How to Buy Real Estate in the Dominican Republic

Almost half of the beautiful Caribbean island of Hispaniola consist of Dominican Republic in Central America. Lush green grass, attractive beaches, sceneries and exciting culture makes Dominican Republic one of the most popular tourist spots in the world.

Many Americans dream of buying a property in the Dominican Republic as the prices are considerably less than in the US. One of the main reasons for this is they are only a few hundred miles from the shores of USA.

Instructions

  • 1

    Think about why you want to own residence in the Dominican Republic in the Central America. If your factors are personal, you can determine your price range and the residence  area. If you're making an economical choice, a whole different set of concerns must be taken into consideration.

    Do not rush making the decision of moving to Dominican Republic. While the real estate property is inexpensive when compared to countries like the United States and the United Kingdom, your living standard will also be affected considerably.

  • 2

    Investigate the residence area thoroughly. Many international guests to the isle see residence ads that they find too good to be real and they often are. Also, costs that seem affordable to a United States resident,  might not indicate the real rate. Doing a thorough search is therefore mandatory before finalizing a deal.

  • 3

    Find out about taxation laws and licenses for a given residence house or apartment. Many people believe that they can live in the Dominican Republic without paying any property taxes but this does not turn out to be true when they actually start living there.

    Nothing should just be presumed. Talk with your lawyer or attorney or an official from your local state office before buying a property in the Dominican Republic. The more research you do beforehand, the better your chances will be of a swift transaction.

  • 4

    You will also be required to make sure your previous taxes are taken into account. The Dominican Republic does not have a govt organization that delivers residence tax notices to entrepreneurs.

    If the govt discovers that there are back taxation on a residence, it will simply gather the tax from the present proprietor, so be sure all taxation are compensated before you buy a house.

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