Dominican Republic

Dominican Republic

Population 11.12 million
Area 48,442 km sq
Timezone GMT -4
Language Spanish
Located in the Greater Antilles chain with Cuba to the west and Puerto Rico to the East, the Dominican Republic shares the second largest island in the Caribbean, Hispaniola, with Haiti on the western side.

Mainly due to its larger land-mass, the Dominican Republic has some of the most affordable real estate opportunities in the Caribbean. Beachfront apartments to private villas or mountain chalets, there is a range of options available as second homes, residence or rentals. It’s a popular winter getaway with an average temperature of 24.8’C .

The tourism industry here is thriving, with visitors to top resort spot Punta Cana projected to reach five million, the majority (around 40%) are from USA. Punta Cana is popular with home owners too.
Visitors with passports from USA, Canada, UK or Schengen zone do not need a visa to enter for holiday purposes, although passports must be valid for at least six months after planned departure date. Visas are required for stays longer than 30 days, or for work, study or residency.

It is possible to become a citizen though $200,000 investment in real estate, to include family. Fees, terms & conditions apply. There are retirement visas here too. One of the richest areas is Los Cacicazgos, a district in the capital city, Santo Domingo. The water sports capital is found to the north on the Amber Coast, Cabarete. Popular with tourists and residents alike, here you can dive, snorkel, surf, windsurf, kite-board or just enjoy the beach alongside the restaurants, and some nightlife after dark. The International Airport of Puerto Plata is a 15 min drive away and there are seven international airports positioned around the country.
Arguably, the best place to buy real estate in the North is Sosua beach, where you will find calm, clear water, shops, bars and restaurants. Nearby there is Puerto Plata, with its 16th century fortress, an amphitheatre looking out to the Atlantic and a cable car reaching the peal of Mount Isabel de Torres. A little further is upscale La Romana in the south east with its replica 16th century artisan village, world-class marina, renowned golf courses and beaches.

The Title Registry Offices keep a record of all purchases made by foreigners for statistical purposes. There are taxes in Dominican Republic, including Capital Gains and a 1% annual tax on property. Allow 4.5-5.5% on top of asking price inc. 3% Transfer Tax. Locally sourced income is subject to tax.

Be careful to employ the services of qualified professionals locally and consult your lawyer before signing any papers or making any payments. A Public Notary is involved in the sale process.

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