Dominican Republic Property & Dominican Republic Real Estate by Caribbean Land & Property. Search our Dominican Real Estate for a home, house, or investment property in the Dominican Republic. Buy, sell or invest in real estate, land, commercial or investment property in the Dominican Republic.
Caribbean Land and Property
Facebook Twitter Google+ Pinterest LinkedIn Youtube Blog
Caribbean Land and Property
Caribbean Land and Property
Caribbean Land and Property Caribbean Land and Property Caribbean Land and Property
Caribbean Land and Property
Caribbean Land and Property Caribbean Land and Property
Caribbean Land and Property
Caribbean Land and Property Caribbean Land and Property SEARCH BY      


Financial Articles

Caribbean Property and Real Estate  Offshore Company
Caribbean Property and Real Estate 
Dominica Second Passport
Caribbean Property and Real Estate  Offshore Jurisdiction
Caribbean Property and Real Estate  St Kitts 2nd Passport
Caribbean Property and Real Estate  Tax Avoidance
Caribbean Property and Real Estate  Tax Haven Comparisons
Caribbean Property and Real Estate  Caribbean Mortgages
Caribbean Property and Real Estate  Economic Citizenship
Caribbean Property and Real Estate  Estate Planning
Caribbean Property and Real Estate 
Int. Business Companies
Caribbean Property and Real Estate  Offshore Tax Havens
Caribbean Property and Real Estate  Second Passport FAQ
Caribbean Property and Real Estate  Caribbean Passport


Life Styles Blog
 
 
 
 
 
|  Back |  comparisons |

Dominican Republic Property and Dominican Republic Real Estate

Dominican Republic Property


Dominican Republic Property Buying Information

There are no restrictions on foreigners buying of property in the Dominican Republic. The following information is intended to provide a general overview of the process of buying real estate in the Dominican Republic. However, it does not cover all the rules and regulations in every circumstance. It is advised that potential buyers seek out further information prior to making a decision to purchase.


Steps to Buying Real Estate in the Dominican Republic 


1. Prior to purchasing any property in Dominican Republic, it is advised that you appoint an attorney to help you through the process.

2. A customary 10% deposit is offered from the buyer along with the Offer of Purchase contract.  This document is drawn up by your attorney and contains information about the property being purchased, the offer price, buyers information along with any financial conditions offered.

3. Once this is accepted by the seller, a Purchase Promise is then drafted up by the buyers office and includes the buyers information, the sellers information, information about the property being purchased, agreed purchase price and any financial conditions.

4. Your appointed attorney will also need to take the property through the  Due Diligence process. This process ascertains the current legal status of the property.

To go through this process the following documents will need to be supplied to the attorney. Copies or photocopies of:

a) the Title Certificate of the property

b) the property survey or plan

c) a copy of the ID card or passport of the seller
d) documents showing that the property is either current with tax payments or exempt from payment of tax
e) corporate documentation and authorization to sell (if applicable)
f) condominium regulations and declaration (if applicable)


5. The Sales Contract (which details the legal property description with price and any other conditions) will need to be signed by the seller and the buyerat an attorney's office, who will then notarize it. If the seller is married, the spouse will also need to sign this.

6. The nearest Internal Revenue Office will need to value the property. Payment of taxes are made to this office including the transfer tax (see below for information on this), if applicable.

7. Documents received from the Internal Revenue Office, along with the Certificate of Title, the Sales Contract and copies of identification of both the seller and the buy are taken to the local Title of Registry office where the sale of the property is recorded.

8. The Title of Registry office issues a new certificate of Title in the name of the new owner and cancels the previous Certificate of Title. This particular part of the process can take anywhere from a few days to several months depending on the office.  The new deed would normally be received within 90 days.

 

Closing Fees

The Dominican Republic has a sliding scale of fees, however for most sales it is safe to assume about 5% of the purchase price for taxes, fees and all legal documentation.

