How Can A Foreigner Buy Real Estate In The Dominican Republic?

Posted 2 years ago in Other.

You are a foreigner and you want to buy a property in the Dominican Republic, you are interested to know that this is possible without prior authorization since 1998 when a 1945 law was repealed, which required this to buy a property as a foreigner.

How Can A Foreigner Buy Real Estate In The Dominican Republic?

You are a foreigner and you want to buy a property in the Dominican Republic, you are interested to know that this is possible without prior authorization since 1998 when a 1945 law was repealed, which required this to buy a property as a foreigner.

The Dominican Republic is a country open to foreign investment; this includes its real estate market, which is one of the most competitive in Latin America.

The interest in attracting foreign investment to the real estate market is expressed in the tax policy that does not place extra taxes on foreigners who purchase Real estate Dominican Republic territory.

In this article you will know the requirements, documents and steps that every foreigner must follow to buy a property in the Dominican Republic.

You will also be able to realize that the opening of the Dominican real estate market is guaranteed in practice.

Requirements from abroad to buy real estate in the Dominican Republic

Currently, the only thing a foreign person, natural or legal, must do after buying the property is to register the purchase transaction with the Title Registry, an agency that reports the purchase to the Secretary of State for the Interior and Police, within the next 15 days. .

In case the foreigner wants to opt for financing, he must pre-classify in any local bank.

One more requirement is that the foreigner complies with the KYC or "know your client" procedures required by the Anti-Money Laundering and Anti-Terrorist Financing Law.

Documents that the foreigner needs to buy a property in the Dominican Republic

The documents that a foreigner needs to buy a property in the Dominican Republic are the basic ones that any country in the world open to foreign investment in its territory asks for.

These documents are:

  • Passport and other identity document,
  • Letter of employment or proof of existence and operation of the company,
  • "Know your customer" form
  • Proof of income for the last three months,
  • Bank account balance for the last three months,
  • In case of having marital status of married, you must present the identity documents of the spouse as well as the know your client form of the latter,
  • Tax return for the last two years, especially if they are residents of the United States.

Next steps

The steps that a foreigner who is going to buy a property in the Dominican Republic must follow are the following:

  • Find a real estate agency registered with the Association of Real Estate Agents and Companies of the Dominican Republic.
  • Hire a law firm to help you corroborate the documentation of the sale of the property.
  • Present the legal nature of the funds to be used in the purchase through the KYC form and the documentation of the origin of the funds.
  • Do a search for real estate in the Dominican market.
  • Comply with the legal requirements to opt for mortgage financing, if applicable.

Invitation…

If you are a foreigner and you are considering investing in the real estate market in the Dominican Republic, you have reached the right website.

Here you will not only find useful information for your real estate investments in the Dominican Republic, but you can also request an appointment with our agents, who are at your disposal to facilitate each process necessary to successfully complete your purchase.

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