Your Specialist in Dominican Republic Real Estate

Q: Why the Dominican Republic, and why Las Terrenas?
A: Why the Dominican Republic, why Las Terrenas and why us, DR PARADISE? The DR is arguably the most beautiful spot in the Caribbean, and DR PARADISE lies in the most beautiful area of the DR, Las Terrenas. Las Terrenas boasts a magical strip of over 15 kilometers of virgin white sand beaches. The town has over 40 authentic international restaurants, with dishes ranging from exquisite local cuisine to Japanese sushi bars. There is a full-service supermarket within a 5 minute walk of DR PARADISE`s office, which is located in the center of town. While in the area, you can choose your favorite mode of transportation, including mini-vans, horse-back riding, scooters and motorcycles. You can enjoy a wide range of sports, such as golf, scuba, windsurfing, or tennis, all just a short distance from the center of town. The Dominican Republic is accurately referred to as "the land of dreams". We hope you will allow yourself to enjoy this magical land. Please check out our web site for an introduction to the DR, including travel information, pictures, local entertainment, and business opportunities.

Q:is it possible to get a loan on Dominican Republic properties and if so what is the loan to value percentages ?
A: Banko Popular loans 80% of the value of the property so expect to pay 20% down. Interest rate at time of this writing is 9.0% USD and 13.95% PesoWith Cedula (residency card):

1. Bank statements from last year (not required if banking with Banco Popular)
2. Passport
3. A letter from purchaser asking for the loan
4. Met Jaime the bank manager
5. Financial statement from accountant showing Net Worth
6. Appraisal done by bank appointed appraiser. Bank Manager accompanies. (+/- $150.00 USD)

Without Cedula: all the above plus…

1. Last income tax statement
2. International credit report from TransUnion (´Express¨ prices are more)
1. United States                US$  20.00
2. Europe                                US$180.00
3. Spain                                US$100.00
4. Latin America                US$125.00
5. Caribbean                US$250.00

Q: Is there lending in the Dominican Republic? Who is lending? What kinds of rates?
A: Yes, lending is a now happening in the DR, and it is a new and fast growing concept and business. Although there are private companies that are lending, Chandler Financing, www.chandlerfinancing.com, and Titan Reserve, www.titanreserve.com the most used lender now is Banco Popular. Banco Popular will lend you 80% of the value of the property. They have an appraiser that works for the bank and dertermines the value of the property. When borrowing for house or condo purchases you are looking at a 8-10% interest rate.

Q: Are they lending to big investors buying large pieces of land or investors doing condo or other developments?
A: Yes, Banco Popular is lending on land and this goes on a case by case basis. Banco Popular is willing to lend on projects to developers but their most common loans are given to people who have purchased land and are looking to borrow for the developing aspect.

Q: Is there anyone I can talk to about lending and how this works?
A: Yes, you can go to Banco Popular’s webpage at: http://www.bpd.com.do/ingles/home+page.htm You can also contact Micheal, who works at Banco Popular and speaks fluent English at: 809-240-5252.

Q: Why should I use HiFX for my international money transfers rather than my bank?
A:Four reasons why you should use HiFX and not your bank:

You’ll save money by getting a better exchange rate
A recent survey undertaken by The Sunday Times showed that the main street banks were charging up to 4% more to exchange your money. 4% doesn't sound a lot but this means if you were changing $100,000 into Euros for example you'd pay around $4,000 more than if you'd used a company like HiFX.

HiFX will transfer your money abroad completely free of charge.
If you use your bank you may be subject to a number of additional bank charges including commission fees (up to another 2% of the amount you're transferring). HiFX does not charge a commission and we will forward on your funds for FREE!

Fix the rate for up to 2 years.
Unlike your bank, HiFX will allow you to lock into favorable exchange rates for up to 2 years protecting your money from adverse currency movements. We always remind clients that you'd never agree to buy a property in the US without knowing the final cost. If you agree to buy an overseas property without fixing the exchange rate at the start that's exactly the gamble you’re taking. Bear in mind that the average off-plan property takes 2 years to be built and you can see the risks involved by not fixing the rates at the outset.

Excellent customer service.
Buying a property abroad is a significant investment. HiFX will provide you with all the help and expert advice you need in simple, jargon free, language. We are used by over 35,000 people a year and not by just the rich and famous. Only 5% or our clients are wealthy - most are builders, doctors, middle managers, plumbers etc.

Q: What is the population of Las Terrenas?
A: 30,000 people (not including the tourist population)

Q: Where is the Dominican Republic and Las Terrenas? (see map)
A: The Dominican Republic occupies the eastern two-thirds of Hispaniola, located between the Caribbean Sea and the Atlantic Ocean. Last Terrenas is located on the northern coastline of the Samana peninsula along Hispaniola's north coast.

