When the age for retirement comes around, a lot of individuals are ready to leave their hometown for a more relaxing environment. The option to go somewhere warm and tropical is attractive a lot of people, and for good reason.
Tropical destinations such as the Dominican Republic are highly sought after for many reasons. Today we will discuss the pros and cons of retiring in the Dominican Republic so that you can thoughtfully make a decision on the right place for you to spend your retirement days.
Pro: Warm, Tropical Climate
If you are someone who is the happiest laying on the beach or by the pool with a cold beverage in hand, the Dominican Republic may be somewhere that you want to further look into for a retirement home.
In addition to a warm climate, the Dominican Republic is also home to tropical parks. If you are an avid outdoor adventurer, you will have plenty of new spaces to explore at your own leisure.
Con: The Heat Doesn’t Go Away
While the warm tropical climate is appealing to many, it is not for everyone. The weather in the Dominican Republic averages a temperature of 82 degrees Fahrenheit. This is definitely a warm average! If your body does not thrive in warm climates, this may not be the place for you.
Pro: The Dominican Republic is Rich in History
If you are a history buff, you will love spending time learning about the history of the Dominican Republic first hand. Rich in Spanish heritage, the Dominican Republic has an intriguing history that will leave the history buff wanting to learn more.
From learning about early settlers to languages and religions, there is a lot to explore!
Pro: Low Cost of Living
When thinking about retirement, often finances are a restraining factor. If the Dominican Republic seems like an attractive option, you may not have to worry about finances.
A one-bedroom in Santo Domingo would cost you around $400 a month and if you opt to live outside of the city you could save a little more. Apartments outside of the city center will only cost about $250.
Even if you wish to live in Punta Cana, an apartment will only cost about $440. This is an incredible price for the southern tip of the island!
Pro: An Easy Process
If you are retiring, you probably do not want to deal with a long drawn out process. Luckily, the process for retiring in the Dominican Republic is fairly simple.
According to investoopedia.com, any person can retire in the Dominican Republic if they can show proof of a monthly pension as well as $250 for each person traveling with them.
In addition, the process only takes about 45 days. If you make the decision to move now, you can be in the Dominican Republic in no time!
Con: Being Away from Family and Friends
This is probably the biggest con of retiring in the Dominican Republic if it applies to your unique situation. Unfortunately, not everyone has the luxury of living in a tropical oasis so you may be a lot further away from family and friends that you are used to seeing frequently.
However, you could always take a trip back home to see them whenever you see fit. Even better, your family and friends would have a great excuse to vacation (to see you of course!.
We hope that we have helped make your decision easier by laying out the pros and cons of retiring in the Dominican Republic. For more information about the Dominican Republic, click here or here.