gordcameron
3/8/2015 11:31 EST
Hi everyone,
I live in Toronto Canada and have been looking at the DR for my wife and I to retire to. We have lots of questions that I hope you can answer, such as how to keep our Canadian citizenship and live in the DR? Can you own your own house as I have heard the bank always holds the title even if paid in full? Health insurance is another big thing.
Looking forward to getting some heads up info and opening a dialogue.
Gord
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boater
3/8/2015 15:22 EST
You should be able to get permanent residency in the DR without giving up your Canadian citizenship. With it you can legally live and work in the DR. I have not heard of banks holding your property title even if you have paid your mortgage. Certainly if you buy property outright you get to hold your title without any bank involved. In any event, interest rates in the DR are quite high, so purchasing with cash is best, even if it is with with a loan back in Canada. Medical insurance is available in the DR and is quite inexpensive compared to US insurance. I don't know about Canada.
Policies do have limits on total payouts and do not cover pre-existing conditions. There are free public hospitals, but quality of care may be an issue. Hope this is helpful.
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LaryJ
3/8/2015 16:19 EST
I know Americans can hold dual citizenship, I assume same is true for Canadians. Regarding holding title to real estate, you can own free and clear title and hold the deed to real estate you purchase. Of course if there is a mortagage, the mortgage company typically either holds the title or at least a lien on the property. Definitely agree with other responder, much much cheaper to get any loans you need in your home country rather than in the DR where rates are much higher, Obviously a cash purchase is the way to go if you can. Health care is definitely much less costly than in the US. My experience in an ER, for example resulted in a total bill for everything of $170 in the DR compared to similar treatment in the US totalling over $12,000. I have heard similar stories from other expats for everything from gall bladder removal to heart bypass surgeries. Check around with others about which facilities or practitioners they recommend, as anywhere else the quality can vary. There are some good articles and video interviews with expats about all these topics over on the DRescapes.com website where they offer a free tour of the North Coast of the DR.
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Mikeytraveller
3/8/2015 18:04 EST
Hi Gord,
I am from Toronto Canada too. I have been living in Puerto Plata for over eleven years with residency and it has nothing to do with your Canadian citizenship. I also own property here and have the title. My website about the beautiful community I live in is www.costambar.org . Please feel free to email me with any questions you may have.
Mike
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Bikilinda
3/12/2015 20:22 EST
I am a canadian citizen and have lived here, as resident, during 8 years. It has nothing to do with your citizenship. My husband and I are 60+ and bought an apartment within the first 6 months of our stay here, in Santiago. It is advisable to do your deep analysis to decide what and where is convenient to you, being a retired person. If you want more details send your email and I will contact you
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sparkymcbiff
3/14/2015 13:02 EST
LaryJ has posted a total of three times to this forum and each one of them is little more than an ad for DRescapes.
It's obvious that there are people here who's only function on this forum is to push a product or a service.
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