Philipsburg – SINT MAARTEN
- +1 (721) 520 14 14
Based in Philipsburg, Antillean Properties offers a wide range of properties, such as apartments, villas, land, buildings and shops on the Dutch side of Saint Martin / Sint Maarten Island and in the south of the Dominican Republic (La Romana).
From US $ 100,000 to US $ 8 million, most properties do not appear on the traditional real estate market.
Our real estate agency Antillean Properties is your ideal partner if you want to sell, buy, develop, invest ... We carry out an active and well defined search for your future purchase and accompany you with a personalized follow-up of your real estate project.
The Antillean Properties team is there to meet your expectations and needs, while assisting you in realizing your real estate project with confidence, peace of mind and privacy.
We look forward to meeting you!
Contact Antillean Properties on +1 (721) 520 14 16, by email at email@example.com or through SKYPE: antillean.properties
OWNING PROPERTY IN THE DOMINICAN REPUBLIC
1) How do you own property – in your personal name or in a corporate name?
You can choose either way. No matter which way you own property, personal name or corporate, you own that property outright with title, fee simple.
2) If the property is owned in a corporate name, can it be assignable?
Yes, you can transfer shares of the corporation to a new owner. Note: the new owner can be another corporation or trust.
3) Will I pay property tax on a yearly basis? How does the government determine the taxable amount?
Yes, property tax is called “IPI” tax. It is approximately 1% of the assessed value of the home that is determined by the amount of square meters of the house and its appraised value. If the property is owned by the corporation, the applicable tax is tax over assets (impuesto sobre activos), but a company must pay the higher value of either the 1% tax over assets or 25% over its net income. Companies that only own property are generally subject to the 1% tax over its assets and that asset is normally the real estate.
4) Do you get a deed at closing? Is there a Transfer Tax?
If the transaction is a transfer of real property, the Seller must provide you with the Deed of Title Duplicate of Owner (Certificado de Tituio duplicado del Dueño) along with other documentation required to record the transfer at the land registry. Before you record the transfer of title, you must pay your transfer taxes (3% of the value of the property) at the Department of Internal Revenue which issues a receipt evidencing you have paid. If the transaction is a transfer of shares, then the Seller must provide you with the shares and the Deed of Title Duplicate of Owner. The current government is revising the transfer tax percentage.
5) Do you need title insurance?
It is not customary but it is available through Las Americas Title Services and other agencies.
6) What are typical closing costs? How much is the Transfer Tax?
Closing costs will be your attorney’s fees. The transfer tax is 3% of the value of property. The current government is revising the transfer tax percentage.
7) Does financing impact the closing?
Sellers do not require local financing. Banks will require appraisals in order to approve the loans and if financing has been pre-approved, it should not impact the closing.
8) Is there a due diligence period for property inspection before putting down a deposit?
It is common in the DR to perform due diligence on the property. Purchasers want to make sure the property is free of liens and encumbrances, the Seller is up-to-date in payment of property tax, that the surface area of the property is what the Seller says it is, etc.
9) How do you apply for tax exemptions?
Any attorney can find out if you qualify for tax exemptions and how it is paid.