Just been reading through Fabio Guzman?s excellent overviews at the top of this thread, very informative, great reference documents. I?m particularly interested in the ?Overview Of Dominican Real Estate Law? and the reference to a loophole in the law relating to Taxes and Expenses on Property Transfers. The document reads:
?Buyers wishing to lessen the impact of transfer taxes have the option of using a loophole in the law which allows the contribution in kind of property into corporations without paying transfer taxes.?
Can anyone explain what this actually mean and who can take advantage? I?m particularly interested because my accountant is bugging me to transfer the title to my business, from my name, to my company (CxA) name. At 3% Transfer Tax and 1.3% Stamp Tax I?ll end up paying around RD$400,000.00 in taxes, simply to change the name on the title.:surprised Could this loophole be apply to my situation? Any advise appreciated. Thanks.
?Buyers wishing to lessen the impact of transfer taxes have the option of using a loophole in the law which allows the contribution in kind of property into corporations without paying transfer taxes.?
Can anyone explain what this actually mean and who can take advantage? I?m particularly interested because my accountant is bugging me to transfer the title to my business, from my name, to my company (CxA) name. At 3% Transfer Tax and 1.3% Stamp Tax I?ll end up paying around RD$400,000.00 in taxes, simply to change the name on the title.:surprised Could this loophole be apply to my situation? Any advise appreciated. Thanks.