Penthouse in Sosua
This is the best property in Sosua and a must see project.
Overview from Sosua to Puerto Plata, perfect sunsets every night, private beach access to the nicest beach Sosua has, panoramic pool directly over the ocean with whirl...
Santo Domingo.- The capitals nearly finished Cable Car will span 15 kilometers, and aims to shuttle 96,000 commuters daily, or 6,000 passengers per hour.
The cable car will benefit around 287,000 people who live in some of Greater Santo Domingos most sprawling barrios, according to Govt. agency URBE, which calls it a novel transport system that will communicate marginalized sectors on the margins of the Ozama (river) basin.
Purchase Process, Quick Description:
There are no restrictions for foreigners on purchasing Real Estate in the Dominican Republic . The right to own private Property is guaranteed and recognized by the Government. In the Dominican Republic every Individual or Corporation, whether national or foreign, is allowed to make Real Estate transactions. There are traditionally two ways to do it, as and individual or through a business entity.
Generally a 10% down payment is transferred to the notary's or Lawyers trust “escrow” account, until all the paperwork has been checked for debts, unpaid taxes, and the Certificate of Authentication has been delivered, this may take between 2 week to a couple of months, depending on the complexity of the transaction.
As soon all paperwork is done and signed by both parts, the funds on the trust account are being transferred to the seller, in order to complete the transaction and transfer the title to the Buyers name or Company.
We recommend using a certified Lawyer on any Real Estate transaction in the Dominican Republic to guarantee a smooth and quick transaction. The usual lawyer fee is 1% of the total purchase price, on larger amounts the honorary is negotiated.
A lot of Houses and Properties are shareholder companies, which makes it easy and cost-efficient to transfer the shares into a new ownership. Once all the paper work is 100% cleared and in order, the rest of the payment is due and the titles or the shareholder company changes hands into a new ownership. This way you will rest assured that your payment will only be forwarded once you receive 100% clear what you paid for.
We recommend using a surveyor on most transactions where the amount of square meters is relevant to the purchase.
The rumor that Property tax in the Dominican Republic does not apply is not completely true. You don't have to pay any taxes if your property was appraised from the government to be worth less then 5 million Peso, don't worry if you where looking for the tax free heaven because there are many great Opportunities to be found for 5 mio peso or less.
Like In any other country taxes need to be paid, determined by the Property value.
If everyone does it if a different question, because the Government lacks of resources to recollect these taxes, but anyways you can only sell your Property if all taxes have been paid. Anyways these taxes are far from what we are used from Europe or other American countries, and the best is to see it as a contribution to the development of the Dominican Republic.
The transfer of Real Property is subject to the payment of the following taxes and duties, these numbers are only approximate and may vary between location and the type of property:
- 3% Transfer Tax (Law # 288-04)
- 3% Document Stamp Tax (Law # 835-45) (Actually, RD$232 pesos for the first RD $20,000 pesos and 13 per thousand for the rest).
- 2% Registry Tax (Law #108-05), applicable to properties valued at RD$5 million pesos or more, which will come into effect sometime in the near future upon creation of the Indemnity Fund established by the Law.
Property and Ownership Information:
In the Dominican Republic property ownership information is maintained regionally in the recorder's office, title registrar's office or land court. This information is publicly available at regional recorder's offices, title registrar, or land court. It must be searched by hand. The Dominican Republic does not yet maintain computerized records of registered title.
There are many international insurance companies that work and insure anything just like we know it from home (please take a look: Title Insurance.
Financing and lending practices:
Long term loans for residential, commercial and agricultural purposes are available. Short term loans for personal reasons are available as well, but at high interest rates. Please check our financing section for more information.
There are controls on how a parcel of real estate may be used; also building codes and subdivision regulations may apply. However, there is no uniform building code in the Dominican Republic. The use or development may be regulated or limited according to its location, It is very important to examine environmental, urbanization, public embellishment or other municipal regulations, it is also not allowed to built within 60 meters from the beach.
Land use control:
There are controls on how a parcel of Real Estate may be used. These controls include zoning, building codes and subdivision regulations. However, there is no uniform building code. The application of public land use controls, especially zoning, can be challenged by landowners as a "taking" of private property rights. Covenants and deed restrictions exist in the Dominican Republic.
How can a foreign person obtain a Dominican residence card?:
Foreigners may acquire the right to reside in the country through obtaining a residence visa at the Dominican Consulates abroad or at the Ministry of Foreign Relations in the country, which takes between 10 to 12 weeks, and thereafter obtaining a provisional and then permanent residence card at the General Immigration Office, which takes approximately two months.
Legal Documents needed for Real Estate Transactions:
You will need the following documents for any property sale, exchange or purchase. Most of these documents will be obtained and taken care of by your lawyer.
Sale, payment, exchange:
- Sales/purchase agreement signed and legalized
- Copies of the identification documents of the buyer and seller.
- Copies of the identification documents of the buyer and seller.
- Copies of the representative's identification card and contact
- Property title certification
- Current payment receipts for taxes
- Original payment receipt for the property transfer tax
- Original payment receipt for taxes established by law number 80-99, and other legal seals and stamps (according to the number of properties being registered)
- Record of all submitted documents
- Copies of the Properties Surveys