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For example, in February 2021, the new IP Unit partnered with ONAPI and ONDA to launch an IP training academy for prosecutors and judges to improve the countrys judicial capacity. 12-21, passed in February 2021, modified and extended incentives for direct investments in manufacturing projects in the Zones for a period of 30 years. Registering property in the Dominican Republic requires 6 steps, an average of 33 days, and payment of 3.4 percent of the land value as a registration fee. This page provides - Dominican Republic Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The law establishes a system of labor courts for dealing with disputes. Most of the securities traded in the BVRD are fixed-income securities issued by the Dominican State. In the same year, the World Banks Doing Business report ranked the Dominican Republic 133 out of 190 economies with respect to enforcing contracts, 124 out of 190 for resolving insolvency, and 74 out of 190 regarding registering property. Over the past 25 years, the DOMINICAN REPUBLIC (DR) has experienced a remarkable period of robust economic growth. According to UNCTAD 2021 World Investment Report, FDI inflows decreased by 15% to USD 2.6 billion in 2020 (compared to USD 3 billion in 2019), due to the economic and health . Still, illicit and counterfeit goods, as well as online and signal piracy, are common and continue to present challenges for authorities. Senior management and boards of directors of foreign companies are exempt from this regulation. The law requires that at least 80 percent of non-management workers of a company be Dominican nationals. A world full of fun, adventure, and profit awaits! Affected parties cannot request reconsideration or appeal of adopted regulations. Businesses NOW This is not a loan. Sectors where incentives exist include agriculture, construction, energy, film production, manufacturing, and tourism. The Dominican Republic has a legal framework that includes laws and regulations to combat corruption and provides criminal penalties for corruption by officials. Nevertheless, there are many outstanding disputes between U.S. investors and the Dominican government concerning unpaid government contracts or expropriated property and businesses. U.S. investors complain that the judicial process is slow and that domestic claimants with political connections have an advantage. Dominican Republic The Dominican Republic is a popular tourist destination, and investment in real estate in tourist areas can provide an attractive long-term return. US Small Business Administration Home Investments: Panama Real Estate Investments Opportunities Panama Investment in Mango Farmland Panama Investment in Greenhouses Panama Pineapple Farm Investment Latin American Real Estate Investments 2021 Investment Climate Statements: Dominican Republic, An official website of the United States Government, https://unctad.org/en/pages/PublicationArchive.aspx?publicationid=6343, https://www.wto.org/english/tratop_e/tpr_e/s319_e.pdf, https://unctad.org/en/PublicationsLibrary/diaepcb2016d2_en.pdf, https://www.camaradecuentas.gob.do/index.php/auditorias-publicadas. This country is famous for its beaches and it's North Coast area is one of the best places in the world for windsurfing and kiteboarding. Ambassador Robin Bernstein presented Minister of Finance Donald Guerrero Ortiz an accord signed by the United States and Dominican governments to facilitate investment by U.S. companies in the Dominican Republic via the U.S. government's development financial institution, Overseas Private Investment Corporation (OPIC). In February and March of 2020, there were multiple, mostly peaceful protests throughout the country over the Dominican electoral authoritys decision to suspend national municipal elections after widespread failure of its electronic voting system. Since 2003, the U.S. Trade Representative (USTR) has designated the Dominican Republic as a Special 301 Watch List country for serious IPR deficiencies. In March 2019, a specialized bankruptcy court was established in Santo Domingo. In the Dominican Republic, illicit or counterfeit goods include the full gamut of fashion apparel and accessories, electronics, pharmaceuticals, cosmetics, cigarettes, and alcohol. the flow of overseas visitors is neverending making it a great opportunity to generate a significant return on investment via the . 