The CONFOTUR Law – Tax incentives for investment in the tourist area
Law 158-01 or CONFOTUR Law provides certain tax benefits and incentives for real estate projects, business, and commercial activities to encourage investment in the tourist areas of the country.
Developers and builders benefit from tax incentives for construction materials, which makes spending more efficient and profitable, which in turn translates into better prices for the end user.
It also offers benefits to the first-time buyer of real estate in a project developed under the Tourism Promotion Law, like most projects in the Dominican Republic’s tourist areas.
These benefits are:
- Exempt the payment of 3% of the value of the property for the registration and transfer of the property to its name (Transfer Tax on real estate rights).
- Exempt the annual payment of 1% of the value of the property Real Estate Property Tax (IPI). The duration of this exemption varies according to the project and is usually between 10 to 15 years.
Contact us to let you know all the advantages for you.
Categorieën: News
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