Remittances reach US$8.125 million in 10 months of 2022

The Central Bank of the Dominican Republic (BCRD) reported that remittances received by the country in the first ten months of the year totaled US$8,125.3 million, exceeding the income of more than US$800 million in October. Similarly, he highlighted that the accumulated amount exceeds the remittances received in the first ten months of 2019 by US$2,252.1 million, a period before the start of the covid-19 pandemic, and in which the United States of America did not yet have the aid schemes that were implemented after March 2020 and ended in September 2021, resulting in a reduction of around US$549.8 million when comparing the flows received as of September 2022 with those of the same period of 20

He stated that remittances totaled US$815.9 million in October 2022, representing a 0.3% year-on-year increase. The first observed increase in 2022 results from a comparison with October 2021, the first month after the US government ceases economic aid. This result confirms the establishment of a new monthly remittance flow level of approximately US$800.0 million. He stated that a significant increase is seen when comparing the amount of October 2022 to the average value in the same month before the pandemic (from 2015 to 2019), which was US$481.9 million. According to the BCRD, the United States’ economic performance is one of the main factors that continue to influence remittance behavior, as US$614.4 million came from that country in October, accounting for 84.8% of the flows through formal channels.

The non-manufacturing Purchasing Managers’ Index (PMI) of the Supply Management Institute registered a value of 54.4 in October, indicating the continued expansion of the North American economy’s services sector, which is primarily used by the Dominican diaspora in the US.

Plus Ultra and VDT, are “happy” with the Madrid-Santiago de Los Caballeros link

For the first time in history, passengers will be able to fly from the Barajas airport to the Cibao airport in Santiago de los Caballeros via Plus Ultra, which will operate the unprecedented route for the air consolidator and wholesaler VDT. Two special departures are currently scheduled for December, on December 17 and 21 from Spain and January 13 and 20 from the Dominican Republic.

“Both the CEO of the VDT Group and the CEO of the Plus Ultra company are thrilled to be the first to launch this destination and to provide Dominicans in Europe with the option of flying directly from Madrid to Santiago de los Caballeros and the entire Cibao area,” they say. “Without a doubt, this will mark a before and after not only on the route but also for all Dominicans residing on the old continent,” the Plus Ultra management team stated.

Félix M. Garcia, president of the Cibao international airport’s board of directors, thanked the company’s executives for their confidence, emphasizing that “it is great news for the Dominican community in Spain and all of Europe,” as well as for tourism in that country.

Three presidents resist pressure on Haiti

Former Presidents of the Republic Leonel Fernández, Danilo Medina, and now Luis Abinader have faced accusations of racism, xenophobia, and unfair mass repatriation of Haitians from international organizations on several occasions. The most recent request came from Volker Türk, the United Nations High Commissioner for Human Rights (UNHCR), who asked the country to “stop repatriating Haitians and prevent racism and xenophobia”. Abinader spoke up, calling his statements unacceptable and irresponsible. He was supported by former President Fernández.

Before reaching this uncomfortable situation, the heads of state took advantage of their participation in United Nations (UN) sessions to discuss the general Haitian problem on Dominican territory, due to their and several other countries’ concern for the fate of the migrants, but without success. After the Constitutional Court issued ruling 168-2013 during its first term (2012-2016), a serious internal crisis erupted, causing concern at the international level and necessitating multiple sessions of the Inter-American Commission on Human Rights and Human Resources of the Organization of American States (OAS).

The sentence established who had the right to Dominican nationality, denying automatic nationality to people born in the Dominican Republic without a residence permit of their parents. First, Caricom leaders accused the sentence of being discriminatory, racist, and a violation of human rights; however, Medina vigorously defended the mechanisms established in the country to grant citizenship.

Popular launches Qik, the country’s first digital bank

With the opening of Qik Banco Digital Dominicano S.A, a “neobank” that will revolutionize banking by offering 100% digital financial intermediation services, the Dominican financial sector will soon be at the forefront of Fintech (technological financial institutions) in the world. Qik is a subsidiary of Grupo Popular. According to a bank statement, Qik already has Monetary Board approval to operate as multiple banks.

