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Investing in the DR:
Villas del Sol II
Questions and Answers
1. When will the villas be delivered?
Villas del Sol II is already builded and the 2nd phase will be totally completed in 3 months.
2. What will happen if my villa is not delivered on time?
Throughout this group¢s 31 years of experience, it has never failed to deliver any purchased property. There may be a delay in the delivery only upon the event of an act of God, but the delivery of the purchased real property will always be performed.
3. What kind of construction warranties do I have?
Dominican laws protect the buyer of a residence, and the builder must provide a 5 year warranty against construction defects to the buyer.
4. Have you performed other similar projects?
Grupo Intercaribe has completed a wide spectrum of real estate projects, including the construction and start-up of more than 1,000 hotel rooms, commercial centers, office and residential buildings. For more information, you can visit our website at: http://www.intercaribe.com.do/
5. Are there some restrictions on foreigners when buying property in the Dominican Republic?
Dominican laws does not establish any restrictions or special requirements on foreigners when purchasing real property. In respect to the ownership of real property, foreigners have the same rights as Dominicans.
6. Does buying a villa guarantees that I will obtain a Dominican residence?
No. If you are interested in obtaining an official residence in the Dominican Republic, we advise you to contact a renown lawyer to perform the necessary paperwork.
7. Is this a timeshare product?
No. All properties in the Costa Bavaro residential have a single owner, that is, once the property is purchased, you will have a Certificate of Title in your name, giving you irrevocable rights over your real property.
8. Will the property title be issued in my name?
Yes, once the property payment has been performed, the enterprise will be in charge of all the legal paperwork so that your Certificate of Title is issued in your name. Legal costs and fees resulting from this step are on the account of the client.
9. Who will pay the transfer taxes and what is the amount?
Transfer taxes must be paid by the client. Paying the Property Transfer Tax and being up-to-date in the payment of the Luxury Dwellings and Empty Urban Lots Tax (IVSS) is necessary to register any property right. The transfer tax is equivalent to a three percent (3%) of the value market of the transferred real property plus the value of the stamps, a total of about four and a half percent (4.5%) of the property¢s value.
10. What other taxes must I pay?
Properties whose value surpass five million Dominican pesos must pay the Luxury Dwellings and Empty Urban Lots Tax (IVSS) annually, which is equivalent to 1% of the property¢s value. If the value of your property does not reach this amount, a declaration stating so must be made before the Income Tax Office and you must obtain an IVSS Non Payment Certification for your property on an annual basis.
11. What is the appreciation rate of the real properties located in the Costa Bavaro Residential?
Even though international laws do not allow guaranteeing an appreciation rate, it will suffice telling you that our buyers have enjoyed an extraordinary appreciation of their properties and that the Costa Bavaro Residential has become the first investment option in the area. Our sales representatives can offer you some examples.
12. Can I rent my villa?
You can use your villa in the way that is more convenient to you. Even though some owners prefer leaving their villas unoccupied for whenever they need them, Costa Bavaro Residential has a high demand for rental properties, giving the owners the possibility of a major profitability over their investments. Our sales representatives can give you further details about this topic.
13. Can you manage my villa?
We offer property management service, and we can, therefore, find clients that would rent it, and deposit the amount in a pre-established account. In case you do not wish to rent the villa, we can also take control of the payment of the utilities and of keeping the property clean for the moment you wish to use it.
14.- How much do you charge for the maintenance fees and what do they include?
Costa Bavaro Residential has an independent Management in charge of keeping the residential in accordance to the highest standards. The Management elaborates an annual budget and divides it according to the size the lots and the amount square miles of construction. In the case of Villas del Sol it will have a separate Management, which will be in charge of the costs related to the individual community besides the costs arising from belonging to Costa Bavaro.
Maintenance charge includes the security of the whole Residential, fumigation, gardening of the common areas, electricity in the common areas, garbage collection, beach and tennis court maintenance and general management. The specific maintenance of communities will also include specific security, pool and recreation areas maintenance.
The average maintenance expenses of the Costa Bavaro Residential is of RD$ 760.00 for these villas and the specific estimate is of approximately RD$ 500.00, being the total estimated amount of US$ 40.00 per month.
15.- Is financing available?
There are various local banks offering financing to Villas del Sol Residential buyers. Our sales representatives will be glad to offer you more information about it. Remember that the interest rates in the Dominican Republic are considerable higher than those offered in the United States or Europe. For this reason, many of our clients choose to refinance their house or to obtain financing in their countries, if they need financing to purchase the property.
16.- Can a foreigner apply for financing in the Dominican Republic?
Yes, certainly the financial institution will require tax and income certifications. Our sales representative can give you more information about it.
17.- Are pets allowed in my property?
