Frequently Asked Questions
Questions & Answers
One must have an income statement such as a W2 form, a bank account, ownership of property whether it be foreign or domestic, a good credit rating, and 20% – 30% down payment of the property of interest. It is advisable for foreigners to use Scotia Bank for their lower interest rates as compared to Banco Popular, BHD, and Banco de Leon.
Yes, if the property is valued over $160,000 USD.
The government can inform you that your land is needed to complete a public project, but, not without compensation. The government can not seize your land without just cause.
No, one is not required to be a resident in order to purchase property in the Dominican Republic; however, it is advisable due to the advantages as far as banking, law enforcement, obtaining credit, etc.
When one is not a Spanish-speaking individual and is accustomed to the laws of the U. S. or other countries, it is advisable to select a lawyer who is bilingual and is familiar with real estate laws as well as the laws and customs of the Dominican Republic.