How large is the Dominican Republic?
The Dominican Republic is slightly less than 19,000 square miles in size, about twice the size as the State of New Hampshire.
Where can I get some fast facts on the Dominican Republic?
The best places are Lonely Planet (http://www.lonelyplanet.com/worldguide/destinations/caribbean/dominican-republic) , the CIA U.S. Government site (http://www.cia.gov/cia/publications/factbook/geos/dr.html), the main Dominican Republic internet portal (http://www.dominicanrepublic.com/) and DR1 (http://www.dr1.com), a popular news, life and forum site.
Where along the North Coast does Playa Grande Investments concentrate?
We concentrate on the area between Gaspar-Hernandez and Nagua with a particular concentration on the towns around the Playa Grande Golf Course and Beach, including Rio San Juan, Abreu, Breton, Cabrera and Entrada.
Does Playa Grande Investments have any direct business relationship to the Playa Grande Golf Course?
No. We are an independent, professional real estate agency.
Can a non-Dominican own real estate in the Dominican Republic?
Yes. Some of the best information on this is on our site here.
I hear a lot about Cap Cana, Punta Cana and La Romana for investments but I don't hear much about Playa Grande. Why is that?
Currently there are no large developers investing in private marketing campaigns or signing up public relationship companies. However, substantial investments are occurring almost daily-including the purchase of the entire Playa Grande Course (2000+ acres) by a private investment group from New York City. This and the many multi-million dollar mansions in the area make for a very attractive real estate environment. The land and development costs in the area have not yet soared to the levels other areas of the Dominican Republic have experienced, which are already low compared to the remainder of the Caribbean.
Is a real estate license required to sell real estate in the Dominican Republic?
No, and this is an area of concern because almost anyone can present a piece of land for sale regardless of whether they have the right to sell it or not. This makes it very important to deal with a well-known and reputable agency such as Playa Grande Investments.
Should I retain an attorney to purchase real estate in the Dominican Republic?
We strongly encourage all investors to retain competent local attorneys who have knowledge of the Dominican Republic laws related to real estate transactions?
Does your company recommend any specific attorney?
We cannot suggest a specific attorney, but recommend you consider Guzmán Ariza & Asociados (http://www.drlawyer.com) or Headrick, Rizik, Alvarez & Fernández (http://www.hrafdom.com/) or others with similar superb reputations.
When I purchase real estate, should I put it in my own name or start a company?
The precise answer to this depends upon your legal and tax situation, but typically people create a new company which actually owns the real estate.
When I purchase real estate, do I get a title or some other legal proof of ownership?
Yes. The Dominican Republic has many laws related to this to ensure ownership of the property is well documented and legally provable.
Is it possible to get title insurance in the Dominican Republic and, if so, do you recommend any specific agency?
Yes, it is possible and in this case we strongly recommend Stewart Title (http://www.stewarttitlelatinamerica.com/). They are a well-known and respected title company throughout North and South America as well as the Caribbean.
Are there real estate transfer taxes I need to consider in my purchase?
Yes, the transfer of real estate is subject to the payment of the following taxes. 4% of the purchase price plus 12% of that tax amount and some additional relatively minor processing fees.
Are there property taxes in the Dominican Republic?
Yes, although they are historically not applied to the North Coast of the island. In time there will be taxes but for now there are no property taxes along most of the North Coast.
Do I need to pay income taxes in the Dominican Republic?
Typically, no. The Dominican tax code only requires payment of taxes on income generated from within the Dominican Republic. Unless your property generates income here, there are no income taxes applicable.
Are there restrictions on foreign investment in the Dominican Republic?
The latest law, Law 16-95 on Foreign Investment, virtually levels the field for equal treatment between national and foreign investments, thus removing all restrictions.