I have been visiting Dominican republic for last 5-6 years for few weeks each time ( probably total around 120 days) i can speak a broken Spanish for basic needs.
This year i decided to purchase a land in a strategic part of Santiago for building a restaurant and hotel.
About 2 weeks ago i found a land meets my criteria and met with owner of land and agreed on price of 638k. However owner wants to receive all or most of his money in United states ( Miami ) bank account.
I am also based in Miami area but my funds are in a Turkish bank as i originally wanted to buy a property there last year
I have read lots of information online about real estate sale and procedure in Dominican Republic however i cant find a safe solution for transferring money to land owner in an other country where it can be verified and proved in accordance to Dominican republic law. For example if I i do a Wire Transfer from Turkey to owner's account in Miami, I will not have a way to prove it, if something goes wrong and owner does not cooperate. At least it will be a painful lengthy process to fight it legally
I already talked to 2 lawyers but no specific solution yet.
Anyone can suggest a way of transferring money to owner and same time it can be verified and documented for possible future complications?
I heard banks in Dominican republic are strict about source of money and can ask to prove how fund was earned. I wonder if i transfer this much amount of money to Dominican republic to a newly opened personal account, would it be held by bank until i have to prove money was legally earned ? I owned my company in last 14 years in Miami, if i have to document it i can, but probably it will not be an easy process depends on banks requirements and what they find acceptable.
i appreciate any advise i can get about my situation
I am still in process of opening a bank account for last 3 weeks , The fact that just opening a bank account and purchasing a land with a ready cash could be this difficult, makes me nervous if i will ever be able to carry out more difficult part of my project ,hiring contractors and building a large building, setting up a company, opening a restaurant ...
May be i am not ready to take this challenge yet
This year i decided to purchase a land in a strategic part of Santiago for building a restaurant and hotel.
About 2 weeks ago i found a land meets my criteria and met with owner of land and agreed on price of 638k. However owner wants to receive all or most of his money in United states ( Miami ) bank account.
I am also based in Miami area but my funds are in a Turkish bank as i originally wanted to buy a property there last year
I have read lots of information online about real estate sale and procedure in Dominican Republic however i cant find a safe solution for transferring money to land owner in an other country where it can be verified and proved in accordance to Dominican republic law. For example if I i do a Wire Transfer from Turkey to owner's account in Miami, I will not have a way to prove it, if something goes wrong and owner does not cooperate. At least it will be a painful lengthy process to fight it legally
I already talked to 2 lawyers but no specific solution yet.
Anyone can suggest a way of transferring money to owner and same time it can be verified and documented for possible future complications?
I heard banks in Dominican republic are strict about source of money and can ask to prove how fund was earned. I wonder if i transfer this much amount of money to Dominican republic to a newly opened personal account, would it be held by bank until i have to prove money was legally earned ? I owned my company in last 14 years in Miami, if i have to document it i can, but probably it will not be an easy process depends on banks requirements and what they find acceptable.
i appreciate any advise i can get about my situation
I am still in process of opening a bank account for last 3 weeks , The fact that just opening a bank account and purchasing a land with a ready cash could be this difficult, makes me nervous if i will ever be able to carry out more difficult part of my project ,hiring contractors and building a large building, setting up a company, opening a restaurant ...
May be i am not ready to take this challenge yet