A perfect example is my friend Dan Tanner and his with Ruth Danner, who I believe have traveled more than most people, but with all the different places theyâ€™ve traveled too, they chose Dominica to be their home.
Itâ€™s much easier to buy land or building a home in Dominica than many other Caribbean islands. But just like most countries there are certain rules have to be applied. Before making such of an investment, here are three frequently ask questions by foreigners before they purchase land or a home here in Dominica.
What kind of tax we have to pay when we buy land in Dominica as a foreigner?
You can buy 1 acre of land as a residential scheme and 3 acres for business purpose. Without asking for any permit or license. You are paying 10.95% of taxes like any Dominican citizen!
There is how they came up with the 10.95%: 3% lawyerâ€™s fee (+0.45% VAT) plus 7.5% government taxes.
For foreigners several other information and papers will be required in accordance with transparency to fight against money laundering.
For more than 1 acre (residential) and 3 acres (business) you will have to get what is called Alien land holding license which cost another 10%… So the total tax amount will be 20.95%.
There is also a commission of 5% if you use a Real Estate Agent.
What kind of documents do we need when we buy a land/home in Dominica?
- Letter of reference from your bank directly addressed through the mail to your local bank in Dominica
- Police Record
- A letter from your Real Estate Agent
To buy a house, it is exactly the same thing.
What are the elements required for construction in Dominica?
Before you can build in Dominica you have to apply to the planning division office and they will ask you:
- A certificate of title
- 3 certified plans of your building
- A certified survey of your land
- A signed letter
I strongly recommend that youâ€™ve a Real Estate Agent to help you. Itâ€™s very difficult to go through some of these procedures as a foreigner. Your agent will be able to expedite the process, especially the elements required for construction in Dominica.
Whatâ€™s it! If you can fulfill these basic requirements, youâ€™re well on your way in owning a piece of land and constructing a home on the nature isle of the Caribbean.
Great information and sound advice!
If you are interested in buying property in dominica, please stay away from a real estate agent name angelo allen, he is a theif, he stole my money!!!
Good to know as he sometimes fills in on radio programs. You didn’t say what company he was afiliated with.