Overview

Dominican Republic tourist numbers to reach 5M by 2012. More than five million tourists will visit the Dominican Republic in 2012, bringing US$5 billion (£2.5 billion) worth of income into the Caribbean country.

That was the impressive news relayed by Felix Jimenez, the island's tourism minister, based on official projections.

He also made mention of the massive investments that the government has made into developing the most popular tourism regions of the country, and the start of major real estate projects along the east coast.

According to newspaper Dominican Today, Mr Jimenez said: "The government has invested around 100 million dollars in the tourism section, in addition to investments in areas such as roads, sanitary cleanup, beach regeneration and the elimination of shanty areas of the tourism zones.

Within the next four years, he said that there would be more than 2,500 more hotel rooms in the country, noting that important attractions such as golf courses and marinas were also being developed.

According to overseas property expert David Stanley Redfern, the Dominican Republic has emerged as an attractive market for property investors looking for opportunities in Latin America, and promises high levels of future capital growth.

Dominican Republic 'best value for money in Caribbean' The Dominican Republic is one of the best investment opportunities in the Caribbean as it is "one of the better value for money islands" in the region.

Tourist numbers are increasing and the spending from American tourism is set to rise on the island, according to Tony Knowles, the director of London International Property.

He added that the north of the island was receiving much high-end investment, in the form of golf property and health spas.

"In terms of land-pricing, it's one of the better value for money islands in the Caribbean, certainly relative to Barbados, St Lucia, St Kitts et cetera. Land-wise it's great value for money," said Mr Knowles.

He also advocated the guaranteed rental return and buy-to-let opportunities.

"It's a very safe country and it's renowned as being one of the friendliest in the Caribbean and there's potential for growth. Buy-to-let in the Caribbean stands up anyway. It's one of the biggest tourist destinations worldwide and has one of the longest rental seasons."

'Natural beauty' and climate pull tourists to Dominican Republic
The Dominican Republic has been praised for its captivating "beauty", as well as the "affability and friendliness" of the island's population.

In a statement released to The Korea Times, ambassador Hector Galvan has attributed the millions of tourists that visit the Caribbean island to various national traits and climate factors.

Speaking on the occasion of the Dominican National Day (February 27th), Mr Galvan added that the island was the "main tourist destination in the Caribbean", with around 4.5 million tourists visiting in 2007.

He went on to say that the Dominican Republic was "one of the few places in the world where you can work and enjoy life at the same time, not only due to the country's hospitality, but also due to the all-year-round gentle climate, the natural beauty of its beaches, mountains and valleys, the extraordinary golf courses, and also thanks to the great deal of opportunities and favourable business conditions".

Buying

Did you know that there are no penalties, restrictions or additional taxes for foreigners buying property in the Dominican Republic. The process is relatively easy and consists of 3 contracts as follows:

1. Offer to Purchase.

This is a basic one page document which consists of the potential buyer's name, the property that is receiving the offer, the offer price and any financial terms and conditions to be included with the offer. All counter-offers will be executed on this contract.

2. Promise of Sale.

This second contract is drawn up by your attorney, after the Offer of Purchase has been accepted. This contract consists of the seller's name and personal information, the buyer's name and personal information, details of the property being purchased, agreed purchase price, and any financial terms and conditions.

3. Closing Contract.

This is the final contract and it is similar to the Promise of Purchase except that it includes the exchange of money and property. The buyer’s attorney will register all documents with the title office and pay necessary fees and transfer taxes.

You will receive your new deeds within approximately 90 days, and you're the proud new owner of your very own piece of paradise!

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