Transferring property title within the family

L

LosLT

Newbie
Jun 25, 2018
7
0
0
Hello fellow threaders!

I am not currently a dominican citizen but will be in the next couple weeks (both my parents are from the DR). Once my citizenship is approved my father plans on transferring an undeveloped property title to my name. Are there any taxes I'll have to pay for this to happen? Or will it be free since I am his daughter and I'll be a Dominican citizen by the time we try to transfer the property?

Thanks for your feedback and support!
 
F

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
83
www.drlawyer.com
Your father will have to either (a) sell the property to you, in which case you will have to pay 3% of the price in transfer taxes, in addition to legal fees, etc. or (b) transfer the property as a gift (donation), in which case you will have to pay 25% in gift taxes.
 
chrisrose97

chrisrose97

Member
May 2, 2010
302
11
18
How about if your dominican parent dies and youre the only heir, and lets say and they had a house, any taxes or fees to transfer to your name?
 
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