On November 18th, Central Bank Governor Mr. Héctor Valdez Albizu, met an IMF mission led by
Andy Wolfe and country economists Jorge Canales, Ali Alichi y Kenji Hosono to discuss the
outlook for the Dominican economy, including output and inflation forecasts for 2008 and 2009 as
well as recent policy measures taken under the current international scenario.

At the outset of the meeting, the IMF mission emphasizes how “monetary policy became the
anchor of macroeconomic stability in the Dominican Republic”. The mission also highlighted
monetary measures aimed to reduce domestic demand in a macroeconomic landscape affected
by an international crisis and by increasing pressures on the current account of the balance of
payments. By curtailing domestic demand, monetary policy has reduced internal imbalances and
has allowed the economy to navigate the international hassle free of major repercussions.

“A tight monetary policy has contributed to a rapid reduction of inflation, now that oil prices are on
a downswing” noted Mission Chief Andy Wolfe. Mr. Wolfe added that interest rate adjustments
were necessary to slowdown the excessive growth in commercial bank lending.

Mr. Wolfe recognizes that a restrictive fiscal policy could create the conditions to untie monetary
policy in 2009.

The Governor of the Central Bank expressed his appreciation for the IMF visit and ratified the
commitment of monetary authorities with price and macroeconomic stability.

The meeting was also attended by Vice-Governor Clarissa de la Rocha de Torres, the Dominican
Republic’s representative before the IMF, Julio Estrella, the Director of the Central Bank’s
Monetary Programming Department, Joel Tejada, the Director of the International Department,
Ana Beatriz Rodríguez, and Advisor to the Governor Frank Fuentes.  http://www.wdalaw.com/

Statement of IMF Staff Mission to the Dominican Republic

An International Monetary Fund mission, headed by Andy Wolfe, visited Santo Domingo during
November 12–19 to conduct the first post-program monitoring (PPM) discussions with the
Dominican Republic. Such discussions are expected to take place semi-annually after a Fund
program expires and a country’s exposure to the Fund exceeds 100 percent of quota. The last
Stand-By Arrangement with the Dominican Republic expired on January 30, 2008. Post-program
monitoring is a form of intensified surveillance, complementing the annual surveillance under the
Article IV Consultation.

The discussions focused on the macroeconomic policies needed to maintain stability in the face
of a rapidly slowing world economy and tight international financial conditions. There was broad
agreement that a fiscal adjustment in 2009 was needed, including because of the tighter global
credit conditions, but that such a tightening of fiscal policy would create space for some easing of
monetary policy. In addition, the country will benefit from the reduction in international food and
energy prices, which has significantly improved Dominican terms of trade and should help
reduce pressure on the fiscal and external current accounts.

The prudent monetary policy implemented during 2008, which has contributed to moderating
aggregate demand and has served as an anchor for macrostability, is beginning to bear fruit, is
helping to diminish pressure in the foreign exchange market, and is expected to generate a
reduction in inflation in 2009 to 7 percent. Nevertheless, there should be scope for easing
monetary policy in the course of 2009 as the fiscal adjustment takes hold. To this end, the
authorities will submit a budget to congress based on a realistic revenue projection and a credible
and identified level of financing. A key element in the fiscal adjustment is the envisaged
improvement in the financial situation of the electricity sector that reflects not only the reduction
in energy prices, but also active enforcement of the criminalization of electricity theft and a tariff
policy that accurately reflects costs.

In the financial sector, official indicators suggest a well-capitalized, liquid, and profitable
banking system that should be well cushioned to withstand current adverse external conditions.
In this context, a joint IMF and World Bank mission is scheduled for early 2009 to conduct an
update of the financial sector assessment program, which was last carried out in 2002. Lastly, the
authorities will include in the 2009 budget resources to meet the government’s cumulative
obligation under the central bank recapitalization law.

law firm in dominican republic

The Central Bank of the Dominican Republic, following its commitment to maintain
macroeconomic stability and control over inflation, in a monetary policy meeting held on
July 30, 2008, increased its overnight rate from 9.0% to 9.5% effective on August 1st,
2008.  The Lombard Rate remained unchanged at 16 percent.

This decision is consistent with the targets set in the Central Bank’s Monetary Program
and aims to reduce inflationary pressure on internal prices, given the magnitude of the
external shock.  Interest rate movements are conditioned to the performance of internal
and external inflation determinants, considering the lags in the monetary transmission
process.

In this regard, even when external volatility has shown signs of moderation recently, their
effect on the Balance of Payments has been significant and the monetary authorities
foresee a lagged effect on the Dominican economy.  Moreover, there is a persistent
imported inflation component originated by high international food, commodities, and
other finished goods prices.

Domestically, inflation risks are still present due to an increase in aggregate demand,
driven by rising consumption and investment public and private, which could affect
inflation in the last two quarters of the year.

