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Buying properties

I was wondering ,,once I get my residency to the dr..I would like to purchase a small apartment and am wondering how the banks are there in the dr .for financing??? And are they easy to work with ?? Or am I better to deal with my own banks back in the states??? Just trying to figure out the process of that??

Neither are viable options in the DR. Cash is king.

Hi,

I am not sure about it once you get your residency. However; only 1% of real estate sales in the DR are financed. As a U.S. citizen; we are required to buy in "approved" projects only! This means (for instance) - ScotiaBank has an "approved list" of properties (projects they call them there) that U.S. citizens can get financing for. If we chose anywhere else - they will not finance. Several of us (U.S.) citizens tried to buy in Sosua Ocean Village to include financing. That "project" is not on the "approved list"; so none of us could buy there. Good luck!

Reality forget the concept of financing here, period.

Ok..but I am get a bank loan here to buy a apartment there and they will accept the bank check ??

No financing  here is a nightmare and very expensive interest wise.
You do not need your residency to purchase property here
Bank notes probably not.  Just have the money wired at closing to cover your purchase.

Bob K

If you get a loan there you then get the money wired for the purchase here. That is not an issue.  You will need to show source of funds regardless. Anything over 10k is subject to money laundering rules.

The lawyer handling your sale should be able to help with the funds trranfer.

Bob K

Ok thank you ...that's good to know..it makes me a little nervous because you hear of some shady business sometimes..

Where are you buying?
Make sure you have a good lawyer

Bob K

I would like to see the Scotia Bank "approved list" of properties.

It would be in the Bavaro ,Los corales,,el correction area...any recommendations of real estate broker/lawyer???

I just bought an apartment here and I got a loan in the states for 5.70%.  The interest rates are too high in DR and they have elevated penalties  should you want to pay it early.

Then  Robbie you need to contact scotiabank for this.

Which bank did you use?

Thanks

I used Jesus Garcia.... Best money I spent there..... He will get it done for you....

This is the list Scotiabank sent me for approved projects.




PROYECTOS AUTORIZADOS PARA FINANCIAR BAJO LA POLITICA “PRESTAMOS HIPOTECARIOS EN DOLARES PARA CLIENTES NO RESIDENTES, PROPIEDADES DE VERANEO”

NOMBRE DEL PROYECTO / DESARROLLADOR    ZONA GEOGRAFICA
WHITE SANDS BEACH, GOLF & RESORT    BAVARO, HIGUEY
NAUTILIUS RESIDENTAL    BAVARO, HIGUEY
SERENA VILLAGE    BAVARO, HIGUEY
KITE BEACH CONDOS, KITE BEACH HOTEL    CABARETE, PUERTO PLATA
GRAND LAGUNA BEACH    CABARETE, PUERTO PLATA
METRO COUNTRY CLUB    JUAN DOLIO, SAN PEDRO DE MACORIS
CASA DE CAMPO    LA ROMANA
PROYECTO PORTILLO    LAS TERRENAS, SAMANA
BALCONES ATLANTICO    LAS TERRENAS, SAMANA
THE VICTORIAN    PUERTO PLATA
PANORAMA VILLAGE    PUERTO PLATA
LOS BALCONES     PUERTO PLATA
GALERIAS    PUERTO PLATA
BLUE FISH    PUERTO PLATA
GRUPO PUNTA CANA     PUNTA CANA, HIGUEY
AMBAR VILLAS COCOTAL    PUNTA CANA, HIGUEY
STANZA MARE    PUNTA CANA, HIGUEY
CASA LINDA    SOSUA, PUERTO PLATA
LAGUNA GOLF    WHITE SANDS, BAVARO, HIGUEY
   
SEEWINDS  (Solo Bloque E)    CABARETE, PUERTO PLATA

I had a quote from Cesar Emilio Gomez of Scotiabank of 6% (U.S. dollars) for 25 yrs. Bummer Sosua Ocean Village was not on the banks' approved list!!

That list is pretty short and certainly does not include some fo the best communities in the Sosua/Cabarete area.

Bob K

Exactly..... That is why we decided to regroup; save and pay cash.... looking at sometime this coming summer.

Thanks Planner

Precision Engineer
Yes most real estate purchases here are done in cash
Bob K

Hi Bob; It was quite the experience.... 6 months of hoping. We watched HGTV one day - "Life in the Caribbean" and what do you know.... it was a couple trying to buy in SOV just like we did. And just like us; even with 50% down; they could not get financed in that project. The couple were obviously disappointed as we were.... Have a good day.

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