Unlocking Investment Potential:
A Comprehensive Guide to Confotur Benefits in Punta Cana, Sosua, and Cabarete, Dominican Republic
The Confotur Law gives tax exemptions to owners of specific properties. These tax exemptions can save you thousands of dollars!
Fast-Track Guide: Essential Confotur Insights for Quick and Smart Property Investment
Confotur is the name of the Dominican law that grants tax exemptions to owners of specific properties.
Only certain properties are covered by Confotur. A builder or developer has to apply to the government to be granted Confotur.
Why buy a house in a development that "has Confotur"?
Simple: you can save thousands of dollars.
Why? Because Confotur means you don't have Confotur. Confotur means you don't have to pay certain taxes.
Some key details:
Which taxes are you exempt from paying?
Transfer tax: 3% of the value of the property, due when transferring ownership.
Purchase a property with Confotur and you’re exempt from both of these!
And if you buy or build a resort, hotel or hotel complex, you get an exemption from:
Import taxes: On machinery, materials,, and equipment to improve these types of projects, as long as they have a minimum of 5 years (verifiable) since construction.
What if I buy or own more than one property?
If a project is covered by the Confotur law, it’s excluded when calculating the value of all real estate assets owned. If you own other projects and their combined value exceeds the threshold amount (approximately US$150,000), you pay 1% of the amount above this threshold.
What property developments will have Confotur?
The Dominican government created the Confotur law to boost development in existing tourist areas and areas with potential to become tourist hotspots.
Essentially, the law incentivizes activities that contribute to the tourism industry and encourage real estate development in underdeveloped areas.
It’s important to note that not all development in these regions automatically has Confotur. As mentioned earlier, owners, builders and developers have to apply and be granted Confotur.
What property developments will have Confotur?
Having only a little time shouldn’t hold you back from making a big impact! Understanding Confotur can bring substantial financial benefits to your investment. So, why wait?
Get ahead in the game by investing in Confotur-approved properties. With tax exemptions on transfer and annual IPI taxes, you can save thousands of dollars while enjoying your dream property in the Dominican Republic.
However, these benefits aren’t automatic – they are available only on certain properties. Make sure you’re making the right move.
As for properties with tourism potential, such as resorts or hotels, Confotur offers even more – exemption from import taxes on machinery, materials, and equipment meant to enhance the property.
If you own multiple properties, the value of the Confotur project is excluded when calculating the total real estate assets. And remember, the Confotur tax exemption lasts for 15 years from the date the construction work is completed.
But remember – not all properties in these regions automatically have Confotur. Developers need to apply for it and receive approval.
Confotur is a golden opportunity to boost your investment portfolio while contributing to the development of tourist hotspots in the Dominican Republic. So why wait?
Are you ready to leverage the Confotur advantage? Get in touch with MoveDominican right now! We can guide you to the best Confotur-approved properties that fit your investment criteria, ensuring you benefit from these significant tax exemptions.
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