Top 10 Questions about Buying and Living in the Dominican Republic
Top 10 Frequently Asked Questions About Buying Property and Living in the Dominican Republic
The Dominican Republic offers beautiful beaches, a vibrant culture, and a relaxed lifestyle, making it a hotspot for expats and investors. Here, we answer the top 10 most frequently asked questions about living in the Dominican Republic and buying property.
- Can Foreigners Own Property in the Dominican Republic?
Yes, foreigners can own property outright in the Dominican Republic. The law allows for freehold ownership with the same rights as Dominican citizens.
- What Are the Steps to Buying Property?
The process includes finding the right property, signing a purchase agreement, conducting due diligence, transferring funds, and finalizing the sale with a notary. Hiring a reputable real estate agent and lawyer is essential.
- Is Financing Available?
While local financing can be challenging for foreigners, many buyers use international financing or purchase properties outright. Some developers also offer financing options for new builds. Owner financing is also really common now.
- What Services Are Available for Expats?
Expats can access private healthcare, international schools, and reliable internet. Major cities like Santo Domingo and expat hubs like Cabarete offer plenty of amenities, including shopping centers and English-speaking professionals.
- What Is the Cost of Living?
The cost of living in the Dominican Republic is significantly lower than in the U.S., Canada, or Europe. Monthly expenses, including, utilities, and groceries, can range from $400 to however much someone wants to spend, depending on location, lifestyle, living with kids and a lot of other aspects.
- What Are the Property Prices Like?
There is no average price guideline. You can find small studios for $60.000 in Sosua up to Million dollar apartments in Cabarete. The Dominican Republic still remains more affordable than similar properties in other Caribbean islands.
- How Safe Is the Dominican Republic?
The Dominican Republic is generally safe for expats, especially in gated communities like Sea Horse Ranch, Casa Linda, Hispaniola or many others. Being aware of your surroundings is always advisable.
- What Lifestyle Can I Expect?
Expats enjoy a relaxed lifestyle filled with beach days, water sports, and a lively social scene. Cabarete offers a mix of local charm and international influences. With over 300 sunny days a year you will live a good life in the DR.
- What Taxes Should I Be Aware Of?
Property taxes are 1% annually on the value exceeding 9.86 million DOP (approximately $167,000 USD). Capital gains tax applies when selling.
How can Instyle Investments help you?
Instyle Investments is your trusted partner in navigating Dominican real estate for sale. Whether you’re seeking Sosua-Cabarete houses for sale, beachfront condos, or investment opportunities, we provide expert guidance to ensure a seamless experience.
