B
BBNY
Guest
My partner and I (both US) are about to purchase a condo (we will not reside there permanently) in the Samana peninsula. I am aware of Dominican inheritance laws and the possibility of buying real estate as corporation 9but not tax advantageous for us). Lawyer in the DR is dusting the following (but am skeptical ?):
Please forget all about the creating a company here in the DR, too much headaches with tax declaration on a montly basis, yearly, plus you will have to pay 1% every year of the total value of the property. Now here is the solution: You and X purchase the apartment as planned, after we get the title in your names, you will take that document to the States and once there, you will make two Wills. Because under the american Law there is a survivorship, but not here in the DR, therefore, in case something happen, what the survivor has to do is to take that Will to the Dominican Consulate for legalization or apostille, bring it here to the State Department "La Canciller?a", and then through a Lawyer present that document along with the original title, into the Civil Court to validate it, and the to the Land Court to eliminate that Title and issue a new one with the survivor's name on it only. That Will will be valid here because you are americans, and the Will was properly made in America.
DOES THIS MAKER SENSE? PLEASE ADVISE ASAP, THANKS.
Please forget all about the creating a company here in the DR, too much headaches with tax declaration on a montly basis, yearly, plus you will have to pay 1% every year of the total value of the property. Now here is the solution: You and X purchase the apartment as planned, after we get the title in your names, you will take that document to the States and once there, you will make two Wills. Because under the american Law there is a survivorship, but not here in the DR, therefore, in case something happen, what the survivor has to do is to take that Will to the Dominican Consulate for legalization or apostille, bring it here to the State Department "La Canciller?a", and then through a Lawyer present that document along with the original title, into the Civil Court to validate it, and the to the Land Court to eliminate that Title and issue a new one with the survivor's name on it only. That Will will be valid here because you are americans, and the Will was properly made in America.
DOES THIS MAKER SENSE? PLEASE ADVISE ASAP, THANKS.