Manuel A. Grullón, Chairman of the Board of Directors of Grupo Popular, announced the upcoming market entry of Qik Banco Digital Dominicano, S.A. – Banco Multiple, a new banking subsidiary of Grupo Popular and the Dominican Republic’s first neobank and national financial system. On the recommendation of the Superintendency of Banks and the Central Bank of the Dominican Republic, the Monetary Board authorized the start of operations of this new banking subsidiary in its session on October 27.

Qik is a neobank because it operates through a mobile application, offering simple and cost-effective banking services without the need to visit branches. When compared to traditional banking, this lightweight operating structure allows us to transfer more benefits to your customers, and accelerating access to financial products for the entire population. He explains that having the person at the center also allows for digital customer service channels within the app for a better experience and relies heavily on the most advanced security solutions to protect users’ data and money.

Barahona hopes that Cabo Rojo’s impulse will also benefit them

The Dominican State’s decision is clear: make Pedernales the main strategic axis in the Enriquillo region’s tourism development. The head of state, Luis Abinader, assured that the Cabo Rojo plan will enable socioeconomic development and consolidate investment in the first phase of US$2.245 million over 10 years through a public-private partnership (PPP). However, Barahona will supplement Pedernales’ tourist offering. It is the slogan of officials and businessmen who assert that “a single province cannot be developed, but rather collectively to achieve comprehensive development.”

According to the senator of demarcation, José del Castillo, the Dominican government owes the South region a social debt. However, he clarified that the authorities must create the necessary conditions for the investor to relocate to locations other than the already established tourist destinations such as Punta Cana, Casa de Campo, or Las Terrenas. Law 158-01, “Promotion of Tourism Development,” establishes tax breaks for tourism-related investments in the Dominican Republic. According to Mayor Milton Fernández, “investors are a starting point for the promotion and development of the province.”

According to the Ministry of Tourism (Mitur), the renovation of Los Patos and El Quemado beaches will cost RD$83 million, while the reconstruction of the access road to Saladilla beach will cost RD$45 million. “These beaches will be in a position for tourism to take off in Pedernales,” said Carlos Peguero, Vice Minister of Tourism. “The Government does not refer to a specific destination, but rather to an integrated development.” “Pedernales is the region’s starting point, but Barahona will be a nice complement,” he said.

The project in the Enriquillo region, which includes the provinces of Barahona, Pedernales, Independencia, and Bahoruco, will create 1,500 direct jobs and 3,000 indirect jobs, boosting the economy by an average of US$120 million to US$150 million per year.

Inverotel: it is urgent to regulate vacation rental platforms in the DR

The Association of Spanish Investors in Caribbean Tourism (Inverotel) is pleased and satisfied with the figures demonstrating the strength and growth of the Dominican Republic’s tourism sector. Still, because not everything is “rosy,” the entity believes that there is a critical point to work on: the regulation of vacation rentals through digital platforms. In this regard, Ramón Roselló, executive director of Inverotel, told arecoa.com that the country’s digital vacation rental platforms are rapidly expanding and that it is critical to regulating this niche.

“It will be a problem for the country if we do not regulate it, and we will have to play with the same cards.” He stated that the association promotes and supports the disposition in which they work with the government, via the Ministry of Tourism (Mitur) and the Association of Hotels and Tourism (Asonahores), to ensure that the regulation mentioned above is carried out. “Unlike digital platforms, we believe it would be a big mistake for all players in the sector to play under the same conditions,” says Inverotel. “Today, everything related to digital tourism rental does not compete in the same way that hotels do “, he emphasized.

Rosselló also stated that, while the situation does not currently jeopardize Inverotel’s investment commitment in the country, it is only fair that identical conditions be applied. It should be noted that the government has begun a process of regulating the technological platforms that facilitate the offer of real estate for short-term rental accommodation to tourists and individuals in the country, such as the Airbnb model, which monopolizes 95% of the negotiations and is being evaluated beginning in August of this year 2022. The first measure was the publication of a draft of the mechanism that the government will use to regulate and tax operations by the General Directorate of Internal Taxes (DGII).

Although no further details are available, Mitur has expressed an interest in regulating the aforementioned line of accommodation, citing unfair competition as a result of the fiscal non-compliance that hotels must assume.

