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Jul 30, 2016 · Several types of Trusts were created for different purposes, namely for: (i) estate planning, (ii) cultural, philanthropic and educational, (iii) investment, (iv) real estate investment and development, (v) public securities and products offering, (vi) document processing for construction and housing projects, and (vii) in guarantee.
- Main Sources of Law
- Sale and Purchase
- Real Estate Finance
- Planning and Zoning
- Investment Vehicles
- Commercial Leases
- Construction
- Tax
For the first 100 years or so from becoming independent in 1844, the Dominican Republic had a legal system based on French law, specifically on the Napoleonic Codes – civil, civil procedure, commercial, criminal and criminal procedure – under a constitution based on the US model, with three branches of government: a strong presidency, a legislature...
2.1 Categories of Property Rights Dominican real estate law recognises the following interests in real estate: • Absolute ownership; • Usufruct; • Easements; • Betterments; • Leases; • Condominium regimes; and • Privileges and mortgages. It does not recognise co-operative ownership arrangements or other occupancy interests. 2.2 Laws Applicable to T...
3.1 Financing Acquisitions of Commercial Real Estate In general, Dominican law does not distinguish between commercial and residential properties; the same rules apply for both. However, regarding ownership, properties held by commercial entities are taxed differently from those owned by individuals. Financing sources are mixed, depending on the ty...
4.1 Legislative and Governmental Controls Applicable to Strategic Planning and Zoning The main law governing zoning in the country is Law 975/44, dated 29 June 1944, regarding urbanisation and public adornment. Furthermore, Law 64-00, dated 25 July 2000, the General Environmental and Natural Resources Law, also sets forth a series of provisions reg...
5.1 Types of Entities Available to Investors to Hold Real Estate Assets The most common entity used by foreign investors is a local limited liability company (LLC). Some, preoccupied by the complexities of reporting a foreign entity to the tax authorities in their home jurisdiction, prefer to register their domestic entity in the Dominican Republic...
6.1 Types of Arrangements Allowing the Use of Real Estate for a Limited Period of Time Leases are the most common arrangements that Dominican law recognises for a person, company or other organisation to occupy and use real estate for a limited period of time without buying it outright. 6.2 Types of Commercial Leases Dominican law only considers le...
7.1 Common Structures Used to Price Construction Projects The most commonly used structures are: • the fixed price system, which gives the owner of the project a comprehensive idea of the final cost of the project, establishing a fixed fee for the construction process; and • the construction management system, in which the project owner pays the co...
8.1 VAT There is no VAT or equivalent tax liability applicable to the sale or purchase of real estate. 8.2 Mitigation of Tax Liability Other than the exemptions mentioned above and the option of purchasing the shares of the holding company, there is no way of avoiding the payment of the 3% title transfer tax. Large institutional holders are advised...
Nov 6, 2019 · 6 November 2019. The Use Of The Trust In Real Estate And Affordable Housing Projects. GA. Guzman Ariza Attorneys At Law. More. Contributor. Guzmán Ariza is the largest law firm in the Dominican Republic with 47 lawyers and seven offices throughout the country.
Hernandez Contreras & Herrera. Calle José Brea Peña #7, Evaristo Morales, Santo Domingo, Dominican Republic. Find the right Santo Domingo Real Estate lawyer from 65 local law firms. Get peer reviews and client ratings.
