House Hunters International airs March 24th at 9pm Eastern Standard Time!

Get a good look at fat Dan here in Las Terrenas.

February 18, 2009 CONTACT: Susan Miller
502-228-6272 502-396-1576 cell

HGTV Hit Show, “House Hunters International”
to Feature Local Couple, Tuesday, March 24, 2009

Concerned by their dwindling retirement funds, Prospect residents Steve and Susan Miller searched last year for a vacation home in a country with low living costs and tropical weather. In July, 2008, they purchased a two bedroom villa with a swimming pool only 300 steps from the beach in the town of Las Terrenas, Dominican Republic.

A production team from HGTV’s “House Hunters International” filmed the Millers at their riverfront home in Prospect and during their search in the Dominican Republic in June and July, 2008. During the program, the couple tours three homes with their local Realtor and discusses the pros and cons of each property.

The half-hour episode will air Tuesday, March 24 (time TBA) on HGTV channel 51.

More pics>

HHI Crew Beach is 300 steps away

Villa has a ¼ acre walled yard Living area in Las Terrenas

Kitchen in Prospect home Kitchen in Las Terrenas


Revolutionary Law in the Dominican Republic

Corporate Alert: New Company Law Enacted
March 14th, 2009, Dominican Republic

President Fernández signed into law on December 11, 2008, a new company law (Law #479-08″) which will revolutionize the way business is done in the Dominican Republic. The most important innovation brought about by the new statute is the creation of two new business entities: the “Sociedad de Responsabilidad Limitada or SRL” (Limited Liability Company or LLC) and the “Empresa individual de Responsabilidad Limitada or EIRL (Limited Liability Individual Business). The “Sociedad Anónima or S.A.,” currently the entity of choice of 99% of Dominican businesses, has been amended to make it the vehicle for medium or large businesses. Here are the characteristics of the two new business entities (SRL and EIRL) and the most important changes made to the S.A.

Limited Liability Company (SRL):

• Based mostly on the current LLC’s in French Company Law with certain similarities with American LLC’s.
• Chief company officer(s): one or various managers (“gerentes”). Must be individuals.
• Minimum of two shareholders; maximum of 50. Spouses may be the sole shareholders.
• RD$100,000 minimum capital (full amount must be paid up and deposited in a bank in order to be able to record company at Business Registry).
• Shares not readily transferable, depending on wishes of shareholders.
• Shareholders’ liability limited to their investment in the company.
• Ideal for small or family businesses.

Limited Liability Individual Business (EIRL):

• No shareholders; one sole individual owns the business.
• Owner must be an individual; companies cannot be an owner.
• Owner’s liability limited to his or her investment in the company
• No minimum capital.
• Chief Officer(s): the owner and the manager. The owner may be the manager.
• Ideal for businesses owned by a single individual.

Sociedad Anónima (SA):

• Minimum capital: RD$30,000,000 (approx. $850,000 US).
• Board of Managers (“Consejo de Administración) required with a minimum of 3 members.
• “Comisario de Cuentas” required. (The Comisario de Cuentas is an independent company officer in charge of overseeing the company accounts. Comisarios de Cuentas must be Certified Public Accountants).
• Tougher criminal penalties for SA managers compared to SRL managers.

The new law will come into effect on June 19, 2009. By then, every S.A. must comply with the new requirements IF its shareholders wish to remain as an S. A.

If, on the other hand, shareholders wish to convert their S.A. into an SRL (LLC) or an EIRL (Individual Business), the conversion period will start on June 19, 2009.

Guzman Ariza attorneys have been active participants in the changeover process. Fabio J. Guzman-Ariza and Alfredo A. Guzman, senior partner and associate, respectively, in the firm, partnered with the Fermin Taveras Law Firm in the preparation of the regulations that will be used by the Business Registries (“Registro Mercantil”) in the new process. They have also prepared for publication in April 2009 a book of company forms for the SRL’s and the EIRL’s, and a comparative study on the operation of the SRL’s.

Clients who have incorporated in the Dominican Republic are invited to contact their attorney at Guzman Ariza for a FREE consultation on how to proceed.

DR not “feeling” it – economic woes that is!

2. DR still not “feeling it”
Hacienda Minister Vicente Bengoa tells us the DR and Central America have yet to feel the pressures of the world economic crisis, saying that what is being seen is a deceleration of growth in the region’s economies. Bengoa explained that a recession is defined by two consecutive semesters of negative growth, while what is being seen in the region is a period of slower growth. Bengoa predicts that economic growth will be an estimated 3% in 2009 after having registered 8.5% in the last four years.

