Dominican Republic houses for sale can be the best investment area because real estate in the Dominican Republic has its advantages. This is an overview guide on investing in the island. Houses for sale in the North coast offer excellent locations with ocean views and some even beachfront. Areas in the North such as Sosua and Cabarete have been blessed with millions of dollars of real estate construction. New Villas and condos are being developed to increase the offer, and sales are steady, contrary to other destinations. Puerto Plata houses are also more preferred by those who want to live in a quiet area, far from the active life of tourists and locals.
Investment Climate
The Dominican Republic has one of the most advanced telecommunications infrastructures in the region open to foreign direct investment, with macroeconomic and political stability, and access to global and regional markets. Among its main competitive advantages we can point to the excellent geographical location of the country and export incentives, low labor cost and productivity of workers.
The Dominican Republic is primarily a service economy. This sector has 55% of domestic supply and is the largest employer in the country. Free trade zones, tourism, telecommunications and construction are the key sectors of the economy. the past few years have seen enormous increase in the real estate areas, specially in the East and North.
LEGAL FRAMEWORK FOR FOREIGN INVESTMENT
The legal framework for foreign investment in the Dominican Republic experienced a substantial change with the enactment of Law 16-95 on Foreign Investment, 20 November 1995 and its implementing regulations contained in Presidential Decree 380-96, later amended by Presidential Decree 163-97. The addition of this new legislation has allowed the Dominican Republic have a legal framework that offers greater benefits and security to foreign investors.
OTHER LAWS OF INCENTIVES FOR FOREIGN INVESTMENT
There are special tax laws that enshrine targeted incentives to foreign investment, encouraging certain types of investments. Among the most important we can mention:
1. The manufacturers of goods and services for export provided as Free Trade Zones (Law 8-90 of January 15, 1990 and implementing regulation No.366-97 of 29 August 1997) benefit from a special regime of controls customs and tax incentives of up to 100%.
2. Any company that is installed under the Act benefits 28/01, 1 February 2001, which creates a Special Zone for Border Development, will benefit from exemption from all taxes for 20 years.
3. Tourism is encouraged by Law 158-01, on The Promotion of Tourism Development, which provides benefits to poor development poles and new poles in provinces and towns of great potential, granting tax exemptions for a period of 10 years.
4. Law 150-97, which establishes the zero rate to supplies, equipment and production machinery. This law only applies to companies established in the country for agricultural projects.
5. Law 183-02 of the Monetary and Financial Code, enacted with the aim of establishing a regulatory regime of national monetary and financial system where the consequences resulting optimal price stability, conditions of liquidity, solvency and management institutions financial intermediation to ensure the effective development of the system in an environment of competition and free markets. This law opens the financial services sector to foreign investors.
6. The telecommunications industry, with its modern and competitive regulatory framework contained in Law 153-98, also represents an excellent sector for future FDI.
7. Law 126-02 on Electronic Commerce, Digital Documents and Signatures, which regulates all commercial relations, structured by the use of one or more digital documents or data messages or any other similar means. The same adjustment has been created under international regulations.
8. Law 20-00 on Industrial Property, which arises to protect inventions, copyright, trademarks and others.
9. 3-02 Act on Commercial Register, issued in January 18 2002. Under this law, registration, tuition and registration of all documents prescribed by law, related commercial activities of individuals or businesses in the Dominican Republic, will be under the management of the Chamber of Commerce and Production where he holds the business.
10. 1-02 Act on Unfair Trade and Safeguard measures, which regulates the basic rules of behavior of economic agents, to ensure the effective free market competition and prevent or avoid the distortions generated by the practices unfair trade, and introduce temporary safeguard dispociciones domestic production versus import surges.
11. The Law on Securities Market 19-00, enacted in April 2000 with the aim of promoting and regulating the securities market of the Dominican Republic, ensuring efficient and transparent market, contributing to the economic and social development .
12. Law 64-00 on Environment and Natural Resources, which establishes rules for the conservation, protection, improvement and restoration of environment and natural resources, ensuring their sustainable use.
RESIDENCY PROGRAM FOR INVESTORS
The Residence Permit Program through the Investment was created by Decree No. 950-01, dated 20 September 2001. This program has been designed with the objective of benefiting the foreigners who make a considerable investment in the Dominican Republic, with the granting of a special residence, covered with the same rights under the Immigration Act No. 95 on foreign residents in the country.
For investors who develop large infrastructure ( such as hotels ) for the tourism industry, there is a special law that can waive local and import taxes for up to 20 years. This has boosted development of hotels and resorts in many areas. Dominican Republic houses and villas can yield high dividends, up to 35% ( even higher in some cases ) when invested wisely through experienced builders.
Weather
In the Dominican Republic there is only one season, summer. The annual temperature during the year ranges from 18 ° C overnight in the months of January and February and 34 ° C during July and August.
The best time to enjoy your stay is between November and February and that in this time of year the temperature is usually the most pleasant during the day and at night. Dominican Republic houses that are purchased by foreigners are mostly occupied by the owners during the winter time, and rented the rest of the year to vacationing tourists.
During the months of August to November is considered the period of hurricanes, so if you plan your vacation during these months, before it starting on the hurricane season expected during the period. Rains are more frequent during the months of May and September.
Trip
Air Connection
Today more than sixty airlines connect the airports of Santo Domingo, Puerto Plata, La Romana and Punta Cana (and soon also available Samana) with the major cities of Europe, the Caribbean, U.S. and Central America South.
