and native of the island.
Why Dominican Republic? Medina explains that tropical destinations are appealing to US baby boomers and European retirees. Now more than ever, baby boomers preparing for a carefree life are looking for value in their dream getaway in the tropical climates where their pensions will buy more and they may have access to services they may not necessarily have at home. High real estate taxes and a floundering US economy have many retirees from North America seeking alternatives in the international real estate market. As it turns out, Dominican Republic is among the top ten destinations in the Caribbean, Central and South America for places to retire, along with Mexico, Costa Rica, Belize, Panama, and Brazil.
Once described by Christopher Columbus as "a beautiful island paradise," the lush and culturally diverse Dominican Republic is the second largest Caribbean nation, making it an attractive alternative to settling in the US. "The Dominican Republic has it all," says Minister of Tourism Javier Garcia who speaks of its unspoiled beauty, diversity and accessibility.
However, the island cannot help be touched by global economic winds and the US slowdown, with 32 percent of its visitors arriving from the United States, 19 percent from Canada and 40 percent from Europe, according to the Central Bank of the Dominican Republic. The United States, Canada, Western Europe and Japan buy the majority of Dominican Republic exports, which makes the country vulnerable to global economic conditions.
Contrary to belief, the Dominican Republic government encourages foreign investment, is economically stable, and has adequate modern transportation and telecommunications infrastructure, opening itself to comparison with developed nations. Long-term prospects for Dominican Republic remain attractive, Medina says. In the current global economic crisis, real estate prices have remained stable. In addition, developers are willing to negotiate, offer incentives and more favorable buying conditions. And although many Punta Cana resorts have slowed their brisk construction pace, building remains steady since demand for Dominican luxury real estate remains high.
According to a recent report by Dominican Republic Ministry of Tourism, visits increased in 2008 with more than 3.4 million guests choosing the Dominican Republic as their vacation destination -- a 1.45 percent increase compared to the same period in 2007. US tourism remains steady, with more than one million arrivals for the fourth consecutive year, and North American visits faring consistently better than those from Europe by about 24 percent.
While Medina expects big bank developments that rely on large financial institutions will likely suffer, the interest of worldwide investors to participate in such highly successful resorts like Cap Cana has made it much easier for the group to negotiate new financing with other banks. For second homebuyers and retirees, Dominican Republic has a wealth of natural resources -- from beautiful beaches to pristine golf courses and breath-taking mountains -- that will continue to attract a wide range of buyers.
"With every downturn, opportunity is always nearby. Terrific value can still be found in pristine Dominican Republic real estate ," says Medina. "You can still be carefree when you need to be. My dreams of returning to island life have come true!"
About Us
La Costa Destinations International Realty, www.GoPuntaCanaRealEstate.com , is comprised of professional brokers from the Dominican Republic and North America, and has more than 25 years of combined real estate experience. The company, popular for its Dominican hospitality and local knowledge, and North American standards of doing business, offers peace of mind by providing the necessary tools to ensure that every property purchase is a safe investment. With representatives around the world, the company offers one-on-one customer service. Its network of sales representatives includes USA, Canada, Puerto Rico, Russia, Spain, Portugal, UK and France.
Cap Cana Marina during construction. File photo
JUANILLO, Dominican Republic.- ‘Summertime, and the fishing is easy…’ Well, maybe not so easy if you’re fighting a big blue marlin out at sea. But, sport fishermen have several opportunities for landing a spot in a big-game sport fishing tournament at Marina Cap Cana between June 11 and Aug. 16.
From the early days of summer to the heat of mid-August, sport fishermen/women can participate in competitive, fun and varied sport fishing tournaments in the crystal clear waters of the Mona Passage. Marina Cap Cana will host eight consecutive weeks of sport fishing tournaments and related events, all geared toward serious anglers and those fishing for the sheer joy of it.
Participating anglers can spend a few days or the entire summer competing in fishing tournaments hosted by Marina Cap Cana. Special dockage rates at the marina, cash prizes and Cap Cana resort prizes (vouchers to luxury amenities) are on tap for the tournament. Social and entertainment events are on tap too, “making for some hot fun” and fishing - throughout the summer fishing season at Marina Cap Cana. Marina Cap Cana is managed by Brandy Marine International, L.L.C., a Sarasota, FL, USA firm with 32 years experience in marina management, consulting, marketing and design.