Dominican Jazz Festival: An event for the whole family

In celebration of the twenty-fourth iteration of the Dominican Republic Jazz Festival, which the Fedujazz Foundation organized, Cabarete Beach served as the venue for hundreds of people to enjoy good music offered by the great jazz and other genres for two nights. The first concert began with a duet by Haitian brothers Joel and Mushy Widmaier, who performed songs such as “Amelie,” “Kote moun yo,” “San mele,” “Ayizan,” “Malouk,” “Sodo,” and “Maskawon,” taking a tour of various sounds and delivering musical fusions typical of their culture. To cap off the first night’s performance, keyboardist Rafelito Mirabal and his Sistema Temperado orchestra performed with the Dominicans, the winner of a Latin Grammy, the Puerto Rican flutist Nestor Torres, where each musician demonstrated his skill and prodigious handling of his instrument with spectacular solos, eliciting applause from all in attendance.

The artists performed musical pieces such as “Sextentidos,” “Cuban Coffee,” “Biscayne,” “Give me the chair where I waited for you,” “Samba Study,” “Flash of Eternity,” and “El Dorado” for their audience. The enveloping and romantic sound of Nestor Torres’ flute announced the arrival of the song “Alfonsina y el Mar,” which was met with applause and then dismissed. They also entertained everyone with “El Cadete e’ un tiguere,” “Passion Fruit,” and “Tambora.”

The “Life and Color” workshop was held, directed by brush artist Adolfo Faringthon, in which ambassadors from various countries, donors, and special guests painted to the rhythm of the music. In contrast, others attended the different jams that were made with amateurs or professionals participating.

The free event, which has been officially sponsored by the Dominican Ministry of Tourism for more than 20 years, is held to raise funds to provide a piano, drums, saxophone, guitar, bass, violin, cello classes, and other instruments to underprivileged children in Puerto Plata via the non-profit foundation Fedujazz, chaired by Maria Elena Gratereaux.

For information or donations, contact 809 972 3343, or email festival@fedujazz.org

Website: www.drjazzfestival.com

Social networks: @drjazzfestival

Expert believes that hotel supply needs to be expanded

Bayahibe, La Romana, DR
The volume of tourists who visit this portion of land grows like foam and challenges the Dominican Republic to increase its hotel offer in the face of the increase in demand.

The director of Economic studies of the Ministry of Tourism (Mitur), Enrique Penson, informed yesterday to Listín Diario that its tourist positioning in the region put the country on the radar of the world as leading the sector in occupation and preferred destination after the pandemic.

Penson commented that around 30,000 more hotel rooms are needed, starting in a decade, to take the demand of tourists.

“We have so many tourists that if we do not expand the hotel supply in about two years there will be nowhere to put them,” said the manager on the occasion of the Caribbean Hotel Investment Conference & Operations Summit (CHICOS) being held in the Dominican Republic, with the participation of 300 foreign investors, hotel developers, industry suppliers and managers of hotels in the country and others in the region.

Penson said that the participating investors are part of the leading hotel chains in the world, and many of them have already approached Mitur’s board, interested in doing business related to more boutique hotels and 1,000-key hotels in this nation.

This would translate into more remodeling, expansion, and construction of hotels.

Likewise, these investors in the forum highlighted the local tourism maturity, whose indicators are in green compared to other Caribbean countries.

Penson indicated that another of the neuralgic attractions to do this type of business is the law for promoting tourism investment.

This group of negotiators comes mainly from the United States, Mexico, Spain, and India, among others.

According to information, it is estimated that total investment in the hotel industry exceeds US$15,000 million.

In addition, 54% of hotel investment is of foreign origin, 15% of local investment, and 31% of the mixed investment.

Investment Conference

The CHICOS conference was held at the Hilton Hotel, La Romana, on Thursday and Friday, where more than 300 investors and hotel operators from around the world, as well as the leading tourism authorities of the Caribbean, gathered. This meeting aims to explore the challenges, winning strategies, and opportunities in the tourism sector, under the theme “Resilience, creating opportunities from challenges.” The conference seeks to look to the future and create a space to promote and attract new regional investments.

Likewise, this conference will focus on encouraging tourism investment in the Dominican Republic and the Caribbean, where opportunities, incentives, and the sector’s future will be worked on together.

The conference’s inauguration was attended by the President of the Republic, Luis Abinader, the Minister of Tourism, David Collado, and officials and people in business of the sector.