Entry permit
Entering the Dominican Republic must present your passport is not expired. For citizens of USA, Canada and Germany to remain in the country for less than three months is enough to present an identity document.
Citizens of the major developed countries need a visa to enter the Dominican Republic. Upon entry into the country requires a tourist card which will cost $ 10 and can be acquired in the airline counter or at your arrival in the airport. This card must be completed before being delivered to an immigration officer.
Consulate General of the Dominican Republic in Madrid www.consuladordmadrid.com
Drugs & Clothing
Medicines
If you are planning a holiday in full swing, do not forget to bring along the necessities such as medication allergy, aspirin, etc.. as well as sunscreens. It is also important to keep a mosquito repellent and medicinal necessary against traveler's diarrhea, known as famous among tourists.
Clothing
Because of the high temperatures, we recommend to take practical clothes and above all fresh and light fabrics. We advise to keep in mind, when preparing the room, are not allowed to enter churches, nightclubs and public offices in shorts.
Currency and Cost of Living
Currency
The national currency has the name and symbol Dominican peso is RD $. There are coins of 1, 5, 10, 25 and 50 cents and 5 and 10 pesos. As for paper money, there are denominations of 20, 50, 100, 500 and 1000 pesos.
The exchange can be made at any branch of the Reserve Bank, at any commercial bank or at major hotels. Do not trust the people doing the change on the streets!
Cost of Living
The cost of living in Dominican Republic is much lower compared to developed countries. Anyway, it's important to note that the price comparisons of the Dominican Republic with developed countries is very variable depending on the type of goods and services.
The local goods and services have mostly a good price, so the dishes offered in restaurants Dominican cuisine and rum-based drinks are priced much lower for those who are accustomed to foreign tourists. An idea of the cuisine can be found in the menu that Golden Treasures Sosua vacation rentals is offering to its customers through the
Private villa chef services.
If you want to consume imported products the situation is slightly different. The restaurants with international cuisine and bars offering international wines and prices are aligned with those of foreign countries.
Internal Transport
They are in the country the most prestigious international car rental (National, Honda, Avis, etc.).. If you want to use one of the local transport there are private taxis 24 hours and above available on all hotels in the country. When making any travel by taxi is clearly important to establish the fare with the driver before entering the vehicle.
The public transport more popular are the famous "public cars" that circulate in the main streets of different cities, which are shared both with others and have a fixed route.
The "baby" a name given to city buses, transit on major thoroughfares of the city, as opposed to "public cars" have special stops and make a greater journey.
Another means of public transport are the "motoconcho" which are a taxi driver in engines, they are usually in small towns or in places where vehicles have no access.
Between Santo Domingo and major cities there are private bus lines which offer an excellent service such as Metro Tours, Caribbean Tours, Terra and Omni Bus Tours.
The airline Air Santo Domingo offers daily flights between the main tourist resorts.
Language
The language is a barrier to the Dominican, although the official language is Spanish, it's easy to find people who speak English and most of the tourist regions of its inhabitants speak some Italian, German and French.
Should not speak any of these languages, do not worry, the Dominican Republic is famous for themselves understood by signs.
In the Dominican Republic are not dialects but individual idioms.
Population and Religion
Population
The Dominican population is composed of 8 million inhabitants of whom 50% are under 18 years. The capital of Santo Domingo has 2.5 million inhabitants. 70% of the population is of mixed race.
Religion
Unlike what many people think the religion practiced by 98% of the population is Catholic, not voodoo.
In the Dominican Republic is allowed full freedom of worship.
Utilities
Water
It is strictly recommended to drink bottled water and not tap water because this can cause stomach damage.
Electrical
If traveling from Europe or any country that does not use electricity on 110 volts do not forget to bring along a power converter. However in recent years most of the hotels has begun to install volt 220.
It is important to note that the country has a serious problem of electricity which is suspended for several hours at any time of day. Do not worry, most institutions are prepared to face this kind of problem that is already common for several years.
Telephone System
The telephone system of the Dominican Republic is considered one of the most efficient and modern America. In all major cities are the centers of national and international calls as well as payphone.
The cost of local calls, except for cellular calls is very low compared with other countries. However the cost of international calls is very high especially if they are made from the hotel. For international calls, whenever possible, we recommend you contact one of the many international call centers.
In the capital, Santo Domingo, and in some major cities are various Internet café, where you can connect the network at a reasonable price.
Hours and Holidays
Hours Weekdays
Most businesses are open from 8:30 am at 12:30 p.m. and 2:30 p.m. to 7:30 p.m. including Saturdays.
Public offices operate from 7:30 a.m. to 2:30 p.m. Monday through Friday.
Banks are open from Monday to Friday, 8:30 am to 3:30 p.m. and Saturday until 12:00 a.m.
Holidays
January 1: New Year
January 6: Three Kings
January 21: Our Lady of Altagracia
February 27: National Independence
March / April: Good Friday
May 1: Labor Day
May: Corpus Christi
August 16: Restoration Day
September 24: Our Lady of Mercy
November 6: Constitution Day
December 25: Christmas
The Dominican Republic is a very special land, with good people.
Not far from the villa there are other similar homes and a new large scale development, meaning the price of the villa will go up because the price of land will escalate in the next 2-4 years once the new resort units are delivered. This villa's unique design makes it the ideal vacation or retirement home for a very demanding individual, the price is below the market for a quick sale. Call us for more information and a visit to the property.
