The answer is yes, a Dominican can buy and finance an apartment in Santo Domingo even if he lives abroad. The national banks of the Dominican Republic make it easier for Dominicans to have access to a mortgage loan. There are some bank requirements that must be completed by people who want to invest in real estate and are living outside the country.

These requirements are to start the prequalification process with the banks, through which they are given the loan facility.

It is important that people can build their credit in the country by opening an account with one of the banks in the city. Although this is not an essential requirement.

At the time of separating a property whether under construction. Or for second use, you begin the process of completing the requirements requested by the bank in order to grant you the home loan.

Among the requirements for a Dominican to buy are the following:

Customer requirements in the US:

  • Application completed and signed.
  • Activity sheet (What do you do).
  • Secure form (The bank provides it).
  • Copy of identity document (Dominican ID (new) or updated PASSPORT).
  • Customer address in the DR and address in the US.
  • Account movements of the last 3 months of the country of residence.
  • Income Tax for the last 1 year.
  • Payment of the international transunion (Cost: 28 dollars) Debugging process.
  • Social Security/ Driver’s license.
  • Fatca form.
  • Appraisal of the property to be acquired.

Purchase option contract or letter of intent to sell with the description of the property as it appears in the title.

Documents of the selling company in case the property is being sold by a construction company.

Documents of the intervening Spouse are the following:

  • Copy of identity document of sides / Social Security / Passport Copy.
  • How can you pay while living abroad?
  • You can buy without having to come to the country.
  • You should only empower a family member through a Consular Power of Attorney that you can get at the Dominican Republic Real Estate.
  • Send a copy of your personal documents from both sides.
  • You should not send cash using third parties, since the money laundering law prohibits payments greater than RD$1,000,000.00 per purchase.
  • The correct way is to make a transfer from your foreign or local bank to the construction company’s account. In this way you book your apartment.
  • Then complete the know your client form and send it.
  • From this moment that apartment is reserved for you. It only remains for him to continue completing the process of separation from the apartment.

Finally, we are open to hearing your opinions.