 


Dominican Republic Property Taxes

There are two types of tax for Dominican Republic properties. The first one is the transfer tax and a one-off tax applied when a property is first purchased. It is calculated at 3% of either the sales price or the price that the Inland Revenue valued the property at – whichever is the higher.

The 2nd tax payable is the annual property tax which is 1% of the value of the property.

Dominican Republic companies are exempt from paying property tax in this method, as they pay asset tax. They also do not pay the transfer tax as the property would be transferred as a 'share'.


Other payments that the buyer will need to pay for legal obligations could amount to 1% of the value of the property in addition to these fees to cover stamps and other duties etc.


Inheritance of Dominican Republic Property

Dominican Republic property can be inherited by foreigners. Inheritance tax is 3% of the value of the property if the subject lives in Dominican Republic, and 4.5% if they reside outside. However, this can be raised to between 17% and 32% of the estate if there is more to the 'estate' than one primary property.



Dominican Republic Property Building Costs
Building costs will vary from area to area and are dependant upon the complexity of the construction and quality of the finishes required. However, as a guideline, a typical masonry house may be built at 2008 prices for around US$650 to US$750 in Samana and around US$750 to US$950 per square metre in the Puerto Plata/Cabrera area of the Dominican Republic.


Dominican Republic Property
Click Here to view Dominican Republic Properties


Contact Us
Our local representatives in the Dominican Republic can be contacted through our
Contact Us page.


Dominican Republic Property

Dominican Republic Property Investment


Property Investment Opportunities
There are excellent opportunities for investment in the Dominican Republic. It is one of the most stable countries in the Caribbean and Latin America. The Dominican Republic is also a strategic geographic location and has very low labour and living costs that, together with the laws to promote the Foreign Investment, made it very attractive for those who are looking for high profitability and security.

NEW TAX EXEMPTION LAW. This law concerns tourist areas with strong potential that need developing, for instance Samana. Certain companies in these areas of the country can benefit from freedom of company taxes, as well as national & municipal taxes on building permits and ownership certificates.  There are several publications created by the Government, the Foreign Trade Chamber and an International Law Firm Perellano & Herrera:-

    LEGAL GUIDES
    Doing Business in Dominican Republic (English Spanish)
    Tourism Guide (English Spanish)
    Expatriate Guide (Spanish)

    EXECUTIVE SUMMARY
    Foreign Investment Law (English, Spanish , French, Italian)

Antigua Property and real estate

CARIBBEAN LAND AND PROPERTY IN THE DOMINICAN REPUBLIC 

We are promoting property and investment along the North coast of the Dominican Republic, in the Samana Peninsula and Puerto Plata/Cabrera Areas.

Samana is one of the most beautiful areas in the Caribbean, and real estate investments in this area over the past few years have given an excellent return. Three major projects that have already started will shortly finish, bringing enormous benefits to Samana : the highway from Santo Domingo to Las Terrenas, which will cut the car journey to an hour and a half from the current four and a half hours; an 18 hole golf course and surrounding estate of 150 luxury villas, an hotel and a clubhouse; and the new International Airport, only 20 minutes away. There is also a new harbour project, which is in the initial phase of consultation.

Having correctly predicted in 2005 that land prices would rise at an annual rate of 25 to 35%, we now feel that the annual rate of rise is likley to steady to a more sustainable 10 to 15% over the next few years.


Dominican Republic Property
Click Here to view Dominican Republic Properties


Contact Us
Our local representatives in the Dominican Republic can be contacted through our Contact Us page.


Dominican Republic Property and Dominican Republic Real Estate


Disclaimer: Caribbean Land and Property has strived to provide correct and current information on buying real estate in Dominican Republic, however, it is essential to verify this information with a specialist  who is abreast of all current laws and regulations prior to making a decision to purchase property, visiting this country to purchase property or any other matter of importance.

Dominican Republic Property and Dominican Republic Real Estate


Copyright 2010 Text and Images - Caribbean Land and Property

|  Back |  comparisons |
Last Updated On 23 Aug 2017