Yes, however......
i am buying some land in the d.r. and want to exchange with the owner ,who is in florida ,some property i have in florida. can this be done and if not can they incorporate in the states and put the property in a corporations name and then can i exchange with them.
As Fabio has rightly pointed out, there are a multitude of considerations that need to be taken into account in both countries, i.e. how the property is held (corp./non corp.), number of owners, tax considerations in both countries, and, of course, title issues/title insurance to name just a few.
One thing I personally would not do is put Dominican property in a U.S. corporation. That may well trigger heightened I.R.S. scrutiny and will cause you unnecssary expense and reporting requirements in the U.S.
The 1031 tax free exchange JRR references to is named after that section of the Internal Revenue Code. It is not available for properties outside of the U.S. It is available in U.S. territories, i.e., U.S. Virgin Islands and also Puerto Rico.
Look at the entire transaction carefully and consult with qualified counsel in both countries.
Respectfully,
Playacaribe2