Three Major Big-Game Fishing Tournaments Hosted by Marina Cap Cana this summer:
- The White Marlin Invitational Fishing Tournament, June 11-13
- The Second Annual Cap Cana Classic Blue Marlin Invitational Fishing Tournament, Aug. 13-15
- The Anzuelo Dorado, a unique fishing season open tournament scheduled for the weeks in between the two marlin tournaments, or June 18 through Aug. 9.
Participants in this tournament must have a minimum of eight departures and a maximum of 12 departures for fishing, with prizes awarded to the top point-getters. Anglers have the flexibility of fishing on their own schedules (Thursdays through Sundays), while maintaining a running point total based on the minimum and maximum number of departures. Anglers who participate in this tournament will automatically be invited to participate in the White Marlin Invitational and the Cap Cana Classic Blue Marlin Invitational.
These are all catch and release tournaments
“Marina Cap Cana is an ideal port for sport fishermen during the summer months,” said Capt. Andrew G. New, the Marina General Manager. "White marlin have already begun biting less than two miles from the main entrance channel and are expected to be in abundance during the June 11-13 fishing tournament. Fishing for prized blue marlin off Cap Cana is projected to be superb from June through the end of August.”
The marina is strategically situated on the Mona Passage on the southeastern coast of the Dominican Republic. The Mona Passage is the body of water bordered by the Dominican Republic on the west and Puerto Rico on the east.
The Mona Passage is at the confluence of the Atlantic Ocean to the north and the Caribbean Sea to the south, creating world-class fishing grounds for white marlin and blue marlin. Other species caught in the Mona Passage, including sailfish, grouper, Dorado and snapper.
Promotional discounted dockage rates will be offered to sport fishermen participating in any or all of the three tournaments, including the Anzuelo Dorado tournament. Marina Cap Cana and the Cap Cana resort will host several festive events, including cocktail parties, dinners and live entertainment and during the summer fishing season.
Marina Cap Cana is a full-service destination marina. It is slated to become the centerpiece of the multi-million-dollar Cap Cana resort. The resort will be under construction over the next 10 to 15 years. Five signature golf courses, four, five-star hotels, and a marina with more than 1,000 wet slips are planned on the 30,000-acre site. The resort offers the Jack Nicklaus Punta Espada Golf Course and the Sanctuary Cap Cana Golf & Spa, a five-star Alta Bella.
Eddy Martinez, right, during a recent conference.
Modern infrastructure, proximity to key markets, stability and close collaboration between public and private sectors make the D.R. a prime country for investment, especially during the current global recession
Miami - On Tuesday, at a standing-room only event at Miami's Sofitel Hotel, the Dominican Republic's Export and Investment Center (CEI), presented compelling statistics to potential investors from South Florida showing why the Dominican Republic is a good place to invest, particularly during the current global recession.
A panel led by Eddy Martinez, secretary of state and executive director of the Dominican Republic's Export and Investment Center; Tim Searcy, CEO of American Teleservices Association; Jose Luis del Rio, general manager for New Tech; and Jaime Vargas, executive vice-president of Rococo Investments Incorporate presented an overview of the commercial opportunities that the Dominican Republic offers Florida-based sectors in technological software development, medical devices, contact centers and BPO companies.
Pointing to the Dominican Republic (D.R.) as one of only six countries in the world with preferential access to the U.S. and Europe, the panel stressed that the D.R. is the seventh largest trading partner with the U.S. in the Western Hemisphere and the fifth for Florida.
Political and economic stability, modern infrastructure, important natural resources and proximity to vast consumer markets attracted US$11,272.8 million in Direct Foreign Investment in 2008, and the country's GDP has shown consistent year over year growth for the past five years.
According to the U.N. Economic Commission on Latin America and the Caribbean (ECLAC) report released last week, foreign direct investment in the Dominican Republic rose by 83 percent in 2008.
According to Tim Searcy, an added factor that makes investing in the D.R. such a good idea is the unique, close collaboration between the government, education sector and the private sector.
To further increase its competitive edge, the country has implemented large-scale reforms that create an ideal investment climate and streamlined legal processes. Foreign businesses operating within D.R. borders face fewer obstacles than ever before, gain access to a host of special incentives, and receive hands-on assistance from the government every step of the way.