The Central Bank will continue to closely monitor the international situation and the
developments in internal markets, as well as their implications for mid and long-term
inflation expectations.
Dominican law

Cuba may seem like the country to which the cigar industry belongs, with citizens stopping just short of saluting a Havana Sun Grown instead of a flag. However, Cuba is not the only country with this distinction; it’s not the sole place on an atlas known for putting cigars on the map. Lying east of Cuba is another nation known to be smoking hot when it comes to the world of cigars: The Dominican Republic. dominican lawyers

The Dominican Republic, fittingly discovered by Mr. Cigar himself, Christopher Columbus, is the largest producer of cigars in the entire world, making it known as “Cigar Country” and leaving stogie lovers everywhere to search for their passports, book their flights, and come to a place that captures the true culture and essence of tobacco.

Bent on a history of instable organization, ruled by military government and dictators, the Dominican Republic is a nation possessing the burdens of economic hardships. From recessions, to inflation, from trade deficits to fraud, the citizens of the Dominican Republic have seen more economic turmoil than most. Nonetheless, their tobacco industry has helped to keep them afloat, with cigars from the Dominican Republic rivaling Cubans for procurement of the title of “Best Cigar.”

Cuban Cigars may get all the mention, as if they are lit with a spotlight rather than a match. But, as cigars from the Dominican Republic stand in the corner, quietly ashing and giving Cuban Cigars a look of intellectual composure, the question about whether the elusiveness of the Cuban Cigar plays into some of its greatness must be posed. Does the difficulty of procuring Cuban Cigars make them a sweeter smoke, as if a reward for an accomplished challenge? But, even with this question and the mysterious mystique that Cuban Cigars possess, some cigar connoisseurs still believe that in the fight of Dominican Cigar versus Cuban Cigar, it is the Cubans that get burned.

However, because many Cubans fled their country during Castro’s rise to power, taking with them their knowledge and their tobacco seeds, many of the cigars produced in the Dominican Republic literally do have Cuban roots. This, undoubtedly, gives the cigars some commonalities, but, because they are grown in different soils and on different lands, the cigars also maintain some differences.

While Cuban Cigars may be more recognizable, overall, cigars from the Dominican Republic include a greater variety of flavors, aromas, and colors. This is largely due to the ideal growing environment the country possesses, giving cultivators the ability to be versatile in their creations. With more than 600,000 acres of tobacco plants nationwide, the Dominican Republic is able to produce a cigar that will fit just about anybody’s taste.

The majority of the tobacco grown in the Dominican Republic is cultivated in the northern part of the country, in close proximity to Santiago. Because of this, Santiago is known to many as the “Capitol of the Tobacco and Cigar Industry.” With climate full of warm weather, and the occasional tropical wind, it’s an ideal place for tobacco growers and cigar makers to establish roots.

Over the past two decades, the people of the Dominican Republic have spent a great deal of time improving the quality of their cigar tobacco. The tobacco plants are carefully managed and cared for, leaving no leaf unturned in the quest to produce cigars of the highest quality. The entire process is highly involved and highly evolved – a process that can take up to three years from beginning to end.

In keeping with its reputation as the “Cigar Country,” the Dominican Republic is the birthplace of cigars from some of the world’s most popular brands. Among these are Arturo Fuente, La Aurora, Leon Jimenes, Cojimar, and Montecristo. But, the Dominican Republic, relying heavily on tourism for economical increases, doesn’t simply produce cigars and send them on their way. Instead, they have a whole cigar world in their cigar country.

From gift shops specializing in souvenir cigars to famous cigar factory tours, from cigar shops to cigar museums, the Dominican Republic offers the cigar loving visitor an experience they won’t soon forget. With all the cigar-related activities, this country assures that the excitement and enjoyment won’t be extinguished.

For the true cigar lover, the Dominican Republic must be on the list of places to visit. A country that not only values the intricate details involved with cigar making, but also shares those details and experiences with the visiting public, this country is sure to add a flavorful experience to all that cross into it, carrying humidors and leaving cigarettes at the border.

Regardless of whether you want the casual beach lifestyle, the cooler temperatures of the mountains, or the nightlife of a modern cosmopolitan capital city, the Dominican Republic has something for everyone. Located on the second largest island in the Caribbean, just a short flight from Miami, it also has more undeveloped and unspoiled beach front property than any other place you can think of.

dominican republic law Are there other beautiful places in the Caribbean? Sure there are, but not as inexpensive or offering so much for both the investor and retiree. Multi-currency banking for your US dollar, Euro or Peso investments, pleasant year-round climate, the opportunity for a tax free business, and very modern health care facilities are only a part of the attraction. .

There are a growing number of Americans who find their lifestyle and monetary worth rapidly decreasing in ambiance and value.

There certainly is a way out and many are finding it, and a better lifestyle, by moving to a less expensive country.

For many, a country that is attracting interest is the Dominican Republic. In comparison to other well known and path worn Caribbean destinations, the Dominican Republic still remains a place where real estate is extremely affordable.

For the price of a studio apartment in the Bahamas or Caymans, you can have a large lovely home in the Dominican Republic and living is easy in The Dominican Republic is a wonderfully diverse island with a wide range of climatic zones. The D.R. is very popular with Europeans, and now Americans are also starting to discover it.

