Buying a house using a corporation

monaco09

New member
Jun 4, 2003
106
0
0
Can anyone tell me if you can use a foreign corporation to buy property the way a DR company is being discussed here.

I would like to use a company from elsewhere in the caribbean as its laws are better for my purpose. Or will it still be very necessary for me to start a DR corp.?

Thanks!
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
You are in the right section and the only response that you should take seriously is the one by Fabio Guzman, the attorney who handles questions to the Legal section.

It is not necessary to form a corporation to purchase property in the DR, an individual can buy property in his own name. With that in mind, I am thinking that it may be possible for a foreign corporation to own property in the same way that an individual can, but to get the benefit of the protection provided by incorporating, it is my guess that you will need to form a Dominican corporation.

Again, you will probably get a lot of replies, but wait for Fabio's before drawing any conclusions.
 

Escott

Gold
Jan 14, 2002
7,716
6
0
www.escottinsosua.blogspot.com
Ken said:
You are in the right section and the only response that you should take seriously is the one by Fabio Guzman, the attorney who handles questions to the Legal section.

It is not necessary to form a corporation to purchase property in the DR, an individual can buy property in his own name. With that in mind, I am thinking that it may be possible for a foreign corporation to own property in the same way that an individual can, but to get the benefit of the protection provided by incorporating, it is my guess that you will need to form a Dominican corporation.

Again, you will probably get a lot of replies, but wait for Fabio's before drawing any conclusions.
Why give him advice if you don't think he should take advice Ken?

There are taxes when you buy and sell a property in the DR. There are also taxes if the property is worth more than X dollars/Pesos paid every year. If you sell the corp instead of the property you can avoid the buy/sell taxes when you sell it. It doesn't matter what country of origin the corp comes from although it may be more difficult to do due dilligence on a Panama corp than a DR corp.

Don't listen to me though, consult a attorney if you have any sense. Some attorneys are good and some are not so good so you should ask around where you are going to be purchasing. Also keep in mind that some attorneys charge 2-4x the amount of money that other well respected attorneys charge so proceed at your own risk.