Martinez emphasized that the recent worldwide economic crisis has made the Dominican Republic aware of its assets, its services and people, and made it realize how critical stability and growth are during these times. Nevertheless, he assured the audience that, the Dominican Republic will continue to grow during 2009-2010 at a GDP growth rate of 2.5 - 3.5 percent, adding "the D.R is your bridge to prosperity."
Perceived as a tropical paradise, a land of sand and beaches, the fact that the Dominican Republic is a hotbed of investment for contact centers, software development and other high-tech industries, is one of the western hemispheres greatest kept secrets. The country also hosts a highly developed free trade zone system, efficient shipping networks, and the strongest telecommunications sector in Latin America.
"The call center sector in the Dominican Republic is growing and has proven to be the most dynamic despite the global crisis," confirmed Martinez. Today, more than 65 call centers exist in the Caribbean nation and offer approximately 22,000 direct jobs, making this the fastest growing sector in the nation.
Alex Abraham, one of several attendees already working to invest in the Dominican Republic stated, "The Dominican Republic is the ideal place for companies looking for growth and more opportunities." On the other hand, Ramon Rojas, chairman vice-president of Provitel, who already has five companies operating in the country said, "Working and investing in the Dominican Republic is worth doing over and over again."
Searcy began working with the Dominican Republic more than five years ago. According to Searcy, "companies don't buy what they want or what they need, they buy what they can defend, and in my opinion buying into the Dominican Republic is the most defensible buy a company could ever make."
One of the clearest messages conveyed during the event was the value of the Dominican people. Thanks to the government's vision to promote education, Dominican's are extremely bright people who possess talent, creativity and training. According to Martinez, "Dominican's are trilingual - they speak Spanish, English and Business language."
Ajay Koppu, Director ERP Practice for the Miami office of Kaava, an India-based software development and solutions implementations company they are "definitely interested in looking at the Dominican Republic and learning more about how to do business there. The DR seems very approachable because of its proximity, bilingual capabilities and its friendly people."
As Searcy said, "When people ask me about my business experiences in the Dominican Republic, I am fortunate I don't have to talk about labor or the cost of labor. Instead, I am able to talk about the ability for my companies to solve business problems due to cooperation, something you do not get easily anywhere else. The DR is the jewel of the Caribbean and Latin America. It's the ideal partner for a foreign investor."
SANTO DOMINGO, Dominican Republic, May 8 Cap-Cana-RestructuresSANTO DOMINGO, Dominican Republic, May 8 /PRNewswire/ -- Cap Cana, S.A. ("Cap Cana" or the "Company") announced today that its exchange offer and consent solicitation (the "Exchange Offer and Consent Solicitation" or the "Exchange") for the restructuring of the company's US$250,000,000 of 9.625% Senior Secured Notes due 2013 (the "Existing Notes") has been consummated, with over 95% of aggregate principal amount of Existing Notes being validly tendered and accepted. Numerous institutional investors in Europe, North America, Asia, Latin America, and the Caribbean participated in the Exchange Offer and Consent Solicitation. The closing of the Exchange is expected to be formalized by the end of this week.Dr. Ricardo Hazoury, President of Cap Cana said, "The worldwide credit and liquidity crisis, that was exacerbated after the bankruptcy of Lehman Brothers in September of last year, virtually shut down the international capital markets for large Latin American issuers such as Cap Cana. This successful issue of new bonds in exchange for the bonds that we had issued in 2006 marks the beginning of the thawing of markets for the Latin America region as a whole." George Spence, Cap Cana's Executive Vice President, added that, "The Company's board of directors understood from the start of the global financial markets crisis that its objective must be to position Cap Cana to be the first in the region to publicly address the effects of this crisis, but at the same time, adopt a clear strategy to maximize the viability of the project for all of its stakeholders, and bring the Company out of that crisis completely restructured.""Beginning in the fall of last year, we aggressively implemented a series of restructuring and cost reduction measures which slashed our operating and administrative expenses. We then sold off the Company's participation in a large joint venture sub-project which not only raised cash, but also took US$37 million of debt off of our books. Next, at the end of 2008, the US$100 million Term Loan that had been provided by important international lenders was completely repaid. At the beginning of 2009, we initiated a restructuring process for our US$250 million of Senior Secured Notes due 2013. This transaction