The Government of Dominican Republic is debating, as of mid-2007, a bill to offer further incentives to foreign retirees and investors such as are available in Costa Rica and Panama. That bill is reported to offer:

• A residency program linked to investment in the country
• Tax payment exemption for household and personal goods
• Partial exoneration on motor vehicle taxes
• Exemption on real state transfer taxes for the first property acquired.
• 50% Exemption on mortgages taxes if the creditor is a financial institution licensed and regulated by local Monetary and Financial Law
• 50% exemption on Real Estate Property tax.
• Exemption of taxes which encumber payment of dividends and interests accrued in the country or abroad
• 50% Exemption on capital gain tax

There are no restrictions for foreigners on the ownership of real estate in the Dominican Republic. New homes in residential sections of Santo Domingo, the nation’s capital, can be found starting at about US$65,000–with waterfront condos in the $95,000 area. If you prefer a very upscale home located inside a gated beach front golf course community you can find that in the US$275,000 range. Five or so acres of farmland in the lush mountains start at about US$55,000 while home building lots range anywhere from US$20,000 to US$100,000 plus, depending on their locations.

Additionally, in the Dominican Republic, bank accounts and yields from fixed income investments provide up to 10% in US Dollar accounts and up to 18% interest in the Dominican Peso, (the local currency.) Such income is 100% locally tax - free, which means that the possibility of living off the interest from your savings is a distinct reality.

It should be noted that the mountains have cool welcoming temperatures and stunning views; while the beaches in the D.R. are predominantly white sand beaches with water so clear you can see the shadow of a boat at 30 feet. Because of the immense size of the island there is truly something for everyone. And don’t forget the old world charm of the colonial area of Santo Domingo, the capital.

Many clients have chosen the Dominican Republic because bank account interest is 100% locally tax-free and because interest rates for US dollar deposits do tend to be higher than other places, including current interest rates in Panama. So, if one consideration is to have the ability to live off of your savings, the DR might be a good place to look at, even if you decide to live elsewhere.

US Dollar Bank time deposits (CD’s) pay up to 10% at the moment, and if you are going to live in the country, then deposits paying to 16% or more in Dominican Pesos might be worthwhile as well. Stated more clearly, while it is almost impossible to live off the current interest earned in US bank accounts (which are also taxed) at the moment; it is very possible to do so in the Dominican Republic. How much do you need? That really depends upon what kind of lifestyle you want, but it is safe to say you can pay your monthly rent, monthly utility bills and cover things like grocery shopping on the equivalent of US$ 1,200 to $1,500 per month.

All information necessary for a full understanding of the residency requirements or programs offered in the DR. Like any country looking to attract new and good residents (and citizens), the Dominican Republic department of immigration asks that clients provide a number of thing including a letter from your local police department stating that you have no criminal background–that you are in reasonably good health, and are financially solvent.

Making a move outside of the US, or your native country where ever that might be, can be a bit daunting. Where do you start? How can you go about getting the correct and best advice the first time around? Usually taking an exploration trip is the first step in such a process.

Some of the topics that you may want to cover during an exploratory tour should include:

–health insurance and health care (it’s a fraction of the cost in the US),

–residency and second citizenship options,

–incorporation,

–real estate law,

–communication options,

–offshore banking, and other related topics.

Texas has many remedies which are available to enforce a Texas court’s decree/order. Contempt is a civil remedy with criminal consequences because the violator either will be fined or put in jail. To be held in contempt of court the offender must intentionally violate the court’s order. The punishment for contempt varies with fines accessed in amounts up to $500.00 and/or confinement in the county jail for up to six months. http://www.wdalaw.com/ The two most common forms of contempt are: the violation of a court order; or a form of misconduct which occurs in the courtroom in front of the judge.

In findings of contempt a court order must be in writing and signed by the judge before the alleged violation occurred. However, not all violations of a court order are subject to punishment through contempt. For example, we no longer follow the English tradition of Debtor’s Prison: a person in Texas cannot be jailed for not paying a debt. If the divorce decree divides credit and debts, failure to pay a debt cannot be remedied through contempt of court. Contempt of court deals with court ordered child support, spousal support or payment from an existing source of money. However, if a temporary order provides for payment of utilities or house payment as a form of child support or spousal maintenance, then any violations of these terms can be remedied by contempt of court. The bottom line is these orders have a relationship to children.

Some difficulties in contempt proceedings usually are associated with the original order. Some orders are ambiguous and too general in nature. Failure to specify with enough details is one of the major flaws which usually results in being unsuccessful in a contempt proceeding. Thus, you may file contempt proceedings and lose, not only at hearing, but bear the costs of legal proceedings.

Contempt proceedings are primarily used to enforced child support payments, visitation rights, division of property and alimony. Both parties must appear at the proceeding. Failure of a party to appear before the judge will result in the issuance of a capias. A capias is treated just like a criminal warrant and will be entered into the national, local and state police computers reflecting the warrant. Contempt proceedings are considered serious in nature and should never be taken lightly by anyone.