This article looks at the 12 best places to retire in Dominican Republic. If you wish to skip our detailed analysis of Dominican Republic’s economic growth and foreign investments, you may go to the 5 Best Places to Retire in Dominican Republic.
Dominican Republic’s Economic Growth and Foreign Investments
According to the World Bank, the Dominican Republic has been one of the fastest-growing economies in Latin America over the past 50 years. In 2022, real GDP in the country grew by 4.9%, primarily driven by services. In the same period, the hotels, bars, and restaurants sector grew by a remarkable 24%. A resurgence in global tourism and an effective government vaccination campaign have been responsible for this growth. Following this development, there has been a decline in poverty levels, while the middle class has witnessed a notable swing. Despite all these positive aspects, growth sectors have failed to expand economic opportunities for the country or even improve the quality of life for its people to a great extent. For this reason, efforts are being made to attract foreign direct investment to the country that can help achieve the same.
Many American companies have already chosen to establish an industrial presence in the Dominican Republic. Companies such as Eaton Corporation plc (NYSE:ETN), Johnson & Johnson (NYSE:JNJ), Medtronic plc (NYSE:MDT), and Baxter International Inc. (NYSE:BAX) are few such companies that have made the country an industrial hub for their operations. While it is true that these companies have been making the most out of the Dominican Republic, the country’s actual offerings in terms of quality, connectivity, and productivity can be finely highlighted through its relationship with Jabil Inc. (NYSE:JBL). Jabil Inc. (NYSE:JBL) is an American worldwide manufacturing company that specializes in outsourcing manufacturing for companies such as Tesla, Inc. (NASDAQ:TSLA).
Only recently, Jabil Inc. (NYSE:JBL)’s site in the Dominican Republic is the first to achieve MedAccred accreditation for Plastics Mechanical Assembly. This accreditation meets the audit requirements set by MedAccred subscribing members – including Baxter International Inc. (NYSE:BAX), BD, Boston Scientific, Edwards Lifesciences, Johnson & Johnson (NYSE:JNJ), Medtronic, and Philips, etc. Through this accreditation, critical manufacturing processes will be able to meet industry consensus requirements, thereby leading to the production of high-quality end products that ultimately enhance patient safety. Jabil’s Dominican Republic operations support Jabil Healthcare, a division of Jabil, which aims to provide expertise in manufacturing and supply chain solutions.
As such, it is safe to say that the Dominican Republic has successfully attracted medical device manufacturing to the country due to its free trade zones, an initiative that provides a specialized logistics launching platform, and attractive tax incentives to companies. These companies are not only contributing to the economic growth of the Dominican Republic, but are also actively participating in community initiatives aimed at reducing crime rates and cultivating a skilled technical workforce. In particular, the USAID has been partnering with a free trade zone called PIISA Industrial Park, whose tenants include Baxter International Inc. (NYSE:BAX) and Johnson & Johnson (NYSE:JNJ), to recruit and retain at-risk youth and boost their workforce skills.
Since the Dominican Republic has been actively welcoming foreign investments in the country to enhance economic opportunities and raise the quality of life for its people, it is no wonder that more and more expats are attracted to the country. It is already one of the cheapest countries for retirement, and expats love to come here to stretch their retirement savings further than they can in their home countries.
Retiring to the Dominican Republic
Known for being one of the best retirement destinations in the Caribbean, the Dominican Republic stands out as an attractive choice for retirees. Its appeal is bolstered by its natural beauty, affordability, and delightful climate. As of 2022, 5,217 Social Security Benefits were claimed from within the country, reaffirming the country’s status as one of the most popular overseas retirement destinations.
There are many pros and cons of retiring in the Dominican Republic. As discussed, the country has one of the most affordable living costs, and living off social security is very much possible in the country. Even large cities such as Santo Domingo have much lower costs than the United States. Moreover, delicious food isn’t all that expensive here, either. Traditionally, a typical meal costs only a few dollars in the Caribbean. Street food and even high-end restaurant food are all reasonably affordable as well. Beaches are only short drives away, which means lots of relaxation and activities to enjoy. Last but not the least, healthcare in the country is highly affordable.
However, there are also some disadvantages to living in the Dominican Republic. For instance, the quality of healthcare is low. Public hospitals are not preferable for treatment for expats, and it’s best to avail private healthcare that is decent, although it is not as good as it is in the States. Expats may also be at risk of theft or robberies, so it’s best to stay in safe communities and cities only.
For this reason, we have developed a list of the best places to live in the Dominican Republic, so retirees can explore their options and decide which one is best suited to them. Many retirees often get confused between Panama, Dominican Republic, and Costa Rica when choosing where to retire. When deciding between Panama vs the Dominican Republic for retirement, or even Costa Rica vs. Dominican Republic for retirement, retirees should know that Panama offers financial stability, modern amenities, and diverse landscapes. Meanwhile, the Dominican Republic is revered for its low cost of living, natural beauty, and rich cultural experience. Moreover, retirees prefer Costa Rica for its excellent healthcare, stunning natural beauty, and stable political environment. You may read our articles on the best places to retire in Costa Rica and the best places to retire in Panama to further explore your options.
