You mention foreign entities. Would that include a LLC registered in the US?There are no restrictions on foreign Individuals or entities owning or leasing real estate in the Dominican Republic. The process for purchasing or leasing real estate for foreigners is exactly the same as for Dominicans
I was wondering what the basis of this is myself. The DR legal system is rife with "vouching" requirements. Getting people or entities to vouch for you is very common.Can someone please explain the need for a Dominican co-signer? I understand what it means to co-sign for someone in the US but not here. I know people that co-sign for others and they have no job, no house they own, no car and no savings account.
All real estate has risks no matter where you buy in the world....just happens we are talking about Dominican Republic here.As in anythinng, due diligence is require, especially when you are buying property here.
Not everyone buys condos. There are houses too.All real estate has risks no matter where you buy in the world....just happens we are talking about Dominican Republic here.
The core problem here is with these apartment buildings-the condominium law of 1958 and its interpretation by the governing body Tierra Tribunales......
Financing is one of the big issues. Rates/terms at DR banks just aren't competitive with those in N.America. You're looking at at least 7-8%, amortization of only 10-15 years. And usually, you need at least 35% down.Yes you can - we are going thorough this now - I believe the glitch is on financing (if you need to) - if you are paying all cash it is preferred - or current owner can finance to you like a bank would over a period of time