Moving to the Dominican Republic and Financial Survival
Making the decision to move here, should be done with a great deal of consideration. Many who have ended up living here, came for several vacations 1?st, even though many have moved here after their 1?st or second visit. One of the most important questions is, how are you planning to survive financially?
Unless you have a healthy pension, a secure overseas income or a lot of money behind you, then be aware that if you want a lifestyle with a decent rental apartment/house, car, petrol, schooling for kids, internet, phone, power, security and your grocery bill etc… then it will easily require anywhere from $2500 and upwards per month. That’s not including the “unforeseen” expenses like being ripped off by uniformed forces, local traders and fellow residents.
Especially on the North Coast the economy is currently at all time low, mainly caused by a corrupt government and many politicians who have managed to steer the Tourist to other areas like Punta Cana by raising taxes on airline tickets so that many airlines have shut down their routes to Puerto Plata.
If you plan to find work here, then there are very few jobs on offer, so make sure you secure this during a vacation here.
If you plan to start a business here, then be aware that the entire economy is struggling here, and getting money from clients in some trades are not an easy task. Also be aware that the labor laws are very aggressive (especially if you’re a Gringo, they will go after all they can get if you have a dispute about something with a staff member). The laws are very discriminating compared to many other countries, here the majority of your staff must be Dominican, rather than having the right to choose the best applicants.
Many monopolies also exist here, and often it’s more about who you know than what you know. If you’re planning to construct something in order to do your business, then be aware that unless you get the right advice (and the right construction firm with good connections) then often such constructions will be tackled, with demands for ridiculous sums to allow you to continue.
If you’re planning to rent a space and start trading some kind of product or service, then be aware that it won’t take long before all sorts of money hungry parasites will come running to your business address, trying to milk you for money. A good rule is never pay a field guy, as in many cases they are not from a legitimate department, but rather some trickster with a fake plastic badge! For some reason, they usually drive SUV’s – normally Mitsubishi Montero’s with tinted windows and have some political party sticker on their vehicle.
If you are able to operate here as a consultant for an overseas company without the need for an actual office, then this can save you a lot of headache and money. Especially the Sosua – Cabarete has for years been the magnet of some of the “misfits” of other societies from both within the DR and from other countries, so be very careful not to jump in feet 1?st into a partnership or trusting the 1?st supplier that you come across. The Nice People Networking club might be the club for you, as their values lean on finding the ethical traders in the region and connecting you to them.
When living here, you will see people living very different lifestyles, based on their financial ability to allow themselves time out for leisure or with their loved ones and for relaxation. So be extremely honest with yourself when you try to decide on moving here (especially to make money) as here we continue to see the Dreamers arrive, only to leave again within 6 months to 2 years after their business failed.
Proper Planning Prevents Poor Performance!
Category: DR Living |