has the effect of reducing Cap Cana's indebtedness by over US$50 million, and reducing the Company's obligations for payment of interest and principal for the next five years to one fifth of the amount of cash required prior to the restructuring transaction. The Exchange also extends the maturity schedule for the repayment of principal from 2010-2013 to 2014-2016. Overall, this has been one of the largest, most complex, and fastest moving restructuring processes carried out in the Dominican Republic," added Spence. Dr. Ricardo Hazoury added that "Any visitor to Cap Cana can clearly see the significant development and the mature stage achieved by the project to date, which is visible through the extensive infrastructure and other improvements completed to date, including the network of paved boulevards and roads, power generation and distribution systems, water reservoirs and associated distribution networks, telecommunications, championship golf courses, hotels, the marina, hundreds of real estate properties delivered to buyers, including villas, condos, and lots, as well as the Cap Cana Heritage School, with approximately 300 local and international students in attendance, and very soon, as previously announced, the opening of the extension campus of the Universidad Iberoamericana university." Furthermore, Dr. Hazoury added that "As a result of our successful debt restructuring initiatives, this month we will be re-starting the construction and development of real estate products within Cap Cana, which were temporarily scaled back at the end of last year," in response to the acute effects of the crisis. "We are deeply grateful for the support that we have received from our international creditors, which have demonstrated their confidence in the long-term viability of Cap Cana by accepting to extend their debt maturities to 2016. At the same time, we are also thankful to our local financial institutions, which have been providing support for the project since its inception, financing the growth of Cap Cana as the largest tourism destination and real estate development in Latin America and the Caribbean region."Cap Cana was advised in this exchange offer by The Weston Group, as dealer manager, and by Simpson Thacher & Bartlett LLP, as legal advisor, both of which are based in New York.
The east coast of the DR continues to be the fastest growing area in the Caribbean, currently with 62 hotels and 31,500 rooms for 48% of the total lodging inventory in the DR, said Ernesto Veloz, president of the Punta Cana and Bavaro Tourism Cluster in his overview address to the Dominican Annual Travel Exchange (DATE) meeting held at the Barcelo Bavaro Convention Center in Punta Cana last week. Veloz spoke of several large hotel and residential complexes that are under construction, including the expansion of the Royal Catalonia, Westin Roco Ki, Bahia Principe Esmeralda, Punta Cana Village, Hacienda Punta Cana, expansion at the Palladium, and works at Iguana in Cap Cana. He predicted that the eastern coastline would have 51,000 hotel rooms by the end of this decade. Veloz said that this year they are seeing a 1% decline in travel compared to 2008, minimal at times when many destinations are seeing double-digitted declines.
New hotels for the 2008-2009 tourist season include the Iberostar Grand Hotel Bavaro, Moon Palace and The Reserve at Palma Real.
Veloz highlighted the way in which the east coast continues to strengthen its positioning as the leading golf destination in the DR, with nine courses in operation, three under construction and eight others approved by the Ministry of Tourism and the Ministry of Environment. These include courses under construction at Iberostar, Hacienda, Iguana, Palladium, Cana Bay, and approvals for courses at Cap Cana, Capo Bella, Vista Cana, Punta Perla, Elliot Miches and Tropicalia Miches.
He also mentioned important developments like the private sector and the government working towards an agreement that will enable the completion of the Tourist Boulevard, which expedites ground transport in the region, with the adoption of a toll business model to finance the completion of the highway.
Veloz announced that the Ministry of Tourism had approved the land use plan for the area that will serve to improve the organization of development, as communities are integrated with tourism developments. "We will put the long pants on Punta Cana," said Veloz referring to the coming of age of Punta Cana. He said the ground use plan would be instrumental in promoting urban renewal in the area where thousands of construction workers have spontaneously created slums, lacking basic services.
This land use plan involves setting up a private corporation, with state participation, to oversee the development of the Punta Cana aqueduct and sewage and waste management in the area. Veloz said that this is planned for the central reservation of the Tourist Boulevard where the piping for these services will be installed. He announced that the plans also involved the use of gray waters for irrigating the golf courses in the area.
Finally, he announced that lighting was a priority for the Cluster, along with signage, so that visitors can be encouraged to visit all the parts of the east coast.
