Expat Advice: Financial Issues in Las Terrenas, Dominican Rep

What is the name of the city or town that you are reporting on?

Las Terrenas

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

I am a retired expat. No I did not close my UK bank account but I open a new ones here: an US$ account and a DRpeso account. Not a lot of meaningful banking differences but a little more expensive.

Abreu & Associates Immigration Services
Connect

Abreu & Associates is a law firm practicing exclusively in the area of the Dominican Republic Immigration process and Nationality law. The firm serves as a trusted advisor in all practice areas of immigration law including Visa, Provisional Residency, Permanent Residency, Renewals, Investment Management, Dominican and American Citizenship, and Dominican Driver's License.

Click connect to have our partner contact you via e-mail and/or phone.

Abreu & Associates Immigration Services

Abreu & Associates is a law firm practicing exclusively in the area of the Dominican Republic Immigration process and Nationality law. The firm serves as a trusted advisor in all practice areas of immigration law including Visa, Provisional Residency, Permanent Residency, Renewals, Investment Management, Dominican and American Citizenship, and Dominican Driver's License.
Connect

Click connect to have our partner contact you via e-mail and/or phone.

What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Do as above.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

None really except for learning enough Spanish to understand the terms and conditions.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

The only good advice I got was to do what I have done as above.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

Retirees have no tax in RD. otherwise I do all my own.

What advice could you offer others about doing your taxes as an expat?

For high income persons I have no experience, for moderate incomed see above.