Re: Taxes on Pensions
From what I know, there is no mechanism I know of that the government can use to tax pension plans from the U.S.
Of course, anything you declare here now may cost you, because the government has changed into a very agressive collector and creator of new taxes, and they will figure out a way to get you.
Dominican polititians are eager to get their hands on your hard earned money any way they can to stuff their pockets.
Dont show off too much here or someone will snap your dough.
Houses pay taxes. The bigger the more you pay. There is a luxury tax on residences of 1% of assesses value a year. For instance, a house that is assessed at $2,000,000 pesos will pay to the Internal Revenue Department $20,000 pesos a year. When you build your place you will have to title it. That will cost about $10,000. Taxes will be heavy if you buy or purchase cash, but if you take a loan from a savings and loan association, the taxes will be much lower(about 2% I think)
There are changes being made to the laws now. Recently the luxury limit was raised from 1.3 mil. to 1.5 mil.It could very well be that they may have to increase it more because almost any house here exceeds $1.5 million.
|