The island with rich volcanic soil, volcanos, waterfalls and national parks and wonderful climate all year round, Dominica is self-sustainable and unspoilt. The government is building a sustainable infrastructure that is responsive and adaptable to the climate change and outside stresses. They encourage eco-tourism and sustainability.
Because Dominica is looking towards protecting its pristine nature from mass tourism, its real estate market is largely dominated by family homes and hotels tucked away in the forest or along its multitude of rivers. There are no large resorts and luxury hotels. Most of the beachfront land is not developed and available at lower prices than on other Caribbean islands.
Dominica offers real estate of any kind and size, riverfront, beachfront and hillside houses and land, apartments, bungalows, clifftop villas, shares in hotels, commercial and mixed-type properties, etc. You can buy a property by itself or under the Citizenship by Investment program.
If you are thinking about where to buy property in Dominica, we recommend looking in the west for a more city-style living and in the east and central regions of the island for a more relaxing environment surrounded by nature.
One of the main attractions is that by investing at least $200,000 under the Citizenship by Investment program you can get Dominican citizenship for all family members.
Like in any other serious matter, which also involves a lot of money, it is advisable to get help from professionals. For example, when you are buying land and intend to use it for certain purpose, you need to check whether there are any restrictions on that land. You might want to work with a real estate agent or do the search and checks yourself.
When the choice is made, it’s time to find a lawyer and have them draft a Purchase and Sale contract. 10% deposit is what you need to pay normally for the property to be secured in your name.
A surveyor must be employed to conduct the valuation and prepare survey plans for the title transfer. If the results show encumbrances on the property and the seller is not able to pass you good title, your deposit will be refunded. However, if everything is fine, the lawyer submits all the documents to the Land Registry to register you as a new owner, provided all fees have been paid.
All fees are calculated on the market value or purchase price of the property, whichever is higher. Here is what anyone needs to pay.
Non-OECS (Organization of Eastern Caribbean States) nationals must pay 10% on top for any land bought. However, an Alien Landholding License must be obtained only for purchases over 1 acre of residential and 3 acres of commercial land. The application is made after the deposit has been paid.
Besides, if you decide to sell your property later, you will need to pay 2.5% stamp duty.
There are no real estate taxes in Dominica, but municipal taxes apply. The rates depend on the location and use but do not exceed 1.25% of its value of land or house.
Non-residents are liable to pay 15% withholding tax on any rental income if you get the money outside of Dominica.
Whether it’s under the citizenship program or otherwise, contact us today to discuss your options.
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