Dominincan Republic’s new residency laws attract more buyers

22 August 2008

With 10,000 visitors every day the Dominican Republic is fast becoming the Caribbean most popular destination. It continually lures sun seekers and holiday makers to its endless shores and paradise settings. No wonder then, says Principal International, that with property prices staying much lower than some of its neighbouring Caribbean islands, its a natural choice for investors.

Principal International, one of the UKs leading overseas property investment experts has teamed up with a reputable UK based developer to offer an outstanding opportunity to investors to purchase luxury accommodation in the Dominican Republic. The package offers rent guarantees, funding options and room rate share schemes, all with extremely low reservation deposits.

With the tourism industry booming here, foreign investment is at a 7 year high and there is a huge amount of redevelopment and construction underway to help boost the economy and infrastructure of the country. Restaurants, schools, golf courses and medical centres are among the massive refurbishment programmes coming into effect all over the island, and its not stopping there.

Principal International say, “As well as attracting the visitors and holiday makers, the appeal to live and retire here is becoming a worldwide attraction which is being fueled by the enormity of what has been said to be one of the most ambitious projects in the Caribbean.”

For buyers looking for a long term investment, the new changes to the law which promise a fast track residency programme completed in 45 days, will bring more interest to the country, says Simon Ryeland Director of Principal International. Not only that but newcomers will receive a host of tax breaks such as reductions on mortgage and property purchase tax, captial gains and motor vehicle taxes. All of these additional benefits will certainly draw potential investors.