- Thread starter Barrett
- Start date
Property Ownership and wills in DR
If there is anyone around to put that will into play.
Dominican law splits assets 50-50. Remaining partner gets 50% and the kids split 50%.
I do belive our learned legal advisor has said that a person can bequeath up to 25% of his assets to somebody else. But it is all cut and dired.
HB
Dominican law splits assets 50-50. Remaining partner gets 50% and the kids split 50%.
I do belive our learned legal advisor has said that a person can bequeath up to 25% of his assets to somebody else. But it is all cut and dired.
HB
There are inheritance advantages to form a company to purchase the property rather than to purchase it as a private individual.
I took this off the website of Fabio Guzman, the lawyer who answers questions in the Legal section of the forum:
"Inheritance of Real Estate by Foreigners
"There are no restrictions on foreigners inheriting title to real property in the Dominican Republic. Inheritance taxes have been recently lowered to 3% of the appraised value of the estate. If the beneficiary resides outside the Dominican Republic, inheritance taxes are subject to a 50% surcharge, raising the tax rate to 4.5%.
"Inheritance of real estate is governed by Dominican law which provides for Aforced heirship@: part of the inheritance must go to certain heirs by law. For example, a foreigner with a child must reserve 50% of the estate to that child despite the existence of a will or of the law of his country of residence. To avoid the application of Dominican rules of inheritance to the estate, it is advisable for foreigners to hold real estate indirectly through a holding company."
With respect to needing a Dominican will, if you do a search for wills you will find previous threads on that, including a similar question that I asked and that was answered by Fabio Guzman, the lawyer who answers questions in Legal section. He said if you have a will that is ok in the US then it is ok here.
If you have any legal type questions, you should post them in the Legal section in order to get a reply from an outstanding Dominican lawyer.
I took this off the website of Fabio Guzman, the lawyer who answers questions in the Legal section of the forum:
"Inheritance of Real Estate by Foreigners
"There are no restrictions on foreigners inheriting title to real property in the Dominican Republic. Inheritance taxes have been recently lowered to 3% of the appraised value of the estate. If the beneficiary resides outside the Dominican Republic, inheritance taxes are subject to a 50% surcharge, raising the tax rate to 4.5%.
"Inheritance of real estate is governed by Dominican law which provides for Aforced heirship@: part of the inheritance must go to certain heirs by law. For example, a foreigner with a child must reserve 50% of the estate to that child despite the existence of a will or of the law of his country of residence. To avoid the application of Dominican rules of inheritance to the estate, it is advisable for foreigners to hold real estate indirectly through a holding company."
With respect to needing a Dominican will, if you do a search for wills you will find previous threads on that, including a similar question that I asked and that was answered by Fabio Guzman, the lawyer who answers questions in Legal section. He said if you have a will that is ok in the US then it is ok here.
If you have any legal type questions, you should post them in the Legal section in order to get a reply from an outstanding Dominican lawyer.
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