When I first moved here people told me 2 things to never do....number 1... never trust a lawyer...Number 2.. never trust a lawyer.
- Thread starter InterestedSugoya
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What is The Best Way to Get Official Documents to Inherit My Father's Home?
BTW, Guzman Ariza gives the first consultation free. They have English speaking attorneys. Contact them and explain your situation and they'll give you a price for putting your names on the title or for putting the property into an S.R.L. and explain which might be best for you.
That's pretty stupid and cynical advice. Without a lawyer, there are many things the average person can't do here, especially a gringo that can't speak Spanish.
What we're talking about here is estate planning, which should be done by an estate attorney because it is not as simple as it may seem. You should have counsel review these documents and advise you on the best course forward.
By the way under Dominican '"forced heirship" rules, a percentage of your father's estate is reserved for you and your siblings (75% if there are three children or more).
By the way under Dominican '"forced heirship" rules, a percentage of your father's estate is reserved for you and your siblings (75% if there are three children or more).
stupid.. NO...you just dont know the lawyers that I do......and you need learn spanish......
For the majority I say yes - but there are some honest people practicing law in DR.
Your first rule to follow for lawyers or financial planners: "Good advice does not come cheap".
Sounds like I'm glad I don't know your lawyers. Sounds like you picked your lawyers the same way you determined I need to learn Spanish.
I read, write, and speak Spanish and have for almost two decades.
Picking a lawyer is no different here(or anywhere else for that matter) than picking a good accountant, doctor, engineer, mechanic, a/c man, or computer repair technician - get recommendations. I've had two very good lawyers here that I've used for a wide range of legal issues for the past 14 years. Always had very good service and never once felt like I was being overcharged.
While it's true that my father has had more bad luck than good luck with lawyers in the DR, he has met some good ones.
I hope that when I have to have a run-in with a lawyer in the DR, things will go better for me.
So, general question here from the OP.
Upon inheriting this house that is already paid in full, what are the estimated taxes or payments that us children would need to make to the Dominican Republic on a yearly basis? Does this amount change whether the process is done via an S.R.L. or another method?
b.t.w.- as an ignorant person who has never owned real estate, a quick Google search is describing an S.R.L. like an LLC. We're just trying to legally (and as pain-free as possible) inherit the house, not start a business.
Upon inheriting this house that is already paid in full, what are the estimated taxes or payments that us children would need to make to the Dominican Republic on a yearly basis? Does this amount change whether the process is done via an S.R.L. or another method?
b.t.w.- as an ignorant person who has never owned real estate, a quick Google search is describing an S.R.L. like an LLC. We're just trying to legally (and as pain-free as possible) inherit the house, not start a business.
Taxes on property in your name are paid on the assessed amount over $125K. Taxes on an SRL are 1% of the assessed value. Best to talk to an accountant here about this.
SRL's are not used just to start a business. Many people hold their properties in SRL's to avoid any personal liability and probate in case of death.
SRL's are not used just to start a business. Many people hold their properties in SRL's to avoid any personal liability and probate in case of death.
I just want to add a little emphasis to what Cavok wrote. It is a word to the wise indeed.
And once again, a property in an SRL is assured to have a correct title and all of its documents in order, and the sale of the asset is pretty much limited to signing a stock transfer to the new owner.
I'm revisiting my post again, because I want to email some info. to my father so that we can start the conversation related to all of this.
@cavok you mentioned in an earlier post that taxes on an SRL are 1% of the assessed value, so...I guess that means that someone would have to visit my father's home first and determine what it's value is, correct?
Also, I have no know-how with anything related to real estate, so even trying to explain this to my father will be confusing.
Can anyone provide a good online resource written in Spanish where it can better introduce the concept of SRLs and how they work in DR? I'm only looking to introduce it as an option to my father, not pressure him into anything. He's old school and would most likely be hesitant. The other day on a phone call I told him that I was investing in the US stock market (very minimally with online apps), and he went off on a tiny rant of how it's all rigged.
@cavok you mentioned in an earlier post that taxes on an SRL are 1% of the assessed value, so...I guess that means that someone would have to visit my father's home first and determine what it's value is, correct?
Also, I have no know-how with anything related to real estate, so even trying to explain this to my father will be confusing.
Can anyone provide a good online resource written in Spanish where it can better introduce the concept of SRLs and how they work in DR? I'm only looking to introduce it as an option to my father, not pressure him into anything. He's old school and would most likely be hesitant. The other day on a phone call I told him that I was investing in the US stock market (very minimally with online apps), and he went off on a tiny rant of how it's all rigged.
I appreciate your help, as well as your previous assistance in this thread, but I don't even know how an LLC works fully, so I won't be able to explain an SRL to him. I guess that's where lawyers would come in handy.
Otra vez, alguien me puede hacer el favor de dejarme saber donde en el Internet yo puedo encontrar informacion basica sobre un SLR en "Spanish"?
https://drlawyer.com/espanol/public...onista-extranjero-en-la-republica-dominicana/ Download and look for "sociedades comerciales"(section IV).
Fabio J. Guzman Ariza
Fabio J. Guzman Ariza