CAN I BUY PROPERTY IN PUNTA CANA AS A FOREIGNER?
Yes you can! It’s not necessary to be a legal resident or citizen of the Dominican Republic to purchase property. A valid passport from your home country is all that’s needed.
ARE LISTED PRICES NEGOTIABLE?
Yes and no as it really depends on the seller of the property; although, in the great majority of cases, a property’s purchase price is negotiable. The best way to find out is by presenting an offer to solicit a counteroffer.
CAN I RENT THE PROPERTY I PURCHASE ON AIRBNB?
Nearly every property in Punta Cana is Airbnb/Homeaway capable. The entire area is the most popular tourist destination in the Caribbean with high demand for short term rentals.
DO YOU OFFER PROPERTY MANAGEMENT?
Yes, we do! We offer full service property management to our clients post purchase. We assist clients who wish to rent their property short term and for those who prefer not to rent but simply need a periodic check on the property.
CAN I GET A MORTGAGE FROM A BANK IN MY COUNTRY?
In general, this answer is no. A U.S. or Canadian bank (for example) will not approve a mortgage for property overseas and outside their jurisdiction should they need to foreclose. To finance your vacation property purchase you might consider a loan from a Dominican bank, home equity line of credit (HELOC) or mortgage refinance on your principal residence or even an owner financed deal where the seller holds the mortgage (this is something we specialize in).
CAN I QUALIFY FOR A MORTGAGE AS A FOREIGNER?
Yes! Most major Dominican banks accept mortgage applications from foreigners. The approval process is a bit different than for a local but Dominican banks, especially in tourist areas like Punta Cana, are accustomed to receiving foreigner applications.
IS THERE PROPERTY TAX IN THE DR?
There is a 1% property tax based on the property’s gross value, although the first US$150,000 (approx) is tax free per individual. So, you would only pay the 1% tax on anything above that amount. If you’re below that amount then your property in tax free!
WHEN IS HIGH SEASON IN PUNTA CANA?
For vacation rentals, high season is generally from December to March with peak demand during Christmas, New Years and Easter Week.
WHAT IS CONFOTUR?
CONFOTUR is a tax incentive offered by the Dominican Gov’t for new real estate projects. Purchasing in a CONFOTUR sanctioned project you are exonerated from the typical 3% transfer tax to have the property’s title transferred to your name.
IS A LAWYER INVOLVED IN THE SALE PROCESS?
Yes, once a buyer and seller agree on purchasing terms, a lawyer then drafts the sale agreement. The lawyer will then perform a title search to confirm there are no liens or back taxes owed on the property. Once a clean title certified the property is clear for closing.