For forein buyers, obtaining a mortgage in the Dominican Republic is a long process. Therefore, in the first place, you are given the option of obtaining financing with a line of credit in your country of origin so that you can gain a better interest rate
In the case of developers, they offer a type of direct financing with them at the time of construction of the project, meaning, a small deposit must be paid to reserve the unit. After this, a designated amount to be paid during the construction time is divided into installments and the remaining amount must be paid upon delivery of the project.
This last amount can be financed through a bank, if necessary. The lower the final amount, the lower the interest to be paid at the bank.
This financing option is in case the seller is willing to offer financing to the buyer. In these cases, the minimum initial payment is 20%. This contract can be paid from 7 to 10 years, but all this can differ depending on the company
We work with numerous known banks in the Dominican Republic, one of them is Scotiabank, which offers mortgages for residents of the United States, Canada, and the United Kingdom.
Some of the new projects in the area benefit from the CONFOTUR Law, whose main objective is to promote tourism development in the Dominican Republic.
Properties that have CONFOTUR applied are exempt from the following financial obligations for 15 years:
Property title transfer tax (3%).
Real estate property tax (1% per year).