Methodology
To compile the list of best places to retire in the Dominican Republic, we have looked at sources such as Expat Exchange, Adam Fayed, Live and Invest Overseas, amongst others. We also explored several forums such as Reddit, Quora, and others forum to determine what expats say are the best places in the country to retire to.
A consensus approach was used to rank the places. One point was awarded to a place each time a source recommended it. Scores were summed up, and places were then ranked in ascending order from the lowest to the highest scores.
The cost of living figures discussed below pertain to an individual retiree living in the Dominican Republic. This cost also includes the rent of a one-bedroom apartment in the city/town center. The figures are sourced from International Living and Nomads List, amongst others.
12. Juan Dolio
Insider Monkey Score: 2
Juan Dolio, a small seaside community in San Pedro de Macoris province, is an idyllic retreat in the Dominican Republic. Boasting a tropical climate and laid-back lifestyle, it offers picturesque beaches ideal for sunbathing, swimming, or simply basking in the sun. The yearly average maximum temperature in Juan Dolio remains a delightful 86°F.
There are two country clubs, Metro Golf and Country Club and Guavaberry Country Club, for retirees to enjoy. Café Bistro, Nico’s Beach, and Sal Marina offer some of the best locally sourced seafood, freshly squeezed juices, and mojitos. Meanwhile, local street vendors can be found everywhere. The people in the community are amiable and welcoming, hailing from different backgrounds. On average, an individual expat can expect to live here on $1,500 per month.
11. Jarabacoa
Insider Monkey Score: 3
The quaint, small town of Jarabacoa is nestled in the foothills of the Dominican Alps. Also known as the “City of Eternal Spring,” the town is celebrated for its tropical climate; where average temperatures gracefully embrace 84°F during summers and a comfortable 77°F throughout the winter months. It is further dotted by waterfalls and one of the longest rivers in the Caribbean, the Yaque del Norte, opening up an entire world of outdoor water adventures for retirees. The town provides a wide range of lodging options too, from riverside ranches and eco-lodges to luxurious mountain villas, that suit the preferences and budgets of their dwellers. On average, an individual expat retiree can live in Jarabacoa for $1,762 per month, including $559 for rent.
10. Puerto Plata
Insider Monkey Score: 3
Puerto Plata is easily one of the best places to retire in the Dominican Republic, offering retirees a breathtaking tapestry of landscapes such as pristine beaches, lush valleys, majestic mountains, and meandering rivers. Many culinary experiences await the food enthusiasts, from local street vendors to international restaurants. Puerto Plata isn’t just nature and food; retirees will also find interesting historical sites such as Fort of San Felipe and the Amber Museum. An individual retiree can live in Puerto Plata for an average of $1,500 per month, spending between $300-$400 on rent.
9. Cabarete
Insider Monkey Score: 4
Known as a beach paradise, Cabarete is one of the best towns to retire in the Dominican Republic. Besides the tropical beaches and fun lifestyle, the town is revered for its year-round warm weather, low cost of living, and friendly locals. The entire town is walkable, too. Cabarete’s a distinct international vibe, with people from all backgrounds residing in the town. Modern amenities such as healthcare, internet coverage, and cellular service are readily available. An individual expat retiree can live in Cabarete for $1,476 per month, which includes $773 for rent.
8. Santiago
Insider Monkey Score: 5
Santiago de los Caballeros, or Santiago, is the second-largest city in the Dominican Republic and the fourth-largest in the Caribbean (by population). Blessed with a tropical climate, temperatures typically vary from 66°F to 91°F and are rarely below 62°F or above 94°F. Home to many expats and retirees, Santiago offers a vibrant nightlife, music and dance, and modern healthcare facilities. The Centro Leon and other historical and cultural sites make it an exciting place to explore. Retirees can enjoy the nearby beaches under the Caribbean sun, play golf on several golf courses, or go hiking in the mountains. An individual expat can expect to live here on $1,200 to $1,500 per month.
7. Barahona
Insider Monkey Score: 6
Barahona, also known as Santa Cruz de Barahona, is one of the best places in the Dominican Republic to experience mountains, beaches, and rivers combined. Beaches such as “El Quemaíto” lets retirees relax in the warmth of its waters. In contrast, Bahía de las Águilas, one of the most beautiful beaches in the Caribbean, is ideal for swimming, snorkelling, and even sunbathing. The nearby Bahoruco Mountain Range is ideal for hiking and exploration. Meanwhile, retirees in Barahona also love to stroll along the waterfront promenade, enjoy the scenic ocean views, and try out local shops and restaurants offering fresh seafood and Dominican cuisine. An individual expat can expect to live here for $1,200 to $1,500 per month.
6. Punta Cana
Insider Monkey Score: 6
The resort town of Punta Cana is home to some of the most beautiful beaches in the Caribbean. A pleasant tropical climate exists year-round, and the area is dotted with luxury resorts such as the Coconut Coast. All-inclusive properties are also available to help retirees live easily with high-quality amenities. Punta Cana is home to world-class golf courses too, a favourite pastime of many retirees. Many expats believe Bavaro is the best place to live in Punta Cana, famous for its white-sand beaches, restaurants, and vibrant nightlife. An individual can live in Punta Cana for $1,910 per month, spending $1,022 on rent.
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Disclosure: none. 12 Best Places to Retire in Dominican Republic is originally published on Insider Monkey.