Foreigners can acquire real estate in the Dominican Republic without any special conditions, The Constitution of the Dominican Republic grants the same rights to foreign investors as to nationals and requires them to have the same duties; that is, foreign investors are subject to the same rules and regulations applicable to local investors.
Steps to follow to start the process:
Contact a trusted Real Estate Agent to guide you in the search for your property.
Define with the Agent the characteristics and in which area the apartment and / or house is sought.
Complete the form (know your client), required by the Dominican State for compliance with the Anti-Money Laundering and Financing Law against terrorism.
Make a recognition of the market and the areas.
Select a law firm that investigates the legality of the documents required to sell a property.
In case of financing;
Pre-qualify at a Commercial Bank.
Collect the documents required of a foreigner to apply for mortgage financing.
The financial system in the Dominican Republic allows a foreigner to buy an apartment or other property, in addition, it provides access to mortgage credit.
Foreigners, their families, businesses and real estate investments are welcome in the Dominican Republic, there is no legal impediment that prevents a foreigner from buying an apartment and other real estate in the Dominican Republic.
They can sell or transfer real estate between foreigners.
It is possible to inherit.
They can take financing through local banks.
They pay the same taxes as Dominicans:
Real Estate Property Tax (IPI).
Certification of the Legal Status of the Property. (Charge and Lien)
Real Estate Transfer Tax.
Inheritance taxes.
