With its central location in the Americas, a fast-developing infrastructure, and a generous package of tax incentives, the Dominican Republic is one of the best places in the Caribbean region to do business.
And, if you have a business to transplant or are looking to set up your own business in a tax-friendly, benefit-laden location, you owe it to yourself to investigate the opportunities here — especially if your work falls under any of the following categories: telecommunications, infrastructure, renewable energy, agribusiness, call centers, software development, manufacturing, or tourism.
You don’t have to be in big business to take advantage of the Dominican Republic’s tax incentives.
The government is committed to tourism growth. It recognizes the potential in its coastlines, its jungles, and its historic capital city. Its big agenda is “sustainable tourism,” and it’s rolling out the red carpet to those willing to help boost its tourism efforts and accommodate visitors in town.
Start a tourism business to invest in the Dominican Republic — a boutique hotel, a tour business, or dive shop may qualify — and, under Law 158-01, you’ll receive tax breaks for the next 10 years on income taxes, VAT, real estate transfers, property tax, import duties, and more.
Prices on real estate in the Dominican Republic have been rising steadily since the worldwide financial crisis of 2008-2009.
Bouyed in large part by growth in the tourism sector, the average prices of residential property on the island and in 2015 was about US$2,000 a square meter.
However, prices have been rising by 10% annually in recent years, and still the Dominican Republic remains one of the most affordable housing markets in the Caribbean.
On the North Coast, in and around Puerto Plata, apartments in upscale neighborhoods can cost in the range of US$2,500 per square meter and are appreciating rapidly.
House prices are growing as well, but not as quickly. The average price for a house in the Puerto Plata area was about US$1,700 per square meter.
An oceanfront condo in a central area of Cabarete, for example, can start at about US$120,000.
Similar properties in nearby hotel-style developments are priced at around US$250,000.
Oceanfront residential properties list for between US$1,700 and US$2,500 per square meter. Real estate prices are normally quoted in dollars.