During the activity, the President affirmed that the Dominican Republic plays a crucial role in this market, “in which we are at the head of all countries worldwide, leading the recovery, investment and flow of tourists.”

Meanwhile, the Minister of Tourism, David Collado, said that “the great challenge for tourism now is to build more rooms to meet the demand for growth in the sector,” said Minister Collado in his speech at the opening of the CHICOS conference.

The Caribbean region, in addition to being one of the most important recipients of beach tourism, has shown the best performance in tourism recovery since the post-pandemic opening process.

The Dominican Republic leads both foreign investment and tourist flows. Recently the tourism intelligence firm Forwardkeys published its report the most visited destinations in 2022, using data on flights made, bookings, and air capacity.

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During the opening of CHICOS, Tourism Minister David Collado highlighted the importance of this conference in attracting more investment to the tourism sector.

Collado expressed that investment in the industry has been such that from October 2020 to the same month of 2022 has registered investments exceeding US$6.4 billion for the construction of 4,800 rooms.

Puerto Plata: Between books, sea and music

With the participation of thousands of visitors and attendance at the various cultural and artistic activities, the Festival of Books and Culture – Puerto Plata 2022 is taking place in this city.

The event, organized by the Ministry of Culture (MINC), was inaugurated Thursday night by the Minister of Culture, Milagros Germán, at the Rafael Solano Auditorium of the UASD, where guests and the public enjoyed the presentation of Yucahú. This Puerto Plata group revives our rhythmic heritage with its contagious musical mixes.

This festival is part of the Ministry of Culture’s policies to decentralize cultural action, strengthen creative industries and promote cultural tourism in the national territory.

The program includes plastic arts exhibitions in honor of artist and curator Danilo de los Santos, as well as a poetry writing workshop given by special guest Mexican writer Mario Bojórquez.

Likewise, there will be book exchange and sale activities and drama, painting, origami, and music workshops, among others.

The event also features dramatized readings, musical and theatrical presentations, a colloquium, and storytelling.

Yesterday, Friday was dedicated to maestro Rafael Solano, a true icon of Puerto Plata, who was the object of a tribute. In addition, the award-winning author of “Por amor” shared with the public a “Close Encounter of the Musical Kind.”

Also, yesterday at 4:00 in the afternoon, in Central Park, those present enjoyed the presentation of the Symphonic Orchestra of La Vega.

The closing of yesterday’s artistic activities on the same stage at 8:00 p.m. featured the musical joy of the group “Concón Quema’o” from San Francisco de Macorís, which fuses the rhythms of palo, rock, punk, merengue, and more.

From Saturday, the cultural event paid tribute to the journalist, writer, and jurist Carmen Imbert Brugal, in a meeting scheduled that kicked off at 9:00 a.m. in the Central Park of Puerto Plata.

An hour later, in the pavilion of the same park, there was a “Marathon of very brief and less brief poetry,” with the participation of poets from Puerto Plata and visitors.

The last artistic activities on Saturday in the Central Park were: at the 8:00 p.m. concert of the Puerto Plata saxophonist Carlos Estrada and the 9:00 p.m. “Poetas pal’ colmado.”

Closing on Sunday
And today, Sunday, to bid farewell to the three-day cultural event, at 7:00 p.m., after the closing ceremony of the festival, in charge of the director of the Book Fairs and the mayor of Puerto Plata, those present will be able to enjoy the music of the National Police Band.

Film industry continues to rise in DR with 25 productions currently being filmed

Film and audiovisual projects, aside from their commercial value, contribute to a nation’s sense of cultural identity. In the Dominican Republic, the film industry is expanding steadily, providing a platform for both domestic and foreign commercial productions as well as independent and artistic films. According to data from the General Directorate of Cinema (DGCINE) that has been updated through November 2, 2022, there are currently about 20 films in various stages of production in the Dominican Republic, some of which are animated movies and some of which are of international origin.

The results of a strong industry include five animated film productions currently in development and 20 national and international productions in pre-production and production, thanks to the industry’s foundational elements of human capital, institutions, infrastructure, and locations. Our current course has been made possible by the public and private sectors cooperating around these pillars. The dedication and assistance of President Luis Abinader has been essential to the growth of the sector. Marianna Vargas Gurilieva, general director of the General Directorate of Cinema (DGCINE), congratulated the winners.