16-95 states that unlimited foreign investment is permitted in all sectors, with a few exceptions for hazardous materials or materials linked to national security. Many claims remain unresolved for years. FDI covers about 50% of the country's current deficit. Neither World Bank nor Dominican sources break down FDI from the Dominican Republic to individual destination countries. Global AIDS Coordinator and Global Health Diplomacy, Office of the U.S. Special Presidential Coordinator for the Partnership for Global Infrastructure and Investment, Special Presidential Envoy for Hostage Affairs, Special Representative for Syria Engagement, U.S. Security Coordinator for Israel and the Palestinian Authority, Office of the U.S. Please visit the export.gov page on the Dominican Republic for an overview of economic conditions and opportunities in the region. Protection of Property Rights 6. Audits should be published at https://www.camaradecuentas.gob.do/index.php/auditorias-publicadas, but audits from the SOEs could not be found. The Dominican government does not currently have a practice of jointly financing foreign direct investment projects. Law No. The World Bank Global Indicators of Regulatory Governance report states that Dominican ministries and regulatory agencies do not publish lists of anticipated regulatory changes or proposals intended for adoption within a specific timeframe. Industrial Policies 5. Business Visas 0 reflects amounts rounded to +/- USD 500,000. Embassy of the United States of America There are several reasons for investing in the Dominican Republic, here are three main ones. Bilateral Investment and Taxation Treaties 3. Private sector contacts note, however, that strong public pressure is required for ProCompetencia to act. There are also cases of regulatory action that investors say could be viewed as indirect expropriation. Start a tourism business to invest in the Dominican Republic a boutique hotel, a tour business, or dive shop may qualify and, under Law 158-01, youll receive tax breaks for the next 10 years on income taxes, VAT, real estate transfers, property tax, import duties, and more. 479-08, the Commercial Societies Law; Law No. In short, foreign investors can freely hold equity in local businesses and joint ventures, as well as buy real estate in their names. The country, however, is not listed in USTRs Review of Notorious Markets for Counterfeiting and Piracy. According to Article 69 of the Constitution, all persons, including foreigners, have the right to appear in court. Direct Line for American Business Privatization of electricity distribution is part of a major reform planned for the electricity sector and outlined in the National Pact for Energy Reform signed February 2021. In August 2020, President Luis Abinader became the 54th President of the Dominican Republic, presiding over the first change in power in 16 years. Many U.S. firms and investors have expressed concerns that corruption in the government, including in the judiciary, continues to constrain successful investment in the Dominican Republic. Published Jun 13, 2023. Tourism is a particularly attractive area for investment and one the government encourages strongly. The countrys relatively shallow financial markets can be attributed to a number of factors, including high fiscal deficits crowding out private investment; complicated and lengthy regulatory procedures for issuing securities in primary markets; and high levels of consolidation in the banking sector. There have been three U.S. investor-state dispute cases filed against the Dominican Republic under CAFTA-DR. One case was settled; in the other two, an arbitration panel found in favor of the government. State-Owned Enterprises (SOEs) in general do not have a significant presence in the economy, with most functions performed by privately-held firms. The process is often long, with cases pending for several years. There are very few publicly traded companies on the exchange, as credit from financial institutions is widely available and many of the large Dominican companies are family-owned enterprises. The country joined the Extractive Industries Transparency Initiative (EITI) as a candidate in 2016. 10 reasons why invest in real estate in Dominican Republic September 5, 2021 1:51 pm Table of Contents 1. Why Invest in Real Estate in The Dominican Republic Is the Right Thing to Do. Taking office with bold promises to rein in corruption, the government quickly arrested a slew of high-level officials from the previous administration implicated in corruptionpeople who under prior governments would have been considered untouchable. Once CONFOTOUR approves an application, the investor must start and continue work in the authorized project within a three-year period to avoid losing incentives. 