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The Dominican Republic accounts for approximately two thirds of
the Caribbean island of Hispaniola. Hispaniola is the
second largest of a group of islands known as the Greater
Antilles. It is located to the east of Cuba and Jamaica and
west of Porta Rico forming this stunning tropical island
chain.
It is widely agreed that the north
coast brings together some of the best features the country
has to offer. From far reaching mountain ranges,
surrounded by expanses of lush jungle forests, to the golden
sandy beaches and unbelievably blue waters of the Ocean. |
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Please click on an item below to jump to that information or
simply continue to scroll down the page to learn the
essentials
about investing in this wonderful country.
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The Dominican Republic is much larger
than the majority of Caribbean Islands. As a result,
it boasts several international airports which serve the
country. Taking this into account, it is advised that
you should choose your airport with care when planning a
visit as flying to the wrong airport could result in a
substantial taxi ride!
The flight duration from the U.K. to
Puerto Plata (Gregorio Luperon Intl.) on the north coast is
approximately 8 hours 30 minutes. From here, stunning
towns such as Cabarete are only a 15 minute drive away.
Airlines serving Puerto Plata from the
U.K. include Tomas Cook, First Choice, Thomson, Continental
Airlines, Virgin Atlantic and Airtours.
As the country is larger than most,
and geographically closer to the North American mainland,
each Dominican Republic airport also serves as a gateway to
the rest of the Caribbean, providing easy access to a wealth
of culture at your fingertips.
Barrasford and Bird Worldwide will be
delighted to assist in arranging viewing trips to the
Dominican Republic. Please do not hesitate to contact our U.K. office on: freephone 0800 1 303 101 or
email us on info@bandbw.co.uk for further details. |
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Traditionally the Dominican Republic
has been viewed primarily as a producer and exporter of
sugar, tobacco and coffee. This has altered over more
recent years to increase the service sector, which has in
turn superseded even agriculture as the leading area for
employment in the region. This is accredited to the
boom in tourism and free trade zones.
In September 2005 the Central
America-Dominica Republic Free Trade Agreement (CAFTA-DR)
was approved, ensuring healthy prospects for the future
development of the Dominican Republic.
The national currency is the Dominican
Paso (RD$) although the U.S.$ is widely accepted throughout
the main tourist resorts. The exchange rate between
the two was just under RD$38 to the US$ at the end of 2006. |
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It was 1492 when Christopher Columbus
explored and claimed the Island of Hispaniola on his maiden
voyage. The island soon became a stronghold for the
Spanish during the conquest of the Caribbean and American
Mainland. It was not until 1697 that Spain recognised
French rule over the western third of the Island which
became known as Haiti in 1804.
By 1821 the remainder of the island was
known as 'Santo Domingo' and sought its own independence.
This was short lived however, as Santo Domingo was conquered
by the Haitians who maintained their rule for a further 22
years. It was in 1844 that independence was finally
achieved and the Dominican Republic was founded.
In 1861 however, the Dominican Republic
voluntarily returned to the Spanish Empire for 2 years until
they launched a war that resulted in the restoration of
independence by 1865.
A period of unsettled, mostly
unrepresentative rule ensued, capped by the dictatorship of
Trujillo from 1930-1961. Since 1996 regular
competitive elections have been held which have seen a
series of opposition candidates rise to presidency.
President Fernandez won the 2004 election to become the
first president to serve more than one term due to a
constitutional amendment. |
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Most real estate analysts believe that
the trend towards purchasing holiday related properties in
the Dominican Republic will continue unchallenged through
the next two decades. These analysts believe that now is a
good time to invest in real
estate in the Dominican Republic as property values are
rising and investors should be able to realize healthy
returns on their real estate investments.
In 2002, more than
3 million tourists visited the country. Slightly more than
half were European (mainly German, Italian, and Spanish)
while the rest came from Canada and the United States. More
than 200,000 British tourists visit the Dominican Republic
each year.
These trends are expected to continue
well into the next decade according to analysts who have
spent time considering the Dominican Republic real estate
market and tourist trends.
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Citizens of the U.K. can stay in the
Dominican republic for a period of 15 days with a 'tourist
card' that can be purchased for approximately U.S.$10 from
accredited Dominican Republic Consulates, upon purchase of
the air tickets, or upon arrival in the Dominican Republic.
For further information please contact Consular
Section Embassy of the Dominican Republic. |
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The Buying and selling of real estate
in the Dominican Republic is subject to the 'Land Registry
Law'. In the Dominican Republic, it is compulsory that the
contract for sale be signed in front of a notary public.
In order to encourage foreign
investment, there are currently no restrictions in place
with regards to your property purchase.
In the Dominican Republic a notary
public must have a law degree. The contract for sale sets
forth the general terms and conditions of the sale -a
description of the real estate being sold, the agreed upon
sales price and other matters relating to the transaction.
A client need only to present a copy
of a valid and current passport as the identity document
used for any sales contracts.
Properties are taxed with 1% applied on the value of
each building that exceeds to five million pesos
(RD$ 5.000.000,00) or approximately
US$151,286.00. Property valued less than this are
exempt from the tax.
There is a one-time transfer tax of 3% of the purchase
price of the property. The lawyer’s fees are an
additional 1% of the purchase price. Normally it would
be safe to assume 5% as an overall figure to allow for
documentation etc.
We would recommend you contact the Law Offices to
assist you with your purchase to ensure all of the particulars have been
addressed in order to avoid future surprises.
Finance is available through many
Caribbean banks including the Bank of Trinidad and Tobago. Some banks
can lend up to 70%. For more information relating to
finance options, please do not hesitate to contact us on freephone 0800 1 303 101 or e-mail us at info@bandbw.co.uk |
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Although the water is treated in many
areas throughout the Dominican Republic, it is still
recommended that travellers drink bottled water as a
precaution. Bottled water is readily available and
the Embassy recommend that you drink the equivalent of 10
glasses a day to avoid dehydration.
It is essential in the Caribbean to
ensure you have packed sunscreen of SPF15 or higher, due to
the strength of the sun. If you plan an
excursion into the jungle, mosquito repellent is also a
recommendation.
In the event of a medical emergency,
most hotels and resorts have medical facilities onsite, as
well as emergency rooms found throughout the country. |
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Car Hire is readily available from the
main Airports as well as from the towns. There are
also a multitude of private hire taxis, reasonably priced
minibus hire and even 'moto conchos' or motor bike taxis
readily available throughout the region.
Private hire taxis are available from
any airport, as well as from most hotels and resorts. As
with all countries, it is
recommended that visitors agree a price before entering any
vehicle as not all taxis are metered. |
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There is a wide range of hotel
accommodation available in the area. There is a fine
cross section on offer from the hustle and bustle of an
inner city five star hotel, surrounded by nightlife and
activities to the relative seclusion of a private villa in
the country for your own agenda. There really is
something for every taste and budget. The range of accommodation is truly
stunning and second only to the choice of food available. |
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According to the Dominican Republic
Tourist Board, there are more restaurants to try here than
on any other Caribbean island.
It is often said that the only
challenge in the Dominican Republic is finding the time to
experience the full range of an evening's activities on offer,
from modern nightclubs to the enticing restaurants offering
the best service and range of food available in the
Caribbean.
Culinary specialties of the country
vary from region to region, the simple tastes and staple
foods are sure to please even the most finicky eater.
Those with more daring palates can try
local dishes such as Sancocho prieto, which includes
a combination of seven meats, including goat, and wash it
down with El Presidente beer, served at most restaurants.
Many of the country's bars,
restaurants and cafes are situated in quaint original
buildings, often dating back as far as the 16th Century,
creating a quality traditional ambiance as you dine. |
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 In the Dominican Republic, the
electrical supply is at120v ac with 60 Hz. This means
that electrical items are compatible from the U.S. not the
U.K.
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 Banks generally operate during
business hours of 8:30 am to 9 pm Monday to Friday.
Government offices and agencies are available between 7:30
am to 4 pm Monday to Friday.
Shopping centre opening hours tend to be 9 am to 9 pm Monday
to Saturday.
Supermarkets are open 8 am to 10 pm Monday to Saturday, 8 am
to 2 pm Sundays.
Bars
and Restaurants are licensed to open from 6 pm - 4 am seven
days a week. |
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 The legal drinking age for the
Dominican Republic is 18.
Spanish is the official language but,
despite this, most employees in the tourist resorts and
hotels speak relatively good English. If you intend to
venture outside the tourist areas, it will be useful and
appreciated if you learn a few basic Spanish phrases.
Tipping is widely practiced throughout
the Dominican Republic. While restaurants automatically add
a 10 percent tip to the bill it's customary to give a bit
extra - up to 10 percent additional. Tips are also given to
taxi drivers, hotel maids (even at all-inclusive resorts)
and porters.
Photography in the Dominican Republic,
like in much of the Caribbean, is permitted although you
should ask first and a small gift is often appreciated.
In keeping with other Caribbean
islands attire is also an area where consideration will go
along way. Generally smart - casual dress is widely
accepted, whilst shorts and flip flops are not
regarded as suitable social wear. When leaving a
beach, visitors are advised to cover up - especially when
going shopping. On occasion, certain hotels and
restaurants will enforce a strict dress code for formal
evening events. |
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 The legal system for the Dominican
Republic is modelled on French civil codes. The
Criminal Procedures Code was modified in 2004 to include
important elements of an accusatory system. The
Supreme Court or Corte Suprema (judges are appointed by the
National Judicial Council comprised of the president, the
leaders of both chambers of congress, the president of the
Supreme Court, and an additional non-governing party
congressional representative).
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