Each of these productions offers a wealth of chances to continue showcasing the country’s viability as a workable option for filming foreign productions, as well as to continue cultivating the local talent who works in front of and behind the camera and to ensure the industry’s continued growth.

Tourism gathers investors in Bayahibe forum

Around 300 foreign investors attended the Caribbean Hotel Investment Conference & Operations Summit (CHICOS) in the Dominican Republic yesterday. This group of hotel developers, industry suppliers, and managers of hotels in the country and elsewhere in the region were able to appreciate the positioning of local tourism following the pandemic. According to what they refer to, it was highlighted in the congress that this nation not only leads the region due to a high volume of tourists and hotel occupancy but also in the monetary income generated in this sector, which allows hiring personnel and ensuring the flow of foreign investment. 

Enrique Penson, the director of economic studies at the Ministry of Tourism (Mitur), stated that hotel investment in the country should be increased in light of the increased demand for hotels. “Part of the task that the Ministry of Tourism had in bringing this conference to the country was to ensure an increase in investment because we’re talking about investors from the world’s largest hotel chains,” Penson explained. The person in charge stated that many procedures have been streamlined to facilitate the investment process and that interested parties can easily access data related to the sector.

Penson mentioned that one of the neuralgic attractions to doing this type of business is the tourism investment law. “The Dominican Republic is doing very well, which contrasts with the region, which is unfortunate,” he said. “However, when investors analyze the country, they feel confident, because we have all the indicators in the green.”

Bill seeks free access to beaches in the Dominican Republic

They introduced a bill in the Chamber of Deputies to establish the legal framework for free access, use, and enjoyment of the existing beaches, coasts, and riverbanks throughout the national territory and its adjacent islands. The initiative, spearheaded by Perremeist deputy Eugenio Cedeno, was submitted on November 8. The piece states in its second article that all people, whether citizens or not, have the right to free access and enjoyment of beaches, coasts, and riverbanks, and that no one can deny that right by claiming ownership of any property.

Eugenio Cedeo stated in his explanation that the 2010 Constitution adopted a proposal on free beach access that he has been fighting for since 2005. He stated that there is currently a barrier to tourism and hotel development in areas where there are beaches in the country because only the owner of the land in front of them can use them, while all the land adjacent to that beach is devalued. They must also be sold “at the price that the owner of the strip in front of the coastal strip wishes to pay.”

Concerning the distance between the beach and the hotel buildings, he assured that the 60-meter maritime strip is unlikely to be the property of anyone. According to Cedeno, violations of the regulations can result in up to three months in prison.

Vice-President: “Government has proposed to revitalize tourism in the Northern region”

Vice President Raquel Peña said that the government has proposed revitalizing tourism in Puerto Plata and throughout Cibao through the “Master Plan for Tourism and Economic Development” of the northern region, which includes the execution of more than 40 projects.

She said that in addition to potentiating the development of the northern region, the main goal is to improve citizens’ quality of life.

Peña stressed that the Northern region during the year 2021 received 22% of foreign investment, which is equivalent to a total of 707 million dollars, mainly in the tourism and free zone sectors.

“The investments will contribute to the country’s economic growth,” she added.

The vice president explained to Listín Diario that from 2020 to date, the government had invested a total of RD $ 3,776 million pesos for infrastructure projects, construction, and adaptation of aqueducts, schools, housing, roads, bridges, hospitals, ports, and works of the electricity sector.

“Only for 2022 the public investment programmed for the province of Puerto Plata is 879 million 998 thousand 368 pesos. 25% of these resources have been allocated to the construction and rehabilitation of educational facilities and 15% to the improvement of road infrastructure throughout the province,” Peña said.

The vice president took the opportunity to highlight the work of the American Chamber of Commerce and its commitment to promoting the conditions that favor the commercial relationship between the Dominican Republic and the United States.

She further noted that total exports attributable to the region stood at 2,481 million dollars in 2021, 19.9% of the total registered at the national level, which represented a 20.2% growth compared to 2020, thanks to the work of free zones, in particular to tobacco manufacturing and, also, by the performance of the mining sector.

