What are the requirements to receive the Bono Primera Vivienda?
For most people, buying a home means achieving one of their biggest goals in life. It is no secret that owning your own home is a dream that requires a lot of effort and sacrifice to achieve, whether it is managing a tight budget, saving a lot in the long run, getting the right home for your needs, applying for home financing, it is a long and often costly process, that is why we explain the conditions you need to meet and the steps to follow to benefit from the first home premium.
It is for this and many other reasons that buyers need to realize the additional benefits they can get when buying their first home. The good news is that in the Dominican Republic there is a first-home grant. It acts as compensation for the taxes on industrial goods and services, the so-called (ITBIS) paid during the construction of social housing developments in the form of trusts.
It should be noted that this compensation will form part of the initial amount when purchasing the first home, it can even be used as capital for a mortgage loan.
So, what is a low-cost property in the Dominican Republic? They are constructions that do not exceed RD$4,500,000.00 Dominican pesos. Both houses and apartments
New buyers may have an important question: How do I get my First Home Bonus? The General Directorate of Internal Taxes (DGII), which is the agency in charge of administering and/or collecting the central taxes and excise duties in the Dominican Republic, has prepared a list of conditions that Dominican citizens must meet. when receiving this award, in collaboration with the Ministry of Finance.
Requirements for the Bono Primera Vivienda.
Pursuant to the provisions of articles 23 and following Rule 02-12, issued by the DGII, if you are interested in initiating this process, you must present a Communication from the Trustee addressed to the General Directorate of Internal Taxes (DGII), which must include:
- You must be a Dominican national, acquiring for the first time a house or apartment, built within a residential project certified as a low-cost project by the National Housing Institute (INVI).
- Copy of the identity card of the purchaser.
- First-time home bonus application.
- Identification of the project, house or apartment, construction company, and trustee in charge of the project.
- Name of the bank and number of the trust account where the bond will be deposited.
- Copy of prior financing certification issued by the financial entity that manages the trust.
- Register with the General Directorate of Internal Taxes as a taxpayer.
- Submit a letter signed by the buyer authorizing the DGII to transfer the housing bond to the trust account held by the construction company, real estate company, or the bank that issued the loan.
- Request certification from the Dirección General de Catastro Nacional, indicating that the purchaser is not the owner of another property. If it is in the community of goods, a certification by the spouse must be emitted.
- To have a copy of the purchase contract. This must include the property’s value in which a financial intermediation entity is involved.
- Copy of the documents that endorse the payments made by the purchaser.
- To present the documents at the Dirección General de Catastro Nacional (DGCN) and the Dirección General de Impuestos Internos (DGII). This documentation must be deposited by the trustees on behalf of the purchasers.
- As mentioned above, the project must be classified as low-cost housing by the National Housing Institute (INVI) and duly registered with the DGII.
While this may seem like a tedious process, it is well worth it, as it helps you in the process of acquiring the property of your dreams. This is when it is important to have a professional real estate agent or advisor to guide you, not only in your real estate selection but also to quickly guide you through every part of the process until you get your property right.
Remax Luxury’s variety of properties in the Dominican Republic makes it the best resource for finding an affordable home that meets your needs. Visit the Remax Luxury portal today and explore thousands of properties in the Dominican Republic with just one click.
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