| PURCHASE
OF REAL ESTATE |
At
present, there is no restrictive clause
in force for foreigners to buy real estates
in the Dominican Republic. However formerly,
the Provision No. 2543 from the year 1945
and its amendments forced foreigners to
gain a preliminary permit of the executive
power. That law was repealed by the provision
No. 21-98 on January the 8th 1998. However,
some tax duties and rates ranging from 5.5
to 7.5 percent of the purchase price exist
there by virtue of the duty to register
a real estate purchase. |
| BEFORE PURCHASING |
It is necessary to make
sure that the vendor is a rightful owner,
so authenticate the vendor’s document
of title (a Notarial Act)
Make also certain that
the real estate is not encumbered with
any mortgages.
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| LAW OF SUCCESSION |
Foreigners
may inherit a real estate in the Dominican
Republic without any restrictions.
Inheritance of a real estate at the
Dominican Republic territory benefits
from the local law releasing the residuary
estate systematically on behalf of
children of the deceased person. |
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