As anywhere in the world financing real estate is a subject that has many tricky points, and the Dominican Republic is not an exception. Because of this, we came up with a Q&A with the specifics of financing in the Dominican Republic and (finally) getting your slice of paradise here.

During my 15-year career in Caribbean real estate I have answered almost all possible real estate related question already! I will answer the most common questions below!

Can a foreigner request financing in the Dominican Republic?

Yes, it is possible and easy for foreigners to get financing for a property in the DR.

What are the most common requirements to finance real estate in the DR?

Most banks and financial institutions have their own way and rules to compliance, but they are basically all the same.

Identification documents:

• Copy of passport (Minimum 6 months of validity).
• Identification document of the country of origin and of your spouse, if married.
• Information on immigration status issued by the competent authority.
• Application form and due diligence Mortgage loan, completed and signed.

Evidence of Income Customers residing abroad:

• Income Tax Declaration or Last Year’s Tax Declaration

Economic situation:

• Credit score of 700 or above
• Trans-Union Credit Bureau Report (30 days validity).

If you reside in the US or Puerto Rico, or have American nationality:

• International Bureau authorization form.
• 2 International Bureau Reports (2 months validity).

What steps do you need to take to finance real estate in the DR?

The steps depend on which kind of property you want to finance.

If the property is under construction, the bank will not be involved until completion.

• If it is a resale property.
• If it is under construction.

Financing a resale property

Financing a resale property can be very basic and simple.

Sign a purchase agreement and include a financing contingency clause.

Banks finance 80–85% of resale properties (70% outside touristic zones).

1. Due diligence by the bank.
2. Property appraisal.
3. Tripartite agreement between bank, buyer, seller.
4. Bank manages contracts, transfer, and title.

Financing an under-construction property

Same procedure, but the bank enters only after the property is completed.

You pay 50–60% during construction; the rest is financed after completion.

Which banks should I work with?

Local banks now finance foreigners more frequently.

Easiest for U.S. and Canadian clients; more difficult for Europeans.

Smaller financing amounts are possible but processing can be slow.

Looking for more information? Contact me @Adriaan Smit – Sun Life Realty or via WhatsApp +1.829.975.79.25