Pets are allowed if and only if they are kept inside the property and if they do not cause any trouble or represent a risk to other residents.
18.- Are there any restrictions in respect to reselling my property and what is the standard sales commission?
Owners of Villas del Sol are free to sell their properties as they deem convenient. Though the broker can be chosen freely, the majority of owners wishing to resell the property do it through our sales offices since they receive the highest service quality. Our office charges a 5% sales commission, which is the standard within the area.
19.- How many persons are living presently in the Residential?
Residential Villas del Sol is part of Costa Bavaro Residential, which is the first Residential of its kind in the area. Due to the life quality level achieved there, nowadays it is the most sought-after Residential to live in. Presently, we concentrate the majority of residents in an organized and high level Residential. Our Residents are the managers and owners of the main business in the area, as well as top executives of various hotels. Additionally there is a high percentage of middle-class and middle-upper-class Europeans, who usually spend the winter in their properties. According to our latest census, approximately 450 families live in the residential.
20.- Does buying the property entitles me automatically to use the beach?
All residents at Costa Bavaro Residential and thus residents at Villas del Sol Residential as well as their (duly registered) guests have absolute rights to use the beach facilities as they like.
21.- Can I use the hotel facilities freely?
All residents from the Costa Bavaro Residential and thus residents from the Villas del Sol Residential, as well as their (duly registered) guests are welcomed to use the hotel beach Restaurant. Those wishing to use the pool, gym and other facilities must purchase their stay.
It is worth highlighting that buyers of this Residential and their guests receive special discounts at the IFA Villas Bavaro hotels.
22.- Is there an airport nearby?
Just 15 minutes away from the Residential is the International Punta Cana Airport, which is prepared to receive any type of aircrafts, either private or commercial.
23.- What type of medical facilities are available in the area?
There are many types of medical facilities in the area, but the most important one is Hospiten, a private clinic managed by a recognized Spanish firm, where the highest level services are available. Hospiten is located at approximately 15 minutes away from the Residential.
24.-What is the distance between Santo Domingo and Bavaro, can I go by car?
Santo Domingo, main and capital city of the Dominican Republic is located at approximately 210 kilometers. The trip takes about 3 hours and half by car, through a highway in accordance with the internationally required quality standards.
25.- Are there nearby schools?
The majority of the residents in the area send their children to the Punta Cana Educational Center, which is 15 minutes away from the Residential and to which transportation is also provided. The school is bilingual (Spanish-English) and also offers a wide variety of extracurricular activities for kids and adults at a level corresponding to the international standards.
26.- What type of commercial facilities are available?
The area of Punta Cana and Bavaro is endowed with various commercial centers offering a wide variety of products and services at your disposition.
27.- The fact that it is a close community implies that only Villas del Sol owners will have access to the pool?
Yes, Villas del Sol will have a recreation area to be exclusively used by its owners.
28.- What type of swage system is available?
Each property is endowed with a secure and efficient system swage system.
29.- Do I have to pay to obtain the water and electricity services?
Each villa has been provided with the necessary installations for water and electricity. Naturally, each client must have his own individual electric meter with the enterprises in charge of providing the service.
The Residential has a private aqueduct managed by this same enterprise. The aqueduct offers water with the highest quality and strong and constant pressure.
The electric energy service is provided by a private enterprise with Spanish-North American capital, which also offers a constant service with a very high quality.
30.- When purchasing the property, do I obtain insurance against hurricanes, earthquakes, etc.?
The cost of insurance is not included in the price of the property. Nevertheless, due to its importance, the enterprise has made special agreements with the main insurance companies established in the country and therefore a special fee is given to the buyers of the villas. Our sales representatives will offer you more information about it.
31.- Can I install a perimetric fence in my property?
Villas del Sol Residential has regulations establishing the height and shape of the perimetric fence that can be installed in your property, always with the purpose of preserving harmony within the Residential.
32.- Can I modify the exterior structure, colors, etc.?
Any exterior modification that is not significant must be submitted to the approval of our technical department to verify that these do not alter the harmony or the Residential appearance.
33.- Is the villa delivered furnished?
Villas del Sol II has an special package that the villa will be all furnished with air condition in each bedroom and full equipped.
34.- Is there an heliport nearby?
In the area of Punta Cana and Bavaro there are many heliports offering transportation services in helicopters.
35._ Are there any golf facilities?
At a short distance from the Residential (less than 5 minutes away) there are two golf courses, one with 27 holes and one with 18 holes, where you can play freely, obviously by paying your “green fee”. Additionally, there are many golf courses in the area where you can choose the one of your preference.
36.- Are there any casinos nearby?
In the Bavaro and Punta Cana area there are diverse Casino facilities that you can visit. Less than 5 minutes away from the Residential there are two important casinos for your enjoyment.
