17 de June de 2022 by realtor1/Sin categoría How can foreigners buy properties in the Dominican Republic? Buying a property in the Dominican Republic as a foreigner can be a straightforward process, as long as you know the necessary requirements and procedures. Below, we explain the steps you need to follow to buy a property as a foreigner in the Dominican Republic. • Get a tax identification number: To buy a property in the Dominican Republic, you will need to obtain a tax identification number (RNC). This number is used to pay taxes and carry out other legal transactions. To obtain an RNC, you must present your passport and other relevant documents at the Directorate General of Internal Taxes (DGII). • Look for a property: Once you have your RNC, you can start looking for properties in the Dominican Republic. You can do this through a real estate agent or through a real estate website. • Make an offer: Once you have found the property you want to buy, you must make a written offer to the seller. If the seller accepts your offer, a preliminary contract is signed. • Hire a lawyer: It is advisable to hire a real estate lawyer to review all the legal documents related to the purchase of the property. The lawyer will ensure that everything is in order and that there are no irregularities in the process. • Pay the deposit: After signing the preliminary contract, you must pay a deposit of 10% of the purchase price. This deposit is paid directly to the seller or their agent. • Make the final payment: The final payment is made when the lawyer certifies that all the documents are in order and that the property is free of any charges. The payment is made through a bank transfer. • Register the property: Finally, the property must be registered with the Directorate General of National Assets. This will ensure that you are the legal owner of the property. Buying a property in the Dominican Republic as a foreigner is a straightforward process as long as you know the necessary requirements and procedures. With an RNC, a real estate lawyer, and proper registration process, any foreigner can acquire a property in this beautiful country. Share This Post: