The long hours of sun on the beach and the relaxed lifestyle makes the Dominican Republic one of the most appealing countries to tourists. This privileged position in the Caribbean, in which our country is located, makes it one of the most preferred locations for tourists who are looking to buy a property, in which they could either live in on a full-time basis, use it as a second home, or as an investment into real estate, as increasingly stated by experts in real estate law.
Therefore, it is increasingly common for these new foreign investors to have doubts whether there are any limitations to acquire a property, what taxes they must pay or the requirements that should be met to buy a home in the Dominican Republic without being a resident. Many of them, being Americans, Canadians and Germans, decide to seek legal and tax advice for the buying and selling of real estate in cities like Puerto Plata, Sosúa and Cabarete.
Cities in The Dominican Republic Ideal for Investing in Real Estate
The North Coast is one of the most appealing areas of the Dominican Republic to tourists that are looking to relax and enjoy our country by buying real estate. Northern American tourists, like those from the United States or Canada, choose the North Coast as their number one destination, before any of the other countries in Latin America.
According to certain analyses, real estate agents as well as builders from the Dominican Republic agree that in recent years the North Coast has regenerated its glory in real estate investment from the previous years. Especially coastal cities like Puerto Plata, Sosua, Cabarete, Samana and Las Terrenas, which are added to cities Río San Juan, Cabrera and Nagua, have recorded a significant growth in the buying and selling of real estate.
What Does a US Citizen Need to Buy a Property in The Dominican Republic without Being a Resident
According to statistics, a total of 1,655,324 US tourists visited our country in 2021, and many of them came with the idea of finding a property to live in either part-time or on a full-time basis, as well as making an investment in real estate.
Therefore, counting on the services of a notary lawyer who specializes in real estate law for those who are not residents of the Dominican Republic, is very much recommended so that the process of buying a property doesn’t result in complications.
Requirements for A Canadian Citizen Buying a Property in The Dominican Republic
Canadian citizens that aren’t residents of the Dominican Republic are able to buy a property on Dominican land, but just like any other foreign citizen, they should obey the requirements that are demanded by the country to buy real estate.
Although it’s not obligatory, just like US citizens, Canadian citizens are also advised to count on a real estate advisor, who can confidently advise them throughout the whole process on what should be followed to complete the purchase of a real estate property (taxes to pay, notary, registration of the property…).
The Acquisition of A Property for A Dominican Who Lives Abroad Is Free of Restrictions
There are certain requirements that each person should comply with from the moment they acquire a property in the Dominican Republic, so if you are a US citizen from the Dominican Republic, we invite you to contact us for more details.
Therefore, if you are looking for a reasonably priced property, a luxury villa, an apartment by the beach, or simply some land that is ready for construction, don’t hesitate to contact Century 21 Perdomo.
Conclusion
In short, the Northern Coast of the Dominican Republic is the perfect area to buy real estate in, since it has everything you need to enjoy a full life: great climate, a wide range of culture, beaches, and an economic cost of living, more so than in many of the country’s other large cities. With that in mind, it’s essential to get a notary lawyer who can help you manage the process of buying a property.
In effect, it’s really important to count on a specialist in real estate law, especially if what you want is to acquire a property or invest in real estate – a safe bet for all foreign people that are looking to reside in one of the best areas of our country.
