Are you ready to begin your journey finding the best real estate and investment options in Cap Cana, DR? You deserve a process that's as efficient and straightforward as possible.
We've compiled an ongoing list of questions we get from our buyers when it comes to moving from the US to the DR as well as our experience-backed answers to those questions. Check out this handy Buyer's FAQ below to gain a clearer perspective on the process of purchasing real estate in the Dominican Republic, and visit these essential referral links for more details on the process!
Question #1: Do You Need a Dominican ID And/or Residency To Buy Property in the DR?
A: Foreign nationals may purchase property in the Dominican Republic without a Dominican ID and/or residency, so long as the DR's Title Registry offices keep up-to-date records of the purchases a foreign national makes. Read more about the immigration process.
Question #2: Are There Any Special Taxes I Need To Know About?
A: For tax purposes, any person residing in the Dominican Republic for more than 182 days in a continuous 12-month period is considered a resident of the DR. Residents must register with the Internal Revenue Agency to begin paying property taxes, which are subject to change depending on the purchase and include tax incentives for investors. The six main taxes that affect companies and individuals owning property in the DR include Income Tax; Capital Gains Tax; Goods and Services Tax; Excise Tax; Real Estate Tax; and tax on Company Assets. Read more about the main taxes residents pay in the DR.
Question #3: How Long Does the Closing Process Take?
A: If you're buying property in the DR, expect the closing process to take anywhere between 30 to 45 days. This timeframe depends on the agreement between the property buyer and seller since funds from the buyer must be placed in an escrow fund three days before the closing date. Looking for further details? Get to know the best closing lawyer we know.
Read more about the closing process for foreigners purchasing property in the DR.
Question #4: What Kind of Medical Care Is Used in the DR?
A: Punta Cana's medical care and emergency services are available through private hospitals with modern medical facilities and qualified medical professionals. Read more about the range of specialties and high medical standards to which physicians are held in Punta Cana and Cap Cana and learn about the area's best doctors.
Question #5: Can You Recommend a Reputable Attorney, Property Manager, and Other Local Professionals?
A: If you're ready to buy or invest in property in the DR, then we can’t wait to guide you through all aspects of the relocation process. Learn more about the aspects of the relocation process such as education, auto insurance, taxes, medical needs, and interior design by getting in touch with us today! Give us a call at 849-865-8789 or send an email.