There are no restrictions for foreigners buying property in the Dominican Republic but typically mortgages have been very difficult for foreign buyers to obtain. Although government incentives have proved very positive for attracting overseas investments, the mortgages available through local lending institutions are extremely expensive. Mortgages from Caribbean Land and Property, solve this problem and make it easier for those wishing to buy the home of their dreams in Dominican Republic.
The new mortgage facility which is available to resident aliens, UK, Canadian and US Citizens, will provide borrowers with mortgages for properties over US$100,000 to cover the purchase of land or an existing home.
The Dominican Republic is becoming increasingly popular as a place for relocation or a second home. There are direct and regular flights to and from many destinations in Europe and North, Central and South America. Santo Domingo is accessible by air from New York (3 hours), Miami (less than 2 hours) and San Juan (45 minutes), with direct flights available from several major cities in Europe. Not surprisingly Dominican Republic has attracted a cosmopolitan community of expatriates who add to its already diverse population.
There are excellent opportunities for investment in the Dominican Republic. It is one of the most stable countries in the Caribbean and Latin America. The Dominican Republic also has very low labour and living costs that, together with the laws to promote Foreign Investment, have made it very attractive for those who are looking for high profitability and security.
The geography of the country is very diverse, ranging from verdant tropical rain forests to arid semi-desert plains. The Dominican Republic, which takes up two-thirds of the island of Hispaniola and borders with Haiti, boasts of an 870-mile coast line with a stunning array of beautiful golden-sand beaches. Temperatures are tropical with an average of 23°C in the early mornings to 32°C at noon. Similar to other islands of the Caribbean, there are no large wild animals, no poisonous snakes, and no spiders or insects whose bite or sting is life-threatening to humans.
The capital, Santo Domingo is the oldest city in the New World and is home to a huge historical legacy. It is also a bustling hub of modern day activity and no other city in the Caribbean has a greater variety of restaurants and night life.
All of these features have made the Dominican Republic a first-class tourist destination. Now with the help of Caribbean Land and Property, those who wish to stay in the Dominican Republic for more than holiday, have the opportunity to do so with the new home mortgage facility.
