Foreigners can buy property in the Dominican Republic without any restrictions. The government allows full property ownership, known as “fee simple.” It’s essential to ensure that your real estate transaction complies with Dominican Republic’s laws and regulations.

Foreign nationals may purchase property in the Dominican Republic without a Dominican ID and/or residency, so long as the DR’s Title Registry offices keep up-to-date records of the purchases a foreign national makes.

For tax purposes, any person residing in the Dominican Republic for more than 182 days in a continuous 12-month period is considered a resident of the DR. Residents must register with the Internal Revenue Agency to begin paying property taxes, which are subject to change depending on the purchase and include tax incentives for investors. The six main taxes that affect companies and individuals owning property in the DR include Income Tax; Capital Gains Tax; Goods and Services Tax; Excise Tax; Real Estate Tax; and tax on Company Assets.

If you’re buying property in the DR, expect the closing process to take anywhere between 30 to 45 days. This timeframe depends on the agreement between the property buyer and seller since funds from the buyer must be placed in an escrow fund three days before the closing date.

Punta Cana’s medical care and emergency services are available through private hospitals with modern medical facilities and qualified medical professionals.  Health Insurance is readily available through reliable and professional agencies. In most cases, cost of medical services, insurance, and medication can be much less costly than you would pay in the U.S.

If you’re ready to buy or invest in property in the DR, then we can’t wait to guide you through all aspects of the relocation process. Learn more about the aspects of the relocation process such as education, auto insurance, taxes, medical needs, and interior design by getting in touch with us today! [email protected] +1 849-865-8789