• 55028
    PROPERTIES
  • 591
    AGENCIES
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    COUNTRIES

The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Though known for its pristine beaches, all-inclusive resorts and golfing, it has a varied terrain comprising rainforest, savannah and highlands, including Pico Duarte, the Caribbean’s tallest mountain. It has Spanish colonial history going back 500 years, and passionate merengue is its official music and dance.

10.5 million 

 

Low Season (Aug–early Dec)

Hurricane season, really June to December (typically impacting the eastern part of DR), but if no storms it’s an excellent time to travel. Temperatures don’t vary much (mountains an exception). Deeply discounted room rates and some properties in resort areas like Cabarete close up in October.

(Mar–Jul)

You may see short but strong daily rains in Santo Domingo (through October). March is generally one of the drier months in Samaná and April weather can be idyllic throughout the country – also breezy months. Standard May to June forecast is pretty much always partly cloudy or partly sunny with chance of afternoon showers.

High Season (mid-Dec–Feb)

July to August and the week before Easter are also high season. Expect significantly higher hotel prices and crowded beaches. Most water sports are prohibited throughout the DR during the week before Easter.



 

Dominican peso

Spanish 

Everybody can buy real estate in the Dominican Republic - no residence or local partners are required. You can buy as a private person or use an offshore company.

After you’ve located a property you want to buy, you need to make the owner an offer. If you come to an agreement, you will need a solicitor who will draw up a binding promise of sale to be signed by you and the current owner.

This solicitor will usually carry out due diligence either before writing up the promise of sale, or failing this, make the completion of sale dependent on due diligence being carried out at a later date. When you go to sign, make sure the promise of sale contains the following as a bare minimum:

  •  Full name and particulars of the parties. If the seller is married, the spouse must also sign.
  •  Legal description of the property to be purchased.
  •  Purchase price and payment terms.
  •  Default clause.
  •  Date of delivery of the property.
  •  Due diligence required or done.
  •  Representations by the seller and remedies in case of misrepresentation.
  •  Obligation by seller to sign the Deed of Sale upon receipt of final payment.

After this is signed by both parties, a Deed of Sale is signed when the deal goes through. This is then sent to the internal revenue office where taxes are levied: Document Stamp Taxis RD$232(US$7) for the first RD$20,000(US$586) and 1.3% on anything thereafter. The buyer must also pay a transfer tax (3%) and a property registry tax (2%).

Documents are then submitted to the title registry office by your lawyer, where the deeds will be put into your name. Be patient - the process often takes a while as the relevant offices can take their time.

Transfer tax (3%) 

A lawyer to handle your sale, who’ll also act as notary. They usually charge around 1% of the property price as commission.

The agent is payable by the Buyer and they charge from 3 to 10 percent

If you want to stay and take a years rent you will have to apply for a residency permit, otherwise you are allowed to stay for a month at a time and would have to obtain extension.

If you are coming from a Commonwealth Country, you are entitled to stay for 6 months at a time.

Your rent will be paid monthly generally through the Agent to the Landlord.

You will be expected to pay a security deposit in the region of one months rent which is refundable should you leave the property in the same condition.

The tenant is responsbile for all utility bills whilst in the property unless its a short term lease then this could be included in the price. 

For a long lease you can expect to pay the same amount as one month rent.