During the presentation entitled “The northern region: a winning bet in terms of investment,” Peña emphasized that the northern zone has approximately 30% of the country’s hotel occupancy and that 20.7% of the tourists who were received nationally in 2021 arrived through the airports geographically located in that region, figures higher than the levels prior to the pandemic, according to the president of the Investment Promotion Cabinet.

Similarly, she said that the structure of ports in the area would increase the facilities for the expansion of tourism to such an extent that in 2021 69.3% of passenger arrivals by ports nationwide were concentrated in the northern region, surpassing even the figures of 2019.

The official indicated that the protagonist of this growth had been the Amber Cove port of Puerto Plata and the inauguration in December 2021 of the Taino Bay terminal in the same province, which translates into more than 500 thousand additional cruise passengers in the first nine months of 2022 compared to the same period of 2021, representing these ports 75.7% of the total received.

During the meeting, the president of the Provincial Committee of Puerto Plata of AMCHAMDR, Román Medina, stressed the continuous growth of the province in recent years.

“We are standard-bearers of the most powerful alliance a country can have: the public-private one,” Roman said. “Today we can say with confidence that the positioning of Puerto Plata, and repositioning after the pandemic, as a tourist and commercial axis in the Caribbean is the result of the combined work of these public-private partnerships,” he concluded.

They see a key regulatory framework to promote real estate tourism in the DR

According to Alberto Bogaert, president of the Association of Real Estate Agents and Companies (AIE), real estate agents lack a regulatory framework for the growth of their operations, which is in opposition to the distinct importance that construction and the purchase and sale of real estate have in the economy. In that regard, he regretted that the National Congress had permitted several legislative initiatives aimed at regulating a sector whose actors must have a strong ethical commitment. Bogaert stated when making the proposals that the importance of legal regulation is that it strengthens legal certainty in a sector that moves billions of pesos.

“Regulation has been the association’s goal since its inception in 1989. To formalize the sector, one of two things are required: a presidential decree or a law passed by Congress,” he added. Furthermore, he stated that “currently, a draft law has been submitted, it is in the study phase, and it is called the Law for the Formalization of Real Estate Brokerage and Contracts, which has been deposited for six months.” We have already gone to Congress and made the necessary observations, but that is the extent of our progress.” Other legislative initiatives, according to the real estate expert, have lost the interest of congressmen and thus have died along the way.

“Right now, there is a lot of interest in the project because things have changed, and the interests that existed ten years ago are not those that exist today,” he told stated. Bogaert stated that the entity he chairs is managed according to an ethical code, attempting to protect the investments of those who entrust the process of acquiring and selling residential and commercial real estate to him. “Here, we seek training, honesty, and ethics; we have an ethics code and we work by it, and we are a guarantee for clients who request our services and for people who want to enter the sector as agents,” he stressed. He stated that the lack of regulation means that certain foreign investors are hesitant to make real estate purchases in the country and that the aforementioned weakness must be addressed.

“There are many investors from other countries who are probably hesitant because they don’t see security in this sense,” he reiterated. “However, if there are guarantees of a formalization of the commercial part of the construction sector, the opinions would be different.”

Economists consider positive the restrictive monetary policy applied by the Central Bank

The Dominican Central Bank (BC) recently decided to raise the policy interest rate monetary policy (TPM) by 25 basis points, moving it from 8.25% to 8.50% annually in October of this year. Economists rated these restrictive monetary measures as “good and valid,” but with “shy” results. The government’s goal is to reduce the nation’s 8.24% annual rate of inflation, which was the final reading. The MPR was generally raised by the Central Bank in 2022, rising from 4.50% in January to 8.50% in November, a 400 basis point increase. The rates for permanent facilities also increased, from 5% to 9% for liquidity expansion and from 4% to 8% for remunerated deposits.

According to Miguel Collado Di Franco, executive vice president of the Regional Center for Sustainable Economic Strategies (CREES), central banks must implement contractionary measures to smooth out cycles when various factors, particularly external ones, have an impact on inflation after applying expansionary measures to provide liquidity to the productive sectors in a pandemic context. Collado continued, “Unwanted effects of inflation have also emerged, which are now being corrected with the monetary contraction,” after “creating the conditions to stimulate the economy in 2020 and 2021.” Since the consumer price index (CPI) showed a downward trend, he maintains that these measures internally contributed. Reduced inflation results in “higher lending rates as well as additional active and passive rates,” the author notes.

