Mortgages and Financing

Financing is available with international and Dominican banks in the Dominican Republic.

This is usually arranged by the company selling or promoting the property. Generally, the buyer pays 10% of the property value as a down-payment, the bank finances 80% of the property value over 5-10 years, and the annual interest rate is about 10%. There are also international mortgage companies in the Dominican Republic. through which you can finance your Dominican Republic property. Financing can be in US Dollars or in Dominican Pesos but as property is generally bought and sold in US Dollars, the Dollar is the common currency.

Foreigners can open bank accounts in US Dollars or in Dominican Pesos.
The banking system is highly regulated and security is deemed good.