Can I rent out my property?
Yes, as a foreign property owner in the Dominican Republic, you have full rights to rent out your property. Dominican law does not differentiate between citizens and foreigners regarding property ownership and rental rights.
Key Considerations:
- Legal Compliance: Ensure that your rental agreement complies with local laws. It is recommended to consult a real estate attorney to draft or review the contract.
- Tax Obligations: Rental income is subject to taxation in the Dominican Republic. You must declare your earnings and pay applicable taxes to avoid penalties.
- Property Management: If you are not a permanent resident or do not live in the Dominican Republic, hiring a local property management company can help with tenant relations and day-to-day management.
In summary, renting out your property in the Dominican Republic as a foreigner is entirely possible, provided that you comply with local regulations and properly manage the legal and tax aspects.
