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Banking

I am looking for a bank that will lend to foreigners to purchase property there.

Hello!  Yes, I am also looking for similar info.  Gary, from Canada

Good luck. Banks don't lend to foreigners here to buy property.  There are developers and private lenders but I do not know if any bank.

Sorry.

If you have to borrow money to buy a property, it means you cant afford it.  There are also extensive associated costs that you probably haven't factored in like guards, dogs, razor wire, ongoing lawyers fees, for years, or decades, etc.

Getting a home loan is very difficult and a very long process fir foreigners but can be done. We got a loan for a client through Scotia bank a few years ago and it took over 8 months to get approved at a stupid interest rate (10%)
Bottom line get your loan at home.

Bob K

I agree the interest rate at the banks are outrageous. You may be able to find an owner finance deal. I bought a place on the North Coast where the owner gave me such a good interest rate, after negotiating the final price,  it was cheaper to finance it through him than pay cash. The deals are out there, its just a matter of finding out what is important to the seller.

Some condos will take large down payment ( around 50K) & finance for 10 years.   What size home do you require?  PM me.  House, villa, condo, gated?

Reality is they are few and far between and usually a high interest rate, or higher than you are used to.

Hi just wondering if anyone can tell me if there is a Scotia bank in Sosua. Shows online there are 2 but looks like both closed.

The one in Sosua closed 3 or 4 years ago. There is one in Cabarete and a large branch in Puerto Plata.

Bob K

Thanks something to consider when thinking about moving money there.

Be aware that all though it is Bank of Nova Scotia, it still is governed by Dominican law.
You can't just deposit money in Canada and take it out in the DR. That would be too easy for money laundering.

yes but I can withdraw from ATM with no fees there.

Correct!

I will check with the Bank of Nova Scotia here in Toronto, Canada next week.  That is their Head Office.  Will discuss your  comment "money laundering".

Scotia bank here is not directly connected to Scotia bank in Canada.

It isn't about money laundering.  They,are considered and treated as separate banks.

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