Minister Francisco Javier Garcia highlights creative marketing approach, urban space projects, sustainable tourism, and increasing cruises and highway developments
BAVARO and PUNTA CANA, Dominican Republic, April 24 /PRNewswire/ -- The Dominican Annual Tourism Exchange (DATE) held in Punta Cana April 20-22 drew international tourism buyers and media to the Dominican Republic (DR), the Caribbean's "It" destination for natural beauty, amazing eco-tourism and a growing wealth of sophisticated hotels and resorts.
During the country's annual tourism conference, Minister of Tourism Francisco Javier Garcia stressed that the government will continue its strong investment in DR tourism infrastructure including building the Atlantic Boulevard in Puerto Plata, the revitalization and development of major highways and roads, and an "even deeper commitment to ensuring that the natural beauty of the DR is sustained for generations to come."
Garcia announced the DR's long-term commitment to developing beautiful, well-lit urban spaces where tourists can walk among shops and restaurants while experiencing the friendly culture and easy-going lifestyle of Dominicans. He noted the urban space developments will take place in cities like Punta Cana, Puerto Plata, Santo Domingo and Samana. Garcia also highlighted the concerted effort by the country to revitalize roads and build new highways, including a highway from Santo Domingo to Samana that shortens drive time from 5.5 to 2 hours and a planned highway from Santo Domingo to Punta Cana that will shorten the drive from 3.5 to 2 hours.
In addition, cruise tourism to the DR is growing with the newly opened Sans Souci terminal in the port of Santo Domingo and more cruise ships are regularly stopping in Samana and La Romana. He also noted that a study is underway to develop the port in Puerto Plata.
Referring to the global economic crisis, Tourism Minister Garcia said, "We have applied creativity to this situation, implementing increased advertising and promotions and signing new and expanded agreements with tour operators. We are opening nine new tourist offices including six in the U.S. and three in Europe, intensifying our presence in many international key markets while also working with airline partners to increase and maintain airlift to the DR."
"Our country continues to attract international projects and capital from around the world. Savvy investors realize the DR is a very safe investment for tourism business," he said. "Our tropical sunny climate, world-class seaports and marinas, eight international airports and growing list of upscale hotels and resorts are not going away. Our stunning coastal areas and the annual appearance of humpback whales in Samana, our unspoiled beaches, pristine mountains, and inland rivers and waterfalls are not going to go away."
The DR is taking a multidisciplinary approach to tourism, business and environmental issues. "The public and private sector are working hand-in-hand creating new projects that make sense for our environment, businesses and especially our families' and visitors' well-being."
In addition, First Lady of the DR Margarita Cedeno de Fernandez presented the DR's innovative national Responsible Tourism program at the conference and asked the tourism industry to stress quality over quantity. The DR's Responsible Tourism efforts will incorporate both public and private sector support to encourage the country's growing tourism industry to create and support programs that provide jobs for deserving families and sustain the DR's unspoiled natural beauty. For more information, visit: http://beta.primeradama.gob.do/.
During the event, Garcia also highlighted a special approach to sustainable tourism developments in the DR's southwest region, noting the area is the most bio-diverse territory in the Caribbean. There are plans for an educational institution near Baharona that will study the wealth of species, fauna and flora in the southwest with over $900 million being invested into innovative sustainable tourism developments in the southwest that could serve as global models.
The Dominican Republic's first tourist was Christopher Columbus in 1492. Rich in history, the DR has developed into a diverse destination offering both Dominican and European flavors to more than one million U.S. visitors each year. Named #1 Golf Destination in Caribbean & Latin America by the International Association of Golf Tour Operators, the DR boasts 25 designer golf courses, upscale resorts, pristine nature, and sophisticated cities and quaint villages filled with warm Dominican people. The DR features the best beaches, fascinating history and culture, and is a chosen escape for celebrities, couples and families alike. Visit the Dominican Republic Ministry of Tourism's official Web site at: www.GoDominicanRepublic.com or call 1-888-374-6361 for more information.
The International Monetary Fund (IMF) and the Economic Commission for Latin America and the Caribbean (ECLAC) are predicting that the DR economy will grow this year, despite the current economic difficulties. ECLAC expects the DR to post a GDP growth of 1.5%, the same as Panama, Guatemala and Honduras, while Nicaragua (1%) and El Salvador (0.5%) are also on the plus side list. Costa Rica is expected to show negative growth. In the report, "Facing the crisis: Central American Isthmus and Dominican Republic: Economic Development 2008 and Prospects for 2009," ECLAC economists say that the final outcome will depend on the success of measures taken by each nation to deal with the present global economic crisis.
