Can a foreigner buy a property in a Dominican real estate agency?
As a result of the growing demand for real estate in Dominican cities, a questioner arose regarding the possibility of buying and financing real estate by citizens not residing in the country.
The Dominican Republic has an economy sustained in sectors such as tourism, foreign investment and construction, it is for this reason that the State provides conditions for the process of arrival of tourists, the development of tourist real estate projects and investment and purchase of a citizen non-resident alien, make it easier.
A study by the World Bank and Doing Business in 2015, talks about investment facilities and guarantees in Santo Domingo. If you have the desire to buy and finance an apartment in Santo Domingo either as a second home or to diversify investments in commercial real estate, you can do it safely, quickly and with the due legal guarantees.
Real estate in the Dominican Republic is affordable, and the country is becoming increasingly popular with Americans.
One of the favorites for expats looking to buy real estate in the Dominican Republic is Punta Cana and Puerto Plata (Caberete, Sosua), which enjoy excellent infrastructure. They feel a little “Miami” … fun, sand and sun. Hotels raised the price of beachfront land, but off-beach property remains affordable.
Another strong option for living and real estate in the Dominican Republic, although it is very different from Punta Cana, is the coastal city of Las Terrenas. It comes with a sizable group of Italian and French expats who have a taste for interior design and gourmet food.
Today, the city center is a whirlwind of motorcycle conchos (motorcycle taxis), shops and cafes painted with a bright rainbow. The original old wooden houses located on the beach are now trendy cafes and restaurants. They are family-run and serve wood-fired pizzas and simple snacks, down to gourmet Italian and French food.
Real estate and inheritance law.
Foreigners can freely inherit real estate in the Dominican Republic. However, the succession of real estate located in the Dominican Republic is subject to Dominican law, which establishes a mandatory hereditary reserve for the benefit of the children of the deceased person, unless the foreigner who does not reside in the Dominican Republic expresses in writing, your will to govern the law of your habitual residence.
Purchase of real estate in the Dominican Republic
In 1998, a law was drafted that allows foreigners to buy property in the Dominican Republic with the same rights and obligations as a Dominican citizen. The only requirement is that the Title Registration Offices keep a record, for statistical purposes, of all purchases made by foreigners.
Real estate purchases in the Dominican Republic work a little differently than in the United States. Rather than submitting a written offer, you first negotiate and verbally agree on the price with the seller. Then a lawyer prepares a binding “Promise to Sell” or “Option to Purchase” and both parties sign it. At this time, the deposit or advance is normally made.
Real estate agents in the Dominican Republic are not licensed or regulated by the government. There is currently a bill in Congress that may regulate the practice in the near future. Be sure to employ the services of a trustworthy and trustworthy real estate agent and attorney.
some properties for sale in the dominican republic