Jazzcom
The PRD government, specifically Quico Tabar, the Director of the DGII(Direccion General de Impuestos Internos), the IRS equivalent, has taken the fun out real estate investment in DR.
It is now hazzardous to your mental health to get involved in this business.
It used to be that you could circumvent property taxes thru many loopholes, which no longer exist and the increasing values of properties were guaranteed. That is not the case anymore. It takes having your lawyer handcuffed to you 24 hours a day to help you around all the pitfalls. This is too expensive a proposition.
In addition, Mr. Tabar makes now personal calls on anyone who buys a new car or new property exceeding $500,000 pesos. letters, phone calls and visits are now the order of the day. Who needs that?
If the PRD government wants to add another blow to the real estate business, this is their masterpiece. It is enough for property owners who rent their properties having to pay 20% advance taxes plus having Dominican renters(the worst in the world) benefit from lax rental laws. Even foreigners are now becoming as bad as Dominicans as renters. They caught up to the shenanigans. Yes, your lawyer will help at a hefty 5 to 10% fee to help you save the 20%. You still lose your money and your hair.
Stay away from property now. You don't want a politician riding on a brand new jeepeta at your expense?
TW
