How to Live in the Dominican Republic?

Can I Purchase Property in the Dominican Republic?

Fortunately, in the Dominican Republic, unlike other Caribbean countries, it is possible to purchase real estate and obtain full ownership rights. Picturesque landscapes, world-renowned beaches, and a year-round season are within reach for those who would like to establish a connection with this exceptional country for an extended period. Foreigners face no restrictions in acquiring property or land – they only need to navigate the process, which we will thoroughly describe in the next section of the post. However, this doesn’t mean that challenges don’t await those planning to own a piece of paradise – we also delve into this topic below.

How to Live in the Dominican Republic? The Property Purchase Process

A few simple steps stand between you and the enjoyment of your own piece of paradise. What specifically needs to happen for you to officially start your Dominican adventure?

Let’s get to know each other! Since you’ve reached this point, Cofresi Hills Residence has likely captured your attention. At this stage, you probably have a list of questions regarding matters such as contract conditions, investment benefits, property management, or other organizational issues. We are delighted to provide answers to each of them, giving you a complete picture of what a business collaboration with our team entails. Not sure where to start? Begin by filling out the contact form, available at this link: Contact – Cofresi (cofresihills.com).

The next formal step is to complete the mandatory KYC (Know Your Customer) form, aimed at helping identify your identity and providing data. This is a crucial part of our Anti-Money Laundering procedure, ensuring compliance with legal regulations. One of the implemented security measures is customer identification and verification of their identity, carried out through the aforementioned form, which includes statutorily required data such as the client’s name or nationality.

Villa or Apartment? An additional lounge that will become a space for relaxation, or perhaps a larger dining area where gatherings with family and friends will take on a unique character? The choice of your dream residence depends on your personal preferences. Fortunately, you don’t have to choose between an ocean view and comfortable interiors, as our apartments combine both features, allowing you to focus on other aspects that are important to you. Remote property management poses a challenge even for seasoned investors and entails many additional tasks, which we have elaborated on in more detail here: Long-distance property management (cofresihills.com). However, this scenario does not apply when you decide to collaborate with an experienced business partner who manages the property for you.

After completing the initial formalities, it’s time to submit an offer to purchase, formalizing our commitment to sell the property and your commitment to purchase it in the future. The document will include key conditions for the future transaction, such as the selling price and the deadline for finalizing the sales contract. This is also a good time to discuss additional matters you would like to include. If this stage raises concerns for you, rest assured! Throughout the entire process, you will be accompanied by a team of qualified specialists, including experts in law and accounting, who will continuously clarify any issues that may arise.

The next step on the list involves making the initial payment, which you will transfer to the escrow account. The funds will be held there until the completion of the real estate due diligence process and the finalization of the agreement. The term ‚real estate due diligence‘ encompasses a comprehensive analysis and examination of various aspects related to the property, aimed at answering the question ‚Can I buy the property without any concerns?‘. Specialists examine legal, financial, environmental, and technical issues specific to the property. In short, this process allows you to avoid unforeseen problems and mitigate potential risks associated with purchasing real estate.

Finally, the time to finalize the sales agreement has come! This document will outline the conditions for acquiring the property and will be signed in the presence of a notary public. Next, you will need to pay the remaining amount due—with one exception. If the property is still under construction, you will make payments in predetermined installments at scheduled intervals. The unavoidable task of settling tax obligations is also on the horizon. However, it’s worth mentioning that the Dominican government offers a range of tax incentives for foreign investors, which you can learn more about by contacting our team.

The long-awaited moment has finally arrived! You are now the rightful owner of a property in the Dominican Republic – receiving the entry in the land registry and ownership rights. This marks the beginning of a period where you can enjoy your ownership stays and start earning returns on your investment, seamlessly combining business and relaxation in the shade of Dominican palms!

What to Consider When Buying Property?

In the process of purchasing real estate in the Dominican Republic, two key figures are involved: a lawyer and a real estate agent. However, they don’t always prioritize the performance of due diligence when guiding foreign investors through the property acquisition process. Often, they take advantage of the naivety, lack of knowledge, and language barriers of foreigners, turning a potentially happy ending into an unpleasant reality. One of the practices may involve what is known as a ‚double sale‘, where the same property is sold to two different individuals. Additionally, you must be aware that the significance of specific documents in the Dominican Republic might be interpreted differently. For example, if someone presents you with a property ownership certificate, it doesn’t necessarily mean that the person is the rightful owner. Most people also overlook the exact scope of the agreement that will connect them with the abovementioned individuals. Ensure that the scope of work is reflected in a mutually signed document. Pay particular attention to the execution of the aforementioned due diligence – a step often overlooked by lawyers.

Certainly, you are aware that a crucial matter is the selection of appropriate business partners, possessing not only decades of confirmed experience but also equipped with a team of individuals who contribute every day to ensure their venture meets the highest quality standards. The aforementioned risks can be eliminated from the list if you choose to collaborate with Cofresi Hills Residence. You don’t have to worry about finding a lawyer, a real estate agent, or deciphering complicated clauses embedded in documents. Our headquarters are located in Poland, and we adhere to standards that minimize the aforementioned risks. We are with you throughout the entire process, which, if you wish to obtain more information, begins right now!