Questions & Answers-old
FREQUENTLY ASKED QUESTIONS ABOUT PURCHASING PROPERTY IN THE DOMINICAN REPUBLIC...
1. What are property taxes in the DR ?
Only in the last couple of years has the government started to collect property taxes. At the time of this writing the fee was . 5% of the value of the property per year. This is much less compared to other countries.
2. What about transfer taxes when you buy property?
The standard we use for calculation purposes is eight percent (8% ) of the purchase price.
3. Is insurance available?
Yes .Several reputable companies also for Title insurance.
4. What utilities are available?
Same as the US or Canada. Electricity 110/220, water , cable, telephone, propane gas tanks 50 or 100lbs .
5. What is the cost to build a house, standard quality?
You can expect to pay at least US $45. to $50.00 per square foot. This will include Dominican ceramic tile floors, pine wood, or aluminum windows, standard bathroom and kitchen fixtures. Plans and gardening are extra.
6. How long does it take to build a house in the Dominican Republic Real Estate For Sale?
We generally say six to nine months. The only real time stopper is rain .All materials are available here on the island.
7. What about furniture, appliances etc?
All the items necessary to furnish your new home can be purchased here in the country. To ship your furniture in containers is costly and time consuming. We do not recommend it !!
8. How much do attorneys charge to escrow a purchase?
The standard fee is one to two percent (1% to 2% ) of the purchase price , this will include title search, transfer of title, attorneys fees .Other work is on a case by case basis. You will also pay transfer taxes
9. How do I form a Dominican Company ?
Your attorney does all this work .The fee to form a company starts at US$1900.00.Generally the yearly cost to maintain the company in good standing is approximately US$300.00
10. Banking:accounts, CDs, checking?
All are available in US dollars and Dom. pesos. Banks do vary in interest paid on CDs. Dollar accounts are in savings and CDs only.
11. Setback from ocean ?
There is a sixty meter setback (60mt or 200ft) from the water line. This law is readily enforced however arrangements can be made which permit less distance.
12. How high can I build ?
The maximum allowed on the north coast is eleven point twenty meters (11.20mts.) or approximately thirty seven feet (37ft).In some cases (below ground level) you can gain another floor.
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