Golfing Mecca

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March 4, 2009

Two Sweet Spots
South of the Border
Dominican Republic
The International Association of Golf Travel Operators recently named the Dominican Republic “The Golf Destination of the Year 2009” for the Caribbean and Latin America. It boasts two of the largest golf resorts in the Caribbean:
• The venerable Casa de Campo Resort near La Romana has three magnificent courses designed by Pete Dye: the Teeth of the Dog (see photo), Dye Fore and Links
• Cap Cana, a $2 billion, 8,600-acre resort, has luxury hotels, a marina, residential villages, three miles of beach and three championship golf courses (with plans for three additional courses). The resort hosts the Cap Cana Championship, a Champions Tour event.
Mexico’s Riviera Maya
This region, which includes Cancun, is not just for spring breakers and the cruise-ship crowd. Golfers are increasingly finding great venues to tee it up at places like:
• Greg Norman’s El Camaleon (site of the PGA TOUR’s Mayakoba Golf Classic at Riviera Maya)
• P.B. Dye’s Iberostar Playa Paraiso GC
• and Jack Nicklaus’ 27 holes at the Moon Palace Resort
New courses in the works include the separate layouts by Tom Fazio and Nick Price at the Cancun Country Club and Puerto Cancun by Tom Weiskopf.

Enter the Buddy Trip Sweepstakes.
Learn More

Win a trip of a lifetime and play the Old Course!
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© 2009 PGA TOUR Partners Club
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Questions and Answers from a future dominican

Hey Bobbi,

Answers below please

From: []
Sent: Thursday, March 05, 2009 9:42 AM
Subject: INFO

Hey Dan,

Got your info and am still going thru it. Looks like Barb has got the right idea.
[Daniel] sure…it is a lot of info…it will answer lots of your questions though – you should subscribe to as well. Next, when you have time, spend some time on my BLOG…

I’d probably spend some time on the Guzman webpage too…I attached it to last letter

First of all; I am thinking about us moving there. Are you a real estate broker, and do
you live in Florida, or there? Explain how all that works. Where in Florida–Ft. Lauderdale???
[Daniel] I have my Florida Brokers License on voluntary inactive…I live here full time

We would be interested in keeping a home here and having a small place there to see
how we like things. We will visit I hope this summer.
[Daniel] Perfect!
I would like to work there selling
real estate; Barb says it’s an untapped market with lots of newcomers.
[Daniel] how’s your Spanish?

I also want to know about social security checks (my husband’s), and pension checks–
we are on automatic deposit. Would we use a bank in Florida for that and just actually,
how does all that stuff work.
[Daniel] not 100% sure as I am WAY too young for that stuff! I use a Florida Bank, but I also have an account here.
I know some of the income we have (I think it may be social
security for Frank, or maybe his VA pension) is not payable out of the country. I don’t know
for sure, but I have in the back of my mind, that I ran across that in print somewhere.
[Daniel] you probably better get a hold of them.

So, what I want to know right now is about the cost of living vs. our US dollar. Can you tell me.
[Daniel] currently, the Dominican Peso is about 35 pesos to the dollar. Outside of a monthly house payment one can live VERY comfortably here for under $3,000 a month…that would include a maid and a gardener!

Also, are there US banks there, or do you bank in Florida?
[Daniel] none that I know of
Do you actually live there, or do you
go back and forth to Florida.
[Daniel] here 100% of the time…only way I am going back is swim, and if I do tat, I sort of hope I don’t make it!
What franchise (real estate) do you work with.
[Daniel] DR Paradise is independently owned…been here 10 years.
How much does
a great agent make yearly????
[Daniel] ???? It is not as easy as people think…again, how’s your Spanish. The world’s economy has not helped us either. We are not as bad as many places, and we are starting to see people taking their money out of the US and investing it here, but it is difficult. Without two of our partners here who are Dominican and born here on the peninsula we could not do it. Sellers are a mess here…they never have their paperwork ready…it is really hard!

You seem to be an exception though if you did 8Mil last year! Tough times to do that well. How many agents do you have?
Tell me about the new resort/hotel Barb has been talking
[Daniel] Barb? Which one?

What employment opportunites would there be for my son, age 30, and his wife.
[Daniel] Skills? That’s a tough one too because wages are SO low…I attached “Developing Apartments…” above…that’s a sure way! Other than that, live here and find your nitch…figure what is needed (lots) and then fill that need…I myself am opening a Topless Drive-thru liquor store. (Just kidding about the Topless part!)
They have
1 son under one year of age? Schools? Just thinking in time, they may want to move as well.
[Daniel] We have a private French School that is pretty good…all the kids there have at least 2 languages and most 3. There is more to education than just school so living in other countries and learning different cultures adds to ones emotional intelligence

I know all this sounds probably really elementary to you but I need some kind of basis to know
more about what to check into.
[Daniel] again, I’d get on … join the chat rooms…better info than I can provide and many different experiences, not just mine
How does your real estate commission work
[Daniel] what commission? Just kidding. It depends on the deal…who works it…we really partner on a lot of it. Bruce and I (the two gringos) depend on Pedro and Deiby for their Dominican Knowledge and they depend on us for our computer and networking and marketing skills. We being ‘em in and they help us close…they also get so many more listings tat neither Bruce nor I could touch.
-what percent;
[Daniel] depends

desk fees?,
[Daniel] none

Are you a ReMax agent or Broker. Is it ReMax. I used to own a quarter interest in a Re/Max
franchise in Ky. It’s a great company.
[Daniel] We have a Remax here…not doing much but maybe they need a go-getter like you! I would have to leave the hiring of another agent to Bruce and Pedro the two principals of DR Paradise
[Daniel] Hope I’ve helped Bobbi…be sure to give DR1 a try.

Can you drop me an e-mail re above info for starters.

Look forward to your call.