Tourism in the Dominican Republic is changing rapidly. There is a move towards more up market, residential style accommodation over the traditional all inclusive hotels. This is leading to rapid investment in the area as more people realise the potential of this beautiful country in comparison to other more established Caribbean destinations
The Caribbean Tourism Organisation’s annual report states that 25% of Europeans travelling to the Caribbean cite the Dominican Republic as their preferred vacation destination. This is no doubt influenced by the variety of microclimates, mountains, beaches, cultural and historical wealth as well as a range of alternative features offered by this Caribbean Island. Many improvements to the country’s infrastructure are linked directly to the pursuit of tourist income, with new highways being built, existing roads widened and paved, as well as historic areas being renovated.
The Dominican Republic has seven international airports, more than any other Caribbean Island, making travel easier than other similar locations. The Government is currently spending $20,000,000 on an international marketing campaign to attract tourists from around the world. The Government is currently spending $20,000,000 on an international marketing campaign to attract tourists from around the world High interest bearing US$ accounts and US$ based investments are both available and tax free. The banking system is highly regulated and security is deemed good.
There are no restrictions on foreigners purchasing property in the Dominican Republic.
There are no restrictions on foreigners inheriting title to property
Punta Cana / Bavaro has rapidly become the fastest growing tourist area within the Dominican Republic. Punta Cana International airport receives 47% of all foreign tourists, with local resorts enjoying occupancy levels in excess of 86%. For those in the know, the Dominican Republic truly is the last great investment opportunity in the Caribbean. Property in the Dominican Republic is still very competitively priced compared to many Caribbean islands which have priced themselves out of the market. Recognised real estate agents say existing properties in the Dominican Republic are a quarter of the price of those on more ‘blue-chip’ Caribbean islands (Bahamas, Bermuda, Barbados, Cayman Islands, Virgin Islands, Turks & Caicos).