Igor Paunovic, head of ECLAC's economic development unit, warns about a reduction in exports due to "a contraction in external demand" that is especially evident in the United States where preliminary data reveals that the trade balance in January 2009 registered a 25% decrease compared to January 2009. The IMF said that the DR's economy would grow during the next two years. In its report on economic prospects, the international organization pointed out that the Caribbean region as a whole is suffering from the reduction in the prices of raw materials and thereby a reduction in the value of exports. Other negative factors that affect the Dominican Republic are the weakening of tourism and the decrease in remittances from emigrants in the United States and Europe.
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SANTO DOMINGO. - The Civil Aviation Board (JAC) on April 15 approved new flights by different air lines to and from the Dominican Republic, among them Martinair Holland, N.V., to change its operation permit to include the regular flight Amsterdam-Varadero-Punta Cana-Amsterdam.
Air Berlìn, PLC was also authorized to operate regular flights and charters from and to Dominican Republic, said the JAC.
Moreover, Ecuador’s Tame Airline will have 9 flights between Quito and Punta Cana; Skyservice Airlines, Inc. will have 5 charter flights from Toronto to Punta Cana, and Skyway air cargo another 22 charter flights from Aguadilla to Santo Domingo.
Meanwhile Livingston Airline, SPA will have 6 charter flights between Rome, Milan and La Romana; Canada’s Canjet Airlines will offer 15 flights between Toronto Fredericton, Halifax, Puerto Plata, Punta Cana, and St. Johns.
The Spanish company Iberworld will provide 19 charter flights between Punta Cana and Madrid, whereas the company Edelweiss Air will offer 4 non-regular flights between Germany, Zurich and Punta Cana.
Miami.- The Dominican Republic remains the second-safest country in CAFTA, while Haiti remains the most dangerous country in Latin America for foreign multinationals and their executives, according to the third annual Latin Security Index developed by FTI Consulting Ibero America for Latin Business Chronicle. Within CAFTA, only Costa Rica is safer. In fact, the Central American nation is ranked as the safest in all of Latin America, ahead of countries like Chile and Uruguay.
The Dominican Republic maintained its score of 3 from last year and a 6th place on the ranking, making it safer than Ecuador, but less safer than Argentina. 1 represents a non-dangerous country and 5 represents a very dangerous country. No Latin America achieved 1, but three - Costa Rica, Chile and Uruguay - got 2. Haiti was the worst country in Latin America, with a score of 5.
The ratings are based on official numbers from Public Security Secretariats, Local Police, Governments, Nongovernmental Organizations (NGO) and Institutes of Crime Investigations. All countries kept their ranking from last year except Venezuela and Colombia. Venezuela replaced Colombia as the second-most dangerous country in Latin America thanks to growing crime, homicides and kidnappings.
Overall, security is likely to get worse in Latin America thanks in part to the economic slowdown and probable recession this year. "Key issues affecting public insecurity in the region are the current macroeconomic crisis affecting the world, which has led to massive lay-offs and social unrest in some of the countries," says Frank Holder, senior managing director at the international risk and investigations group at FTI Consulting.
Santo Domingo.– The Dominican Republic offers some of the best bargains currently available on the world property market, according to experts.
A representative at the foreign investment portal, Property Abroad, believes the country offers the perfect tonic to global markets, which have been battered by the credit crunch.
According to Les Calvert, director of the website, a two-bedroom property in the resort of Sousa, for example, would cost a foreign investor less than in any other Caribbean hotspot.
"Prices are astonishingly low, even for near completed developments. "When you consider the massively rising tourism to the Dominican Republic in the last few years and its continuing despite the credit crunch because of the low cost Caribbean holiday it offers, it becomes an incredibly buy," he pointed out.
MSNBC News
http://www.msnbc.msn.com/id/30004930/
Real Estate Business Move to Dominican Republic a Booming Success in Face of Failing US Economy
Dreams of Returning to the Caribbean Come True for a South Florida Real Estate Broker in an Unlikely Way; The Failing U.S. Economy, Led by Its Housing Crisis, Has Given La Costa Destinations International Realty New Life by Permanently Moving to Punta Cana, Dominican Republic
PUNTA CANA, DOMINICAN REPUBLIC--(Marketwire - April 2, 2009) - The Caribbean called Scott Medina back home, and he's glad he listened.
