Dominican Republic
GEOGRAPHICAL LOCATION
Ideally nested between the Atlantic Ocean (north shore) and the Caribbean (south shore), the Dominican Republic is part of the Grand Antilles, along with Cuba, Puerto Rico, and Jamaica. With a size similar to Switzerland, the Dominican Republic proudly boasts more than 1300 kilometers of coastlines. Land of contrasts, the Dominican Republic exhibits the tallest mountain in the Caribbean (Pico Duarte, with a height of 3175 m). Conveniently located in the middle of the Caribbean, the Dominican Republic is less than two hours away from Miami, four hours away from Newark (non-stop flights), and about eight hours away from Western Europe (France, Italy, and Spain assure weekly non-stop flights on their main national carriers).
CLIMATE
Subtropical, the average yearly temperature is about 25°C, with limited temperature drops. The rainy season is May and June and again in October and November. These dates vary from year to year but with the benign year round climate any time is a great time to visit.
POPULATION
With an estimated population of about 9 million inhabitants, the Dominican Republic has significantly increased its tourist base over the past five years. In 2006, more than 4 million international tourists have visited the country. Urban development has been carefully planned and controlled. It does include new infrastructures such as paved roads and airports to better serve upcoming Dominican resort areas. Seduced by the charming hospitality of the Dominican population, foreign tourists increasingly view the country as a secondary residence and / or a permanent home.
HEALTH
No vaccine shots are required to enter the Dominican Republic. Health and hygiene standards have been significantly raised over the past five years to better serve the needs and wants of a demanding international clientele. Consequently, the Dominican Republic now boasts world-class infrastructures such as new hospitals with American and European standards, foreign doctors, and local physicians trained in the U.S. and Europe.
SAMANA PENINSULA
Stretching over a 60-kilometer area, the Samana Peninsula is a natural concentration of all the beauties and contrasts the Dominican Republic has to offer. Mountains, lush tropical forests, breathtaking bays with white-sandy beaches, and traditional villages encompass this pristine environment. Countless natural beauties of the Samana Peninsula include the world-renowned National Park of the Haitïses, whale watching, and El Limon’s waterfalls.
LAS TERRENAS
In the 80’s, some adventurous Europeans, growing tired of overbuilt Antillean islands discovered the unspoiled Samana Peninsula and settled in Las Terrenas. This was the beginning of a new wave of European migrants to the area. Today, Las Terrenas has initiated a spectacular development characterized by four ambitious projects, some of which have broken ground and/or are already completed :
- A new international airport at El Catey, located only 25 kilometers away from Las Terrenas;
- A new highway connecting the capital of the Dominican Republic, Santo Domingo, directly to Las Terrenas.
- A world-class golf course is under-construction
- A yacht marina is being built
ECONOMY
Main pillars of the Dominican economy do include agriculture, stock breeding, mining, free-trade zones, and tourism. The Dominican Republic has also become the number one producer in the world of hand-rolled cigars. Davidoff, among others, has been exclusively producing its world-class cigars for more than 20 years in the country. The booming Dominican economy has benefited the population, thus resulting in an ever increasing prosperity across the board.
TOURISM DEVELOPMENT
In the wake of its stunning success in Punta Cana, the democratically-elected Dominican government decided five years ago to further develop upscale tourism in certain areas of the country. Consequently, various ambitious projects have mushroomed throughout the Dominican Republic. For example, in Barahona and the Samana Peninsula which includes Las Terrenas and Las Galeras. In that spirit, the Dominican government contracted world-renowned firms to better address international tourism standards and expectations. The end result translates into superior upscale resorts and residences, new paved roads and airports, in complete harmony and respect of the environment.
TRANSPORT
The Dominican Republic has around ten International Airports and numerous smaller airfields suitable for light aircraft. There is direct access to the Dominican Republic from many important cities around the world. The increasing investments made by the government in the national infrastructure are proven by the new highways and marina developments visible throughout the country.
INVESTMENT
FISCAL BENEFITS FOR FOREIGN INVESTORS
In order to facilitate investments in the Dominican Republic, the government has launched several incentive programs for foreign investors, companies, and retired individuals who wish to establish temporary or permanent fiscal / home residency in the country. As such, immigration policies have been eased in order to attract and retain foreign nationals / corporate entities who qualify under this special visa program. Please note that no difference is made between a Dominican national and the holder of a foreign passport in terms of right to freehold ownership.
STEP-BY-STEP PROCESS TO ACQUIRE LAND / FREEHOLD ESTATE IN THE DOMINICAN REPUBLIC
- Formalities to acquire land and / or property have been eased. A foreign national will need the following in order to acquire a freehold estate in the Dominican Republic :
- - a valid passport;
- - a 10% deposit into escrow along with the signed purchasing agreement ;
- - choose a Dominican notary in order to complete the transaction ;
- - a money wire transfer to a Dominican-based bank or a cashier’s check (Bank Draft) are the two alternatives offered to the buyer in order to duly complete the purchasing transaction ;
- -Title / property deeds are then properly registered with the Dominican authorities by the buyer’s notary ;
Please note that current notary fees, expenses and taxes associated with the transfer of title ranges from 4.00% to 5.40% of the total cost of the transaction. They are paid directly to the notary at closing. Intermediary fees are generally paid by the vendor unless prior alternative arrangements are agreed between the Realtor and the buyer.