Buying or Renting in Dominican Republic

Best residential areas in Santo Domingo are situated in the center of the modern city: Naco, Piantini and La Esperilla, plus the areas situated towards the west, such as Bella Vista, Mirador Sur and Los Cacicazgos. Buildings in these areas are mainly high-rise luxury condos. Another upper class area, apart from the city bustle and where beautiful villas abound, is Arroyo Hondo.

In the older part of the city, Gazcue is one of the nicest, most likeable areas. Traditional residence of the middle and upper classes, it has plenty of charm in the old houses and modern apartment buildings.

Santiago’s best areas are La Moraleja, La Esmeralda, Rincón Largo and Cerros de Gurabo. Also La Zurza and Reparto Universitario. Traditionally middle class and very nice to live are the Jardines Metropolitanos.

Puerto Plata, Sosua and other coastal resorts have an important expatriate population, who have taken residence usually in the residential resorts located along the coastline.

In any case, a good website to start looking for a place to live in Dominican Republic before moving to the country is super-casas.com, which has extensive listings including photographs.

Dominican Republic Real Estate

A valid property certificate (certificado de título) is the proof of the right to property over a building or a plot of land.

Most purchases begin with the signature of a sale promise (promesa de venta). Then, both buyer and seller must sign a contract in front of a notary public (Notario) which must include the legal description of the asset to be sold, the sale price and all other conditions and clauses if necessary.

The contract must then be taken to a local branch of the Revenue Service (Dirección General de Impuestos Internos), in order to pay transfer taxes which consist on about 4.4% of the sale price, which can be broken down as follows:
a) 3% Tax on real estate transfers (Law 288-04)
b) 1.3% Tax on documents (Law 835-45).
c) Miscellaneous expenses: stamps, certificates...
Taxes are always calculated from the value estimated by the authorities and not the efective sale price.

Purchase of Dominican properties by foreigners:

There are no restrictions to foreigners: They can purchase or inherit any property in the Dominican Republic; however, if they are non-resident, succession taxes are 50% higher than for a resident or citizen.

Renting a property in Dominican Republic

Some of the most usual requisites to rent a property include:

Having a warrantor who commits to pay any debt in case the tenant doesn't pay the rent;

Signing a tenancy contract which stipulates agreed price and duration, amount of the initial deposit and details of tenant, landlord, property manager and warrantor.

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