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What is the general overview of the Dominican Republic? The Dominican Republic is an independent country in the West Indies, a region of the Caribbean Sea. It occupies two-thirds of Hispaniola, the second largest island in the Greater Antilles. Hispaniola lies between the islands of Cuba and Puerto Rico and is located about 1000 kilometers southeast of Florida, USA. The Dominican Republics land area is of 48442km2 and has a coastline of 1288 km including rocky cliffs and 300km of sandy beaches. The Dominican Republic is bathed by the Atlantic Ocean to the North and the Caribbean Sea to the South. The Capital of the Dominican Republic is Santo Domingo and the main industries are tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco.
How popular is the Dominican Republic? The Dominican Republic hosted 987,599 tourists during the first three months of 2006, a growth of 8.8%, in contrast with the 907,683 foreign visitors that came during the same period in 2005. A report by the publication ‘Hola Juan Dolio’ indicates that 50% of the tourists arrived through the Punta Cana airport. Moreover, 49 percent of passengers came from North America, 43.4 percent from Europe, 3.6 percent from South America and 3.7 percent from Central America, the Caribbean and the rest of the world.
What about occupancy rates? Hotels in the region of Punta Cana enjoy occupancy rates of over 86%.
What are the tax incentives for purchasing Dominican Republic Property? Continued Government incentives to attract both real estate investment and tourism continue with the introduction of Law 158. This entitles investors in the country several benefits such as no stamp duty on purchases saving in excess of 4% of the property price, no tax liability on rental incomes and no capital gains tax. These exemptions have been applied for at Punta Perla and are expected to be granted.
Is the transfer tax (Law 288-04) applicable on brand new properties even if there is no transfer? No, transfer tax is only applicable when a change of owner takes place.Transfer taxes are paid based on the market value of the property as determined by the tax authorities, not based on the price of purchase stated in the deed of sale. Tax on luxury dwellings and empty urban lots (“IVSS Tax”) is payable annually on the holding of luxury dwellings and empty urban lots whose market value exceeds RD$5,000,000. Such tax quota is determined by the tax authorities, upon declaration of the land ownership.
Will there be any annual property tax applicable and if so, how much will it be? 0,5% of the value of the property is to be paid as annual property tax.
How long is the rental season? The rental season is all year round.
What are the likely rental rates? In Punta Cana a 1 bedroom villa rent is approx US$800 per night.
Do I need to pay property insurance? Yes you will need to take out insurance on the property. This will include Hurricane insurance (see guaranteed rental return deductions question). We can help you find the best insurance policy for your property.What about Hurricanes? Hurricanes are a part of life to everybody living in this part of the world. Records show that Punta Cana has had 1 named hurricane pass within 60 nautical miles since 1944 placing it at number 45 out of a list of the hurricane capitals of the 60 major Caribbean Islands and Bermuda. All modern properties in the Dominican Republic are built with regognized Hurricane proof standards and insurance is widely available.
What about the roads? A US$255million four lane highway, El Coral, has started construction which will link La Romana in the South with Higuey in the north. This will revolutionize the area of Punta Cana as it passes directly past and will make travel in the area far easier and quicker, as well as reducing travel time from the airport to Punta Cana to less than ten minutes. It will also make access to other areas of the Island far easier, opening up a greater choice of off resort activities.
GOVERNMENT STABILITY In May 2004 the country’s citizens voted in the current president Dr Leonel Fernandez and his Dominican Liberation Party. In recent years the Dominican Republic has evolved into a free and Democratic nation.
Is the Dominican Republic safe? Violent crime against tourists in the Dominican Republic is rare and although petty crimes and pick pocketing are more common in some areas, the Dominican Republic is a safe country. HIPO Campus-white Sands resort, for example is a totally private gated community for residents and guests only and is protected by 24 hour security.
WEATHER The Dominican Republic enjoys a year round tropical maritime climate. A latitude of 17° 36, - 19° 58, places the Dominican Republic at the border of the tropical zone. Sea breezes refresh the insular territory, evening out temperatures to average 23°c in the early mornings to 32°c at mid-day. The months of May to November are regarded as the rainy season. The hurricane season lasts from June through November with August-September being the peak months.How important is tourism in Dominican Republic? The tourist industry is the Dominican Republic's main hard-currency earner, followed by money remittances and duty-free zones.
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