Questions and Answers
1. When will the villas be delivered?
Villas del Sol II is already builded and the 2nd phase will be totally completed in 3 months.
2. What will happen if my villa is not delivered on time?
Throughout this group¢s 31 years of experience, it has never failed to deliver any purchased property. There may be a delay in the delivery only upon the event of an act of God, but the delivery of the purchased real property will always be performed.
3. What kind of construction warranties do I have?
Dominican laws protect the buyer of a residence, and the builder must provide a 5 year warranty against construction defects to the buyer.
4. Have you performed other similar projects?
Grupo Intercaribe has completed a wide spectrum of real estate projects, including the construction and start-up of more than 1,000 hotel rooms, commercial centers, office and residential buildings. For more information, you can visit our website at: http://www.intercaribe.com.do/
5. Are there some restrictions on foreigners when buying property in the Dominican Republic?
Dominican laws does not establish any restrictions or special requirements on foreigners when purchasing real property. In respect to the ownership of real property, foreigners have the same rights as Dominicans.
6. Does buying a villa guarantees that I will obtain a Dominican residence?
No. If you are interested in obtaining an official residence in the Dominican Republic, we advise you to contact a renown lawyer to perform the necessary paperwork.
7. Is this a timeshare product?
No. All properties in the Costa Bavaro residential have a single owner, that is, once the property is purchased, you will have a Certificate of Title in your name, giving you irrevocable rights over your real property.
8. Will the property title be issued in my name?
Yes, once the property payment has been performed, the enterprise will be in charge of all the legal paperwork so that your Certificate of Title is issued in your name. Legal costs and fees resulting from this step are on the account of the client.
9. Who will pay the transfer taxes and what is the amount?
Transfer taxes must be paid by the client. Paying the Property Transfer Tax and being up-to-date in the payment of the Luxury Dwellings and Empty Urban Lots Tax (IVSS) is necessary to register any property right. The transfer tax is equivalent to a three percent (3%) of the value market of the transferred real property plus the value of the stamps, a total of about four and a half percent (4.5%) of the property¢s value.
10. What other taxes must I pay?
Properties whose value surpass five million Dominican pesos must pay the Luxury Dwellings and Empty Urban Lots Tax (IVSS) annually, which is equivalent to 1% of the property¢s value. If the value of your property does not reach this amount, a declaration stating so must be made before the Income Tax Office and you must obtain an IVSS Non Payment Certification for your property on an annual basis.
11. What is the appreciation rate of the real properties located in the Costa Bavaro Residential?
Even though international laws do not allow guaranteeing an appreciation rate, it will suffice telling you that our buyers have enjoyed an extraordinary appreciation of their properties and that the Costa Bavaro Residential has become the first investment option in the area. Our sales representatives can offer you some examples.
12. Can I rent my villa?
You can use your villa in the way that is more convenient to you. Even though some owners prefer leaving their villas unoccupied for whenever they need them, Costa Bavaro Residential has a high demand for rental properties, giving the owners the possibility of a major profitability over their investments. Our sales representatives can give you further details about this topic.
13. Can you manage my villa?
We offer property management service, and we can, therefore, find clients that would rent it, and deposit the amount in a pre-established account. In case you do not wish to rent the villa, we can also take control of the payment of the utilities and of keeping the property clean for the moment you wish to use it.
14.- How much do you charge for the maintenance fees and what do they include?
Costa Bavaro Residential has an independent Management in charge of keeping the residential in accordance to the highest standards. The Management elaborates an annual budget and divides it according to the size the lots and the amount square miles of construction. In the case of Villas del Sol it will have a separate Management, which will be in charge of the costs related to the individual community besides the costs arising from belonging to Costa Bavaro.
Maintenance charge includes the security of the whole Residential, fumigation, gardening of the common areas, electricity in the common areas, garbage collection, beach and tennis court maintenance and general management. The specific maintenance of communities will also include specific security, pool and recreation areas maintenance.
The average maintenance expenses of the Costa Bavaro Residential is of RD$ 760.00 for these villas and the specific estimate is of approximately RD$ 500.00, being the total estimated amount of US$ 40.00 per month.
15.- Is financing available?
There are various local banks offering financing to Villas del Sol Residential buyers. Our sales representatives will be glad to offer you more information about it. Remember that the interest rates in the Dominican Republic are considerable higher than those offered in the United States or Europe. For this reason, many of our clients choose to refinance their house or to obtain financing in their countries, if they need financing to purchase the property.
16.- Can a foreigner apply for financing in the Dominican Republic?
Yes, certainly the financial institution will require tax and income certifications. Our sales representative can give you more information about it.
17.- Are pets allowed in my property?