Q: How do I get to the Dominican Republic, and Las Terrenas?
A: Several major airlines offer regular service into several cities in the DR, from cities in both North America and Europe. From the U.S. and Canada, Continental, American Airlines, and TWA have direct flights to the DR. Regular flights are available from Europe, via Air France, Air Europe, American Airlines, Lufthansa and Iberia. The DR has 7 international airports, but the three largest are in Puerto Plata, Santo Domingo and Punta Cana. Approximate Flight times are as follows:

From:
New York - 3 1/2 hours
Toronto - 5 hours
Miami - 1 1/2 hours
Major European cities: 8-10 hours

To Las Terrenas:
We recommend reserving a small plane/charter flight to the Portillo Airport, just 4 km east of Las Terrenas. It's only a 30 to 45 minute flight- pleasant alternative to 4 hours by car down a windy, mountainous road! Click here for details: Charter Planes. We can also book a van for $US 100 one-way to Las Terrenas, from either Santo Domingo or Puerto Plata (max 8 people).

Contact:Click here

Q: What is the form of government in the DR?
A: The Dominican Republic has enjoyed more than three decades of stable democratic conditions. The DR is considered a model Latin American country.

Q: What is there to do for entertainment in the DR?
A:
Sports: The DR offers a wide range of sports, both on land and in the water. Some of them include: tennis, golf, squash, polo, diving, snorkeling, horseback riding, fishing (and deep-sea fishing), windsurfing, sailing, caving, mountain biking, basketball, baseball, and much, much more.

Beaches: Las Terrenas has as astounding 15 kilometer stretch of beach, and the entire DR boasts over 400 kilometers of spectacular beaches for your enjoyment.

Gambling: Gambling is legal in the DR. Large casinos and hotels offer card games, roulette, slot machines, as well as horse-racing and boat-racing and cockfighting. You must be age 18 or over to gamble in the DR.

Shopping: The relatively low rate of the peso in the DR makes shopping a sheer pleasure. An impressive variety of local crafts, products are available as well as various outside goods imported from all around the world.

Dining: Dominican cuisine offers a unique combination of local spices and cooking styles, with several of its seafood dishes known throughout the world. The food speaks for itself- give it a try!
for more info on LEISURE in the DR, click here:

Q: What is the language of the DR?
A: Though Spanish is widely spoken throughout the pocket communities of French, Germans and Americans rapidly taking hold, Spanish is the official language of the DR.

Q: After I establish residency can I ship one container duty free?
A: After you establish residency you can ship one container load of household belongings "duty free".. What that really means is that some stuff won't be subject to duty. Keep in mind the packing and unpacking charges, the cost per $100lbs to ship, the potential charges while your container waits on the dock to get unloaded, and what customs might say and do after looking at EVERYTHING.. This all adds up and it just might be better to leave it behind. These laws change, and have changed since I moved in with a container a two years ago. Most of us know, the duties charged by customs vary with the wind. Bringing in motor vehicles, autos, motorcycles, etc. will almost always mean there is a duty and sometimes a high one. Do your homework on this and expect that in the end it will be worse than what you are told. I was just told a story of a couple that moved in and imported a pair of jet skis with the duty alone being about $15K per jet ski.

Q: What is the climate like in the DR?
A: The DR enjoys a tropical climate, with temperatures averaging in Celsius between 18 degrees in Winter, and 28 degrees in Summer. In the higher altitudes of the mountains, the temperatures can drop below freezing in the Winter.

Q: Can I get married in the DR?
A: Yes. Most major resorts in the DR offer marriage services. All official documents necessary for the marriage should be translated into Spanish before arrival), and an appointment should be made through the hotel to ensure the availability of a judge).

Q: As a foreigner, will I have to pay taxes on investment earnings in the DR?
A: No. The tax laws are the same as in the rest of the Latin American region; you can rest assured that interest is accrued on your bank deposits and investments, completely exempt from DR taxes.

Q: Can I bank in U.S. dollars?
A: Yes. Banco Popular offers U.S. dollar and Euro accounts.

Q: Are utilities available?
A: Yes. Water, electricity, and gas services are all readily available.

Q: What are the closing costs associated with the sale of property?
A: Taxes = %5 of sale price. Fees= Lawyer fee = %1. There are no other closing costs.

Q: How may I receive my mail?
A: Mail may be picked up at either the post office or Western Union.

Q: Would it be possible to legally work in the DR?
A: Yes, with a working permit, or by working for a Dominican corporation through contract.

Q: Can I purchase house hold appliances, such as washers, dryers, refrigerators, etc.?
A: Yes, there are several large appliance and furniture stores in Las Terrenas.

Q: Is satellite TV available?
A: Yes.

Q: Is there trash pick up?
A: Yes.

Q: Are there any super markets in Las Terrenas? Do they stock usual western products?
A: Yes and Yes. There are several large super markets in Las Terrenas and they stock everything you could possibly need.

Q: Can I bring guns into the country?
A: No.

Q: Is pest control a problem? Are exterminators available?
A: No. Yes.

Q: Are there English speaking doctors and dentists in Las Terrenas?
A: Yes.

For a good (and colorful!) selection of information on the Dominican Republic, check out Debbie's Dominican Republic web site:
Click here: http://www.debbiesdominicantravel.com