While the economic landscape in the US is looking grim these days, the blue-sky view from La Costa Destinations International Realty's new headquarters in Punta Cana Dominican Republic shines bright with promise. Demand for property is high, and sales are strong. "It's a success story," says owner-broker of the company.
Originally from Puerto Rico, and having done business in the US all his life but concerned about today's plummeting economy, this Florida agent has found a silver lining. It's taking business outside the country to the sugar-colored beaches of the Caribbean, as he's always dreamed.
"After two years of doing so well, we've decided to relocate permanently. I knew my return to the Caribbean was coming," Medina says.
La Costa Destinations International Realty is a growing network of international brokers promotingPunta Cana real estate around the world. Although company staff has been in place in Punta Cana Dominican Republic for the past two years, Medina plans to relocate there in May, finalizing the move. Until then, Medina will continue to travel and manage business from Florida with the help of his partner, Emil Montas, a current resident and native of the island.
Why Dominican Republic? Medina explains that tropical destinations are appealing to US baby boomers and European retirees. Now more than ever, baby boomers preparing for a carefree life are looking for value in their dream getaway in the tropical climates where their pensions will buy more and they may have access to services they may not necessarily have at home. High real estate taxes and a floundering US economy have many retirees from North America seeking alternatives in the international real estate market. As it turns out, Dominican Republic is among the top ten destinations in the Caribbean, Central and South America for places to retire, along with Mexico, Costa Rica, Belize, Panama, and Brazil.
Once described by Christopher Columbus as "a beautiful island paradise," the lush and culturally diverse Dominican Republic is the second largest Caribbean nation, making it an attractive alternative to settling in the US. "The Dominican Republic has it all," says Minister of Tourism Javier Garcia who speaks of its unspoiled beauty, diversity and accessibility.
However, the island cannot help be touched by global economic winds and the US slowdown, with 32 percent of its visitors arriving from the United States, 19 percent from Canada and 40 percent from Europe, according to the Central Bank of the Dominican Republic. The United States, Canada, Western Europe and Japan buy the majority of Dominican Republic exports, which makes the country vulnerable to global economic conditions.
Contrary to belief, the Dominican Republic government encourages foreign investment, is economically stable, and has adequate modern transportation and telecommunications infrastructure, opening itself to comparison with developed nations. Long-term prospects for Dominican Republic remain attractive, Medina says. In the current global economic crisis, real estate prices have remained stable. In addition, developers are willing to negotiate, offer incentives and more favorable buying conditions. And although many Punta Cana resorts have slowed their brisk construction pace, building remains steady since demand for Dominican luxury real estate remains high.
According to a recent report by Dominican Republic Ministry of Tourism, visits increased in 2008 with more than 3.4 million guests choosing the Dominican Republic as their vacation destination -- a 1.45 percent increase compared to the same period in 2007. US tourism remains steady, with more than one million arrivals for the fourth consecutive year, and North American visits faring consistently better than those from Europe by about 24 percent.
While Medina expects big bank developments that rely on large financial institutions will likely suffer, the interest of worldwide investors to participate in such highly successful resorts like Cap Cana has made it much easier for the group to negotiate new financing with other banks. For second homebuyers and retirees, Dominican Republic has a wealth of natural resources -- from beautiful beaches to pristine golf courses and breath-taking mountains -- that will continue to attract a wide range of buyers.
"With every downturn, opportunity is always nearby. Terrific value can still be found in pristineDominican Republic real estate," says Medina. "You can still be carefree when you need to be. My dreams of returning to island life have come true!"
About Us
La Costa Destinations International Realty, www.GoPuntaCanaRealEstate.com, is comprised of professional brokers from the Dominican Republic and North America, and has more than 25 years of combined real estate experience. The company, popular for its Dominican hospitality and local knowledge, and North American standards of doing business, offers peace of mind by providing the necessary tools to ensure that every property purchase is a safe investment. With representatives around the world, the company offers one-on-one customer service. Its network of sales representatives includes USA, Canada, Puerto Rico, Russia, Spain, Portugal, UK and France.