Matthias KöglMay 10, 2024
FAQ
Can Foreigners invest in the dominican republic?
The buying process for foreigners and Dominicans is exactly the same. No matter your citizenship status, you can own property in the DR. How to buy a property in the DR
What are the additional costs in a real estate transaction?
Closing costs are typically 4% additional to the sales price. 1% would be for the lawyer’s fees and 3% go straight to the government for title transfers and taxes.
Can you receive quality healthcare in the DR?
Not only can you receive quality healthcare in the DR, it is very affordable. A standard visit to your General Doctor would cost less than $25 USD without insurance and you can get a top tier insurance policy for $400 USD per year.
Are there additional costs to home ownership?
Yes. Property taxes are 1% per year of the appraised value of the property in the tax office of approximately over $165,000USD. So if your property is officially valued at $200,000USD, you would pay 1% yearly property taxes on just $35,000USD.
How long can I stay in the DR?
Your tourist visa from the airport expires in 30 days, so if you leave after 30 days you will pay a fee at the airport that is calculated based on how long you stayed.
Do I need to get residency if I own property in the DR?
No. It is just as easy to own property in the Dominican Republic for citizens as it is for visitors. That being said, getting residency in the DR is a straightforward yet lengthy process that can be beneficial for some.
Why should i use a real estate salesperson?
A real estate salesperson is more than just a “sales person.” They act on your behalf as your agent, providing you with advice and guidance and doing a job – helping you buy or sell a home. While it is true they get paid for what they do, so do other professions that provide advice, guidance, and have a service to sell –such as Certified Public Accountants and Attorneys.
The Internet has opened up a world of information that wasn’t previously available to homebuyers and seller. The data on listings available for sale is almost current – but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.
However, the role of an agent has changed in the last couple of years. In the past, agents were the only way home buyers and sellers could access information. Now agents are evolving. Because today’s home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.
The real estate agent is becoming more of a “guide” than a “salesperson” — your personal representative in buying or selling a home.
Is it necessary to hire a lawyer when buying a property in the Dominican Republic?
It is highly recommended to hire a lawyer when buying property in the dominican Republic, as they can assist with due diligence, title searches, and the legal process of purchasing property.
Are there affordable Real estate propertys in the Dominican Republic ?
Yes. Especially the market on the north coast has a lot to offer. From really affordable condos up to high class beachfront Villas. Check it out.
