Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)CivilCivilCivilA.1.1
    Are there specific laws that deal with mortgages? YesYesYes
    Research
    		A.1.2
    Registration/Transfer of titles:A.1.3
    Typical number of days needed for the transfer of title454545
    WDI
    		A.1.3.4
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    B.2 Subsidies to Households
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) Yes  
    Research: Global Property Guide
    		C.1.1
    Property transaction taxes (purchase/selling)Yes  
    Global Property Guide
    		C.1.2
    Tax on capital gains on property Yes  
    Global Property Guide
    		C.1.5
    OtherYes  
    Global Property Guide
    		C.1.6
    Are there tax benefits on rental properties?Yes  
    Global Property Guide
    		C.2
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    Notes: (2010 = 100)
    Notes: Capital gains arising from the sale or transfer of property are subject to a flat rate tax of 27%. The taxable gain is calculated by deducting the acquisition cost as adjusted for inflation from the gross selling price or market value
    Notes: Income generating expenses are deductible when computing for taxable rental income
    Notