The Dominican Republic, specifically the area of Punta Cana and Bayahibe – Dominicus (La Romana), has become one of the main destinations in the Caribbean, not only for travelers who love beaches and the Caribbean sun, but also for investors. or those people looking for a property as a second home.
The tourist development that has been experienced throughout the coastal area of the southeast has not only been fostered by its beaches and paradisiacal landscapes, but also in government initiatives that promote tourism internationally and by granting significant tax benefits to investors. of the sector.
We are talking about the CONFOTUR law or Law No.158-01 on “Promotion of Tourism Development”. Said law is aimed at projects in tourist real estate destinations in order to encourage tourism development in the area.
The properties that are covered by the CONFOTUR Law are exempt from fiscal commitments that you would have to pay in other properties, such as:
Transfer Tax on real estate rights (3% of the value of the property).
Real Estate Property Tax (IPI). It is equivalent to 1% of the annual tax of the surplus of +/- RD $8,150,000. That is, if you have several properties, they are added together and only what adds up to that value will be exempt.
You, as a buyer, will be exempt from paying that 1% for the time determined by the approval of the law in that project, which is usually between 10 and 15 years.
It can be affirmed that when this law was constituted, there was an important advance in the growth of the tourism and investment sector in the Dominican Republic, especially in the southeastern area of Punta Cana and Bayahibe - Dominicus. Contact us to learn about all our projects that benefit from the CONFOTUR Law.
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