You’re interested in buying a home in the gorgeous tropical nation of the Dominican Republic, but you don’t know where to start. Moving to a foreign nation can be intimidating, and questions rattle around in your mind—Questions about visas, citizenship, and property rights. Casa Linda has a clientele of mostly foreign home-seekers and will be happy to demystify the property ownership process for you!
The Dominican Republic is extremely foreign investor-friendly; tourism is a massive part of the national economy, and expats living in the DR bring their foreign wealth with them to stay! With the government incentivized to make things easy for foreigners, you may be surprised by how simple the answers to some of your questions will be!
Who Can Own Property in the Dominican Republic?
In most cases, there are no restrictions on foreigners purchasing property in the DR (but if you ever want to visit that property, make sure you’re eligible to enter the country!)
In fact, owning property over $200,000 USD in value is considered an investment major enough to fast-track your residency process (more on that later)! A valid ID and passport will be enough to make a purchase.
What Does the Purchasing Process Look Like?
Let’s use the purchase of a villa at Casa Linda as an example. You’re ready to leave your worries behind and move to the Dominican Republic. After browsing the Casa Linda website, you see a beautiful floor plan and instantly fall in love.
1. You contact the company and provide the needed information. Soon after, you select your villa and lot, ask for whatever adjustments you want to the basic floor plan, and make a down payment.
2. Shortly before construction begins, you make a second payment of 35% of the home’s value. Six weeks later, a payment of 30%, then 25% after another six weeks, then the final 10% at the very end. About 6-8 weeks after paying for your property, the attorneys involved in the process complete the transfer of ownership to your name. They charge about 1% of the property’s value for that service.
And that’s it: you’re a homeowner in the Dominican Republic!
Payment structures and steps may change over time at the discretion of the seller or the government, but the DR’s commitment to keeping its tourists and expats flocking in won’t be going anywhere soon! Don’t forget to check for available financing options if you don’t have cash on hand.
How Can I Open a Bank Account in the Dominican Republic?
As you might expect by this point, it’s not difficult, and you can do it even if you’re a foreigner! A letter of reference from your bank, a passport, and possibly a small deposit (depending on your bank) will earn you a Dominican bank account in pesos or US dollars. Fun fact for Canadians: Scotiabank has existed in the Dominican Republic for over 90 years and is an excellent choice for expats!
What About Residency?
While you can live, purchase property, and open a bank in the DR as a foreigner without issue, attaining residency status comes with considerable benefits.
You won’t have to worry about the restrictions of tourist cards or visas, you can attain a driver’s license, and you can stay for a whole year before worrying about renewing your residency. This also puts you in a more favorable tax structure and sets you up to obtain permanent residency or even citizenship!
Discover Life Tranquilo with Casa Linda
It’s time to take this new knowledge and put it to work! To hear about the buying experiences of other expats, check out our Owner Stories. Once you're convinced, contact us at Casa Linda and get started on your dream villa!
Our experts have decades of experience and will handle any of your remaining questions so that you can make your dream life a reality!
