Did you know that there is a tax benefit for Dominicans who buy a property for the first time? By the decree 389-15, in December 2016 The President of the Republic declared that year as: The year of housing development” complying with Article 59 of the Dominican Constitution on the right to housing and the duty of the State to make it effective.

Given this, a bond delivery plan was implemented to benefit citizens so they can purchase low-cost housing.

But what is the low-cost housing bond? It is a compensation or bonus of the tax on transfer of Industrial Goods and Services (ITBIS) paid in the process of construction of low-cost housing projects developed under the figure of the trust. This compensation will serve as part of the initial in the purchase of the first home or for the capital of the mortgage loan in case of having completed the initial payment.

To fulfill the conditions to benefit from this bonus, there are certain rules:

1. The residential project where the house is being acquired must be qualified by the National Housing Institute (INVI) in the category of "Low-cost housing" and be registered with the General Directorate of Internal Taxes (DGII)

2. You must be an acquirer of a first and only home. In the case of married buyers under the community property regime, both spouses must comply with this requirement.

3. Identify the unit number and the housing project.

4. The home must be used or inhabited by the acquirer, ascendants, descendants and / or collaterals, all up to a first degree. Rent or transfer is forbidden for a minimum period of 5 years. Otherwise, the acquirer is obliged to return the amount of the bonus granted.

And remember that in https://indominicana.com/ you will find a large catalog of available properties so you can make that purchase of your first home. And most importantly, let a professional real estate agent help you in the process.