Punta Cana Life

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Legalizing Dominican Real Estate

Asociación de Empresas Inmobiliarias

The emerging Dominican Republic Real Estate market, called for regulating and licensing of real estate agents in the country. There is a new law currently in congress that will be in place within the next year. Working to achieve this is the ‘Asociación de Empresas Inmobiliarias’ –a collective membership that identifies a real estate professionals who subscribes to their Code of Ethics.

The ‘Asociación de Empresas Inmobiliarias’ or locally known as AEI, encourages consumers to rely on the expertise and integrity from their members. The AEI has been offering their members a voluntary adherence to the AEI’s Code of Ethics to their knowledge of real estate processes in the area.

Members if the AEI are the experts of residential and commercial property transactions and adhere to high ethical standards.

Jocelyn Hernandez Irizarry | Owner | Plaza Arenal Caribe Nº5, Bávaro

Punta Cana Lifestyle Real Estate | www.puntacanalife.com | jocelyn@puntacanalife.com

Posted Thursday, October 16, 2008 7:40 PM by Punta Cana Lifestyle Real Estate | 0 Comments

Topic: Trends, Ethics, Punta Cana Real Estate, Real Estate Investment, Resort Real Estate

Foreigners can apply for financing in Dominican Republic!

Dominican Law does not differ from a foreign or a Dominican, normal taxes apply, so make sure your agent is well informed of the local taxes. Local lawyers handle all transactions, and Title Insurance is available depending on the development and property under consideration. Just bear in mind that the Dominican Republic is not as up to date on real estate matters as many of her Caribbean sisters ... You will need a good agent and solicitor to represent you in all the negotiations...and that's us!

Punta Cana Lifestyle can help you get the dream vacation home in the sun that you deserve. Our knowledgeable and experienced local area professionals are here to guide you through the vacation home financing process.

Pre-Approval requirements are as follows:

Loan application form
Copy of Cedula, passport or RNC if applying as a company
Proof of income
Bank statements for past 3 months

This process is provided free of charge and is offered to you without any obligation to proceed.

Once you have been pre-approved, the process usually requires the documents below, although it may change depending on the individual's situation and citizenship.

Two pieces of identification (passport, driver's licence or government ID)
Two bank references from your country of residence
Verified income and employment letters
Authorizations to issue a Credit Bureau Report from country of residence
Two years of tax returns (whether you are salaried or self-employed):
- U.S. - IRS Certified Return;
- Canada - Notice of Assessment;
- U.K. - Equivalent to U.S. or
- Canadian Income Tax Return
Copy of the Offer of Purchase & Sale or Construction Costs
Confirmation of down payment

Punta Cana Lifestyle Real Estate Now offers fincing options for foreigners lookingb to invest in the Dominican Republic.

Jocelyn Hernandez Irizarry | Owner | Plaza Arenal Caribe Nº5, Bávaro

Punta Cana Lifestyle Real Estate | www.puntacanalife.com | jocelyn@puntacanalife.com

Posted Thursday, October 16, 2008 7:32 PM by Punta Cana Lifestyle Real Estate | 0 Comments

Topic: Trends, Punta Cana Real Estate, Real Estate Investment, Resort Real Estate, Financing

Investing the Bavaro, Punta Cana area of the Dominican Republic

The Wall Street Journal reports that a growing number of Americans are seeking Caribbean property as a hedge again falling housing prices at home. Many are going to the Dominican Republic, where home prices have appreciated 20 percent per year since 2003.

NuWire Investor has an interesting list of what it calls the top five Caribbean destinations to buy real estate — interesting because it includes some surprising names. The Web site says it took into consideration the country’s natural beauty, inexpensiveness and relative low risk to hurricanes. And the top 5 are:

1.) Trinidad and Tobago
2.) Aruba
3.) Dominican Republic
4.) Netherlands Antilles - Bonaire and Curacao
5.) Roatan, Honduras and Corn Islands, Nicaragua

In many ways, the Dominican real estate boom is only beginning. The Bavaro-Punta Cana region is seeing a dramatic development, and many foreign buyers are snapping up property without so much as setting foot in them!

Key investment points

Property in the Dominican Republic is very competitively priced when compared to other Caribbean islands.
Dominican Government officially welcomes overseas investment.
Law 158 on foreign investment was recently extended to attract overseas property investors by offering exemptions on Capital Gains, Income and Property Purchase taxes for ten years. (SOME AREAS)
The Dominican Republic is the No.1 and No.4 most popular overseas destination for Canadian and US Tourists respectively.
3.4 million Tourists visit the Dominican Republic annually and this is increasing by approximately 8% year on year.
Tourism in the Dominican Republic is changing rapidly, with a growing demand for more upscale, residential style accommodations -instead of the traditional all-inclusive hotels. This is leading to major investment in the area as more people realize the potential of this beautiful country in comparison to other Caribbean destinations. Effective Rental/Property management programs are in place to help defer the costs of investments.
Many improvements to the country's infrastructure are linked directly to the pursuit of tourist income, with new highways being built, existing roads widened and paved, as well as historic areas being renovated.
The Dominican Republic has seven international airports, more than any other Caribbean Island.
The Government is currently spending $20,000,000 on an international marketing campaign to attract tourism and investment from around the world to this area.
There are no restrictions on foreigners purchasing property in the Dominican Republic, and there are no restrictions on foreigners inheriting title to property.