Rise in Puerto Ricans choosing Dominican Republic for retirement

Santo Domingo.- The Dominican consul in Puerto Rico, César Cedeño, has reported a notable increase in the number of Puerto Ricans opting to retire in the Dominican Republic.

From October 2022 to 2024, the consulate processed residency visa applications for 232 foreigners, with a total of 360 including official visas. Cedeño attributes this growing interest to several appealing factors such as enhanced legal security, the welcoming Dominican climate, available services, and favorable exchange rates.

“Legal security in the Dominican Republic has significantly improved. The country is well-prepared to host thousands of tourists, and the cost difference is substantial. Spending $2,000 in the Dominican Republic, where the exchange rate is approximately 58 pesos per dollar, differs greatly from spending the same amount in Puerto Rico,” he explained.

Geographic proximity, with flights under an hour, and cultural similarities in music and cuisine also influence Puerto Ricans’ choice. The Dominican Republic facilitates residency regularization for foreign citizens, especially retirees, annuitants, investors, and professionals, processing Puerto Rican residencies through the consulate, which houses various Dominican government agencies.

In 2023, the General Directorate of Migration (DGM) granted 58,629 permanent and temporary residencies to citizens from over 60 countries. Americans, including Puerto Ricans, ranked fourth with 2,120 residencies, following Haitians, Venezuelans, and Cubans in the top three spots respectively.