16-95 is the opening up . The Dominican Republic continues to be the first destination country for foreign direct investment (FDI) in the Caribbean, since in 2019 it captured 47% of the investments made in the region, according to the most recent report "Foreign Direct Investment in Latin America and the Caribbean" published last December by the Economic Commission for Latin America and the Caribbean (ECLAC). Office of the Special Envoy for Critical and Emerging Technology, Office of the U.S. When factoring in discouraged workers and others who were not actively seeking employment, however, the unemployment rate increased from 9.9 percent to 15.0 percent. While For the last four years, we've been touting the Dominican Republic as a place where investors can find quality overseas "I've had enough of your Caribbean vacations for this year!" The main productive sectors receiving investment include services, apparel and textiles, tobacco and derivatives, agro-industrial products, and medical and pharmaceutical products. Subsequent Dominican laws are not of French origin. In January 2019, the Dominican government and the DFC clarified the process for obtaining this approval in a bilateral letter. In order to set up a business in a free trade zone, a formal request must be made to the CNZFE, the entity responsible for issuing the operating licenses needed to be a free zone company or operator. Some of these codes have since been amended and parts have been replaced, including the total derogation of the Code of Criminal Procedure in 2002. With its central location in the Americas, a fast-developing infrastructure, and a generous package of tax incentives, the Dominican Republic is one of the best places in the Caribbean region to do business. According to the Latin American Public Opinion Project, there is a steady increase in crime-related victimization and a growing perception of insecurity in the Dominican Republic since 2010. The government does not have an official position or policy on responsible business conduct, including corporate social responsibility (CSR). Law No. . The main laws governing commercial disputes are the Commercial Code; Law No. Arroyo Hondo, Santo Domingo, D.N. These institutions are in the process of implementing electronic filing systems to streamline procedures, however. Decree No. CDEEE is the largest SOE in terms of government expenditures. For existing projects, hotels and resort-related investments that are five years or older are granted complete exemption from taxes and duties related to the acquisition of the equipment, materials and furnishings needed to renovate their premises. Email: info@pciudadana.org. Historically, the tourism, real estate, telecommunications, free trade zones, mining, and financing sectors are the largest FDI recipients. The Dominican Republic has tax agreements in force with Canada and Spain to avoid double taxation and prevent tax evasion. Foreign Investment Law No. Centro de los Heroes, Santo Domingo, Repblica Dominicana Among the projects and businesses that qualify for these tax exemptions are hotels and resorts, facilities for conventions and festivals, amusement parks, ecological and theme parks, restaurants, golf courses, and projects relating to tourism infrastructure. The most recent reviews occurred in 2015. CNZFE delineates policies for the promotion and development of Free Zones, as well as approving applications for operating licenses, with discretionary authority to extend the time limits on these incentives. However, the government participates in the generation phase, too (most notably in hydroelectric power) and one of the distribution companies is partially privatized. And, if you have a business to transplant or are looking to set up your own business in a tax-friendly, benefit-laden location, you owe it to yourself to investigate the opportunities here especially if your work falls under any of the following categories: telecommunications, infrastructure, renewable energy, agribusiness, call centers, software development, manufacturing, or tourism. Law No. 16-95 on Foreign Investment in the Dominican Republic was promulgated on November 20, 1995. Oceanfront residential properties list for between US$1,700 and US$2,500 per square meter. Observers credit the agreement with increasing competition, strengthening rule of law, and expanding access to quality products in the Dominican Republic. Law 158-01 on Tourism Incentives grants wide-ranging tax exemptions, for fifteen years, to qualifying new projects by local or international investors in that sector. It began operations in 1991 and is viewed as a cornerstone of the countrys integration into the global economy and domestic development. Foreign direct investment (FDI) plays an important role for the Dominican economy, and the Dominican Republic is one of the main recipients of FDI in the Caribbean and Central America. Start a tourism business to invest in the Dominican Republic a boutique hotel, a tour business, or dive shop may qualify and, under Law 158-01, you'll receive tax breaks for the next 10 years on income taxes, VAT, real estate transfers, property tax, import duties, and more. In 2001, the Dominican Republic became a contracting state to the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention). The Dominican Republic's economic growth is expected to slow down from 4.9 percent to 4.4 percent in 2023 due to tighter financial conditions, continued fiscal consolidation, and the global economic slowdown. The required documents