Pets are allowed if and only if they are kept inside the property and if they do not cause any trouble or represent a risk to other residents.
18.- Are there any restrictions in respect to reselling my property and what is the standard sales commission?
Owners of Villas del Sol are free to sell their properties as they deem convenient. Though the broker can be chosen freely, the majority of owners wishing to resell the property do it through our sales offices since they receive the highest service quality. Our office charges a 5% sales commission, which is the standard within the area.
19.- How many persons are living presently in the Residential?
Residential Villas del Sol is part of Costa Bavaro Residential, which is the first Residential of its kind in the area. Due to the life quality level achieved there, nowadays it is the most sought-after Residential to live in. Presently, we concentrate the majority of residents in an organized and high level Residential. Our Residents are the managers and owners of the main business in the area, as well as top executives of various hotels. Additionally there is a high percentage of middle-class and middle-upper-class Europeans, who usually spend the winter in their properties. According to our latest census, approximately 450 families live in the residential.
20.- Does buying the property entitles me automatically to use the beach?
All residents at Costa Bavaro Residential and thus residents at Villas del Sol Residential as well as their (duly registered) guests have absolute rights to use the beach facilities as they like.
21.- Can I use the hotel facilities freely?
All residents from the Costa Bavaro Residential and thus residents from the Villas del Sol Residential, as well as their (duly registered) guests are welcomed to use the hotel beach Restaurant. Those wishing to use the pool, gym and other facilities must purchase their stay.
It is worth highlighting that buyers of this Residential and their guests receive special discounts at the IFA Villas Bavaro hotels.
22.- Is there an airport nearby?
Just 15 minutes away from the Residential is the International Punta Cana Airport, which is prepared to receive any type of aircrafts, either private or commercial.
23.- What type of medical facilities are available in the area?
There are many types of medical facilities in the area, but the most important one is Hospiten, a private clinic managed by a recognized Spanish firm, where the highest level services are available. Hospiten is located at approximately 15 minutes away from the Residential.
24.-What is the distance between Santo Domingo and Bavaro, can I go by car?
Santo Domingo, main and capital city of the Dominican Republic is located at approximately 210 kilometers. The trip takes about 3 hours and half by car, through a highway in accordance with the internationally required quality standards.
25.- Are there nearby schools?
The majority of the residents in the area send their children to the Punta Cana Educational Center, which is 15 minutes away from the Residential and to which transportation is also provided. The school is bilingual (Spanish-English) and also offers a wide variety of extracurricular activities for kids and adults at a level corresponding to the international standards.
26.- What type of commercial facilities are available?
The area of Punta Cana and Bavaro is endowed with various commercial centers offering a wide variety of products and services at your disposition.
27.- The fact that it is a close community implies that only Villas del Sol owners will have access to the pool?
Yes, Villas del Sol will have a recreation area to be exclusively used by its owners.
28.- What type of swage system is available?
Each property is endowed with a secure and efficient system swage system.
29.- Do I have to pay to obtain the water and electricity services?
Each villa has been provided with the necessary installations for water and electricity. Naturally, each client must have his own individual electric meter with the enterprises in charge of providing the service.
The Residential has a private aqueduct managed by this same enterprise. The aqueduct offers water with the highest quality and strong and constant pressure.
The electric energy service is provided by a private enterprise with Spanish-North American capital, which also offers a constant service with a very high quality.
30.- When purchasing the property, do I obtain insurance against hurricanes, earthquakes, etc.?
The cost of insurance is not included in the price of the property. Nevertheless, due to its importance, the enterprise has made special agreements with the main insurance companies established in the country and therefore a special fee is given to the buyers of the villas. Our sales representatives will offer you more information about it.
31.- Can I install a perimetric fence in my property?
Villas del Sol Residential has regulations establishing the height and shape of the perimetric fence that can be installed in your property, always with the purpose of preserving harmony within the Residential.
32.- Can I modify the exterior structure, colors, etc.?
Any exterior modification that is not significant must be submitted to the approval of our technical department to verify that these do not alter the harmony or the Residential appearance.
33.- Is the villa delivered furnished?
Villas del Sol II has an special package that the villa will be all furnished with air condition in each bedroom and full equipped.
34.- Is there an heliport nearby?
In the area of Punta Cana and Bavaro there are many heliports offering transportation services in helicopters.
35._ Are there any golf facilities?
At a short distance from the Residential (less than 5 minutes away) there are two golf courses, one with 27 holes and one with 18 holes, where you can play freely, obviously by paying your “green fee”. Additionally, there are many golf courses in the area where you can choose the one of your preference.
36.- Are there any casinos nearby?
In the Bavaro and Punta Cana area there are diverse Casino facilities that you can visit. Less than 5 minutes away from the Residential there are two important casinos for your enjoyment.
