Buying Property in Dominican Republic.
Are you thinking of making your tropical dream home come true?
We made the foreign home ownership dream a reality ourselves, we know the process.
We help many people every year make the tropical home buying dream reality.
How Difficult is a Property Purchase Process in Dominican Republic?
Home buying in the Dominican Republic is not difficult. Experts in this work (like Wildefire Properties) can make the process hassle free.
There are no restrictions on foreign ownership of property in the Dominican Republic.
The process for buying your vacation or investment home in the Dominican Republic is very similar to purchasing real estate in North America. More information here: Buying Your Dominican Republic Real Estate.
Our process is an expert oriented home buying service that covers all the details.
We help you choose the right property, prepare the details such as the Offer to Purchase, Acceptance Offer, Promise of Sale, Disbursement of Funds, the Final Contract (Deed of Sale) and more.
We make the home buying process streamlined and stress free!
Getting a Mortgage in the Dominican Republic.
If you intend to use local financing, we know the local lenders very well and can guide you to the lender that best suits your needs. For other methods of financing your home see the points below.
There are local banks that will offer mortgage financing. The mortgage approval process is similar to North America, however it may take longer than North America. Pre-approved mortgages are available. More information here: How to Finance Dominican Republic Real Estate.
There are other methods of financing your Dominican Republic residence such as arranging financing in your native country (or take out a home equity line of credit), developer financing is at times an option depending on the developer, private lenders and more.
The best way to start the process is to contact us direct and we will help guide you.
Average Cost of House in Dominican Republic.
There are few ways to look at the cost of a home here.
Relative to the rest of the Caribbean the DR has very low real estate acquisition costs.
Square Meter Prices – Dominican Republic Compared to Caribbean. More information here: https://www.globalpropertyguide.com/Caribbean/Dominican-Republic/square-meter-prices
Another more important consideration is growth. The growth of tourism and the economy in general of the Dominican Republic is difficult to beat – this is highly beneficial to you the home owner in our country.
Retirement in Dominican Republic.
It is possible to stay in the Dominican Republic without obtaining the official residency permit there are many benefits to owning one.
A legal resident can work and do business legally in the Dominican Republic, can bring in his household items tax free, inheritance residents are not subject to surcharges, income earned for residents has tax benefits as it applies to your home country, and can enter the Dominican Republic without having to buy a tourist card.
More information on retiring in the Dominican Republic is found here: Dominican Republic Residency, Visa, Tourist Card Information.
Follow the link above or contact us for the specific steps required for your residency application.
Are there Property Related Taxes in the Dominican Republic?
There are real estate closing costs, land transfer tax and property taxes for most home-owners in the Dominican Republic (similar to most other countries around the world)
Real Estate Closing Cost Legal Fees are 1% and a corporation is 1,000.00 US if you wish to earn rental income.
A 3% tax is assess on any transfer of ownership, this is the land transfer tax.
There is also generally (with variance) a 1% annual property tax for individuals with various exemptions and considerations for commercial property.
For more detailed related tax information click here: Real Estate Closing Costs in the Dominican Republic.
Can Americans / Canadians buy property in the Dominican Republic?
There are no restrictions on foreigners purchasing real property in the Dominican Republic. The only requirement for ownership is that the Title Registry Offices keep a record, for statistical purposes, of all purchases made by foreigners.
Foreigners are allowed to purchase property in the Dominican Republic with the same rights and obligations as a Dominican citizen. Credit: Global Property Guide – Financial Information for Residential Property Buyers.
Foreign property investment is also encouraged by incentives, which according to the Dominican Republic tourism office, include:
Tax-free receipt of pension income from foreign sources, including moving belongings to the country, is guaranteed (Law 171-07 on Special Incentives for Pensioners and Persons of Independent Means).
Foreign buyers receive a 50% exemption from property tax.
Exemption from taxes on dividends and interest income, generated within the country or overseas.
Foreign buyers receive a 50% exemption from taxes on mortgages, when the creditors are financial institutions regulated by Dominican financial monetary law.
Exemption from payment of taxes for household and personal items.
Exemption from taxes on property transfers.
Partial exemption on vehicle taxes.
Developers are relieved of all national and municipal taxes for ten years, including the tax on the transfer of ownership to the first purchaser of a property, by Law 158-01 on Tourism Incentive.
Dominican Republic Investment Property and Foreign Investment.
The Dominican Republic government strongly encourages foreign investment and has promoted many incentives for investors.
Dominican Republic foreign investment tops US$3.6B in 2017, a 48.33% jump. See article here: https://dominicantoday.com/dr/economy/2018/04/25/dominican-republic-foreign-investment-tops-us3-6b-in-2017-48-33-jump/
Foreign Direct Investment in Dominican Republic increased by 762.30 USD Million in the second quarter of 2018. Foreign Direct Investment in Dominican Republic averaged 628.53 USD Million from 2010 until 2018, reaching an all time high of 1658.60 USD Million in the fourth quarter of 2017. See more data here: https://tradingeconomics.com/dominican-republic/foreign-direct-investment
More information about foreign investment laws, incentives offered to investors, acquiring real estate, reasons to invest in the Dominican Republic, moving your business to the DR, tax incentives, benefits and special incentives is available here: https://www.dominicanrepublic.com/foreign-investment/.
More information on real estate investment is available on our website here: Dominican Republic Foreign Investment.
How Can I Afford to Buy a Home in the Dominican Republic?
Let your vacation home help pay for itself! North American owners have been able to afford buying their Caribbean property in the Dominican Republic for vacation, retirement or investment by placing their home in a very successful rental program.
Find Out How Our Successful Rental Program Works Here: How can I Afford to Buy a Home in the Dominican Republic?
Today the Dominican Republic is the number one tourist destination in the Caribbean which makes it a perfect time to buy a vacation home and earn strong rental income.
Why the Home Buying Service at Wildefire Properties is Miles Above The Competition:
“Wildefire Properties prides itself in providing your Cabarete Sosua real estate turnkey solution (click to find out more).
Helping clients from the beginning and continuing service support after the home buying process concludes.”
We Would Love to Hear From You, Get In Touch With Us!
Richard Regan, President
Mobile Dominican: 849-861-0697 (Can be reached using WhatsApp)
Mobile Canada: 416-930-8925 (Can also be reached by FaceTime Audio and WhatsApp)
Email: email@example.com (Can also be reached by FaceTime Audio)