FAQs
Answers to the most frequently asked questions.
1
Can I purchase property as a foreigner?
Yes! And unlike some other Caribbean countries and Mexico (where you don't technically own land but lease it from a trustee), when you purchase a propety in the Dominican Republic, you own title (like you would in Canada).
2
If I want to purchase, what is the payment schedule?
Payment schedule for the lot is:
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$10,000 USD down to reserve a lot
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The remainder of the lot total is due in 30 days
Payment schedule for the villa is:
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45% of villa cost to begin rough construction
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45% of villa cost to begin finishing construction
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10% of villa costs upon completion of the villa
3
What are annual property taxes in the DR?
Property tax is based on the value of the property as determined by the government, (generally less than the market value). The rate is 1% and it's calculated only on values exceeding $150,000 USD.
4
How much are transfer taxes?
The transfer tax is 3% of the value of your purchase. If you purchased in La Colina, you'd pay 3% of the lot price only. You own title of the land once the lot and the transfer tax are paid.
5
Will La Colina be guarded?
Yes. La Colina's entrance will be manned by an armed security guard 24 hours a day, seven days a week. The development will also be gated and exterior cameras will provide extra surveillance.
6
What are the monthly HOA fees?
Monthly Home Owners Association (or HOA) fees are $225 USD. This includes security, twice-a-week garbage pickup and maintenance/landscaping of the common areas and gardens.
7
Do I source my own builder and architect?
No we do that for you. We (Constructora Cocomello) are the builders and we have a team of tradesman, architects, engineers and other construction professionals for a full service experience.