Henri Hebrard, an economist, noted that other central banks also took similar actions to reduce inflation in their economies, indicating that these measures were not unique to the Dominican Republic and were, in fact, unavoidable. “The policy has been sound, but I believe the results have been underwhelming. The good news is that they are declining, especially the most significant one at the bottom,” he said. The business consultant emphasized that just because inflation is declining does not automatically translate into rising prices for goods. “People must be made aware that prices are still rising, albeit more slowly. Even though inflation is currently declining, prices are still rising, albeit more slowly. We must not confuse people there,” Hebrard said.

All about medical exam dates for DR residency

The DR has cut waiting times for medical exams for residency purposes. During the height of the COVID Pandemic, waiting times were arguably out of control. However, according to Maria Abreu, CEO and Managing Attorney of Abreu & Associates, a law firm practicing exclusively in Dominican Republic Immigration and Nationality law, the current average waiting time is seven to ten days. Furthermore, you do not need to stay in the country while waiting for the appointment to be scheduled.

The residency application process starts at the DR consulate in the applicant’s country of origin. After going to the consulate and doing the necessary paperwork, the applicant has 60 days to enter the DR and start the next stage of the residency application process.

Upon entry into the country, the applicant or their legal representative has to create a profile on the immigration authority’s digital portal and upload a file. Once immigration completes an internal evaluation and finds everything in order, they will issue approval to proceed with the medical exam. The applicant is notified via the immigration authority’s platform and is expected to attend the medical exam on the given date. At the time of publication, applicants are typically waiting seven to ten days for the exam date to be issued.

Dominican Today spoke to Maria Abreu and asked what happens if the applicant cannot wait in the country for the exam date. Ms. Abreu explained, “When my clients cannot wait because of work commitments, for example, they enter the country, so they get the entry stamp to complete their file and set the process in motion, and then they immediately travel back home.” The immigration lawyer then went on to add, “Once the medical appointment is approved and the date comes up on the system, my clients scheduled to return to the DR.”

Although waiting times have been dramatically cut and currently stand at an average of seven to ten days, it is nonetheless not mandatory to remain in the country while waiting for their medical exam appointment.

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Maria Abreu is the CEO and Managing Attorney of Abreu & Associates, a law firm practicing exclusively in Dominican Republic Immigration and Nationality law. She is also the founder of Retire and Invest DR. This organization hosts conference events for foreigners interested in living, retiring, and investing in the DR. You can contact Maria at: mabreu@abreuimmigration.com.

Tourists generated more than US$7 billion for Dominican Republic

David Collado, the Dominican Republic’s minister of tourism, announced yesterday that 491,788 visitors came to the country in October 2022. Collado noted that more visitors arrived in the nation last month than on the same dates in 2018 and 2019, during the presentation of the customary report on this industry. “We succeeded once more, and what a success it was, with 119,582 more visitors than in 2019”. When presenting the report at a hotel in the National District, Collado stated, “This is the second consecutive October that we have broken records, something truly historic”.

Additionally, he noted that 5,826,078 people entered the nation in the first 10 months of this year, bringing in more than US $ 7 billion. From January to October, the country received the arrival of 5,826,078 travelers by air. Meanwhile, the cruise industry also registered notable growth, with the arrival of 88,178 visitors in the month of October. In this context, he expressed that Amber Cove exceeded the arrival of passengers in October with 49,342, followed by Taino Bay with 26,100 in 11 operations, La Romana Port with 10,589, and Sans Souci Port of Santo Domingo with 2,147 in 13 tourist boat operations. He said that in October alone, the arrival of visitors generated more than $517 million in foreign currency.

“This means that in the first 10 months of this year, the arrival of visitors contributed US$7.2 billion to our economy,” said the official. Likewise, he highlighted that this year will end with the arrival of more than 7,000,000 tourists and revenues that will exceed USD 8 billion. When talking about hotel occupancy and with 90% room availability, he maintained that 64% were registered, obtaining the destinations Romana-Bayahibe (81%), Bávaro-Punta Cana (68%), Samaná (61%), Boca Chica-Juan Dolio (54%), and Greater Santo Domingo (60%). The Vice Minister of Tourism, Jacqueline Mora, reported that 400,357 visitors corresponded to foreigners and 91,430 to Dominicans. She commented that the growth is despite the downward trend in Eastern and Central Europe due to the war between Russia and Ukraine.