include the application for registration, containing information on the invested capital and the area of the investment; proof of entry into the country of the foreign capital or physical or tangible goods; and documents of commercial incorporation or the authorization of operation of a branch office through the setting up of legal domicile in the country. There are no known organized domestic terrorist groups in the Dominican Republic. House prices are growing as well, but not as quickly. In 2020, unemployment increased from 5.9 percent to 7.4 percent over the course of the year due to pandemic-induced challenges. Investment incentives exist in various sectors of the economy, which are available to all investors, foreign and domestic. A one-stop office within the Center assists foreign investors in streamlining government permit applications related to free zones, tourism, renewable energy, and the film industry, among others. At least one firm said it intended to back out of a competition for a public concession as a result of a solicitation from government officials. When consolidated with central government debt, the debt-to-GDP ratio is over 60 percent, and the debt service ratio is over 30 percent. Fax: (809) 686-8079 Weak land tenure laws and government expropriations without due compensation continue to be a problem. Legal Regime 4. Under this law, companies must obtain express written consent from individuals to transmit personal data unless an exception applies. The Dominican Republic has entered into 11 bilateral investment treaties that are in force, most of which contain dispute resolution provisions that submit the parties to arbitration. State-Owned Enterprises 8. Office of U.S. Trade Representative. 3-02, concerning Business Registration; Commercial Arbitration Law No. Foreign Investment Law No. Foreign investment registration is compulsory, but failure to do so is not subject to any sanction. Existing hotels and resort-related investments five years or older are exempt from 100% the taxes and duties related to the acquisition of equipment, materials and furnishings needed to renovate those premises. During the event, the achievements of the institution over the years in service to the country were presented. The Title Registry Office maintains the system for recording titles, as well as a complementary registry of third-party rights, such as mortgages, liens, easements, and encumbrances. Foreign arbitral awards are enforceable in the Dominican Republic in accordance with Law 489-09 and applicable treaties, including the New York Convention. Plans are also being discussed for dissolving the CDEEE. The most important achievement made by the Law No. Investment properties in Dominican Republic - Puerto Plata is buoyant Average apartment prices in Puerto Plata have increased by a whopping 23%, according to the latest Global Property Guide survey. U.S. Potential investors: Getting Started. A party to a transaction seeking to know whether a proposed course of conduct would violate the FCPA can take advantage of the opinion procedure established by the statue. Their website has the most up to date information on their initiatives and mandates (https://dgapp.gob.do/en/home/). They have complained of difficulties in the subsequent enforcement even in cases in which the Dominican courts, including the Supreme Court, have ordered compensation or when the government has recognized a claim. As of 2021, the Dominican Republic has a population of 11 million, making it the 84th largest country in the world by this measure. Dominican Republics financial sector is relatively stable, and the IMF declared the financial system largely satisfactory during 2019 Article IV consultations, citing a strengthened banking system as a driver of solid economic performance over the past decade. The Dominican Republic, an upper middle-income country, contracted by 6.7 percent in 2020 and concluded the year with a 7.7 percent deficit thanks to the pandemic. No information for the Dominican Republic is available on the IMFs Coordinated Direct Investment Survey (CDIS) website. Exemptions and waivers are available and regularly granted. Phone: 809 685 6200 The Dominican Republic, not to be confused with the Caribbean island Commonwealth of Dominica, offers an extremely affordable resident by investment program which can quickly lead to a second passport in under a year. International Commercial Arbitration and Foreign Courts. According to the latest available information (January 2021), total bank assets were $40.8 billion. Central Bank of Dominican Republic Current Rate: 3.00%: Chairman . The legal framework supports foreign investment. Several large U.S. firms cite the improper and disruptive use of lower court injunctions as a way for local distributors to obtain more beneficial settlements at the end of contract periods.

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