Hotels and airports implement protocols for the peak travel period in the DR

The country’s hotels and airports are prepared to close in the final quarter of this year, 2022, with increased traffic for the winter travel season. The tourism industry anticipates an increase in visitors from Canada once that nation lifts the travel restrictions that were in place because of the COVID-19 virus pandemic. According to Rafael Blanco Tejera, president of the National Association of Hotels and Restaurants (Asonahores), Canadian tourism is expanding significantly, and as a result, more travelers are anticipated from that nation, which has been one of the major emitters.

The agreements that the government, Air Canada Vacation, Grupo Sunwing, and Air Transat signed in May as part of a plan to increase Canadian visitor arrivals as tourism began to rebound were highlighted by Blanco Tejera. “Managing direct flights from Canada was important for tourism in general, which has helped the sector,” he added.

In that order, he claimed that significant growth is anticipated because Canadians are more likely to travel during the winter because of the country’s climatic conditions, for which the hotels are already equipped.

Arajet expands: connects 15 destinations in 10 countries

Two new routes from Las Américas International Airport (AILA) to Quito (UIO) and Guayaquil (GYE) have been launched by Arajet. Additionally, he revealed that in just two months, more than 67,000 tickets had been sold, exceeding their projections. In accordance with a statement, the airline is making aviation history by inaugurating service between Santo Domingo and Quito on Mondays and Fridays and between Guayaquil on Thursdays and Saturdays.

With the addition of the two new routes to Quito and Guayaquil in Ecuador, the current route network of Arajet will now connect Santo Domingo with North, Central, and South America as well as the Caribbean. Dominicans will now have new direct flight options with the best services and the lowest market fares. The CEO and founder of Arajet, Victor Pacheco Méndez, stated that “offering the lowest rates to the Dominican public is allowing us to build affordable air travel for our passengers, which has caused an extraordinary response.”

The fact that our sales have surpassed expectations in the first two months is what’s causing Arajet to grow so quickly. “We are already on track to deliver 19 routes connecting Santo Domingo with 11 countries in the Americas in 2022,” he continued.

Over the past 27 months, the peso has appreciated by 8.75% against the dollar

When comparing the price of the US currency in July 2020 with September 2022, the Dominican peso has appreciated by 8.75% (RD$5.0968), while the average exchange rate for sale decreased from RD$58.2693 to RD$53.5243. 27 months have passed throughout this time, and with very few exceptions, the foreign exchange market has only slightly moved in the other direction. Why is the dollar weakening versus the peso at a time when it is strengthening against the euro and other currencies in Latin America? Is this a result of the Central Bank’s stringent monetary policy, or are there other forces at play? Is it a result of the remittance inflow, which is still more than it was before the pandemic? While this is going on, the monetary authorities are increasing the policy rate once more by 25 basis points, bringing it from 8.00% to 8.25% annually.

This increase in the value of the peso relative to the dollar comes after the price of the US currency increased 9.08% in the first half of 2020, rising from an average of RD$53.0417 in January to RD$58.2693 in July, which is equivalent to RD$4.8152 in absolute terms. Since the dollar is currently trading at nearly the same level as it did in January 2020, the peso has gained back the ground it lost during this time. The Dominican peso has appreciated 4.34% in the first five months of this year, or since the price against the greenback rose from RD$57.5240 to RD$55.0592, which may be the time when the peso’s appreciation against the dollar has been felt the most. The dollar’s value versus the peso has decreased by RD$3.28 since May, or 3.11%. The peso has increased 7.45% so far this year, translating to a net loss of RD$4.3083 for the dollar relative to the Dominican peso.

The Central Bank of the Dominican Republic (BCRD) points out that between January and August 2022, remittances received totaled US$6,518.8 million, exceeding the US$1,792.8 million received in the first eight months of 2019, the time frame before the start of the covidio-19 pandemic. This coincides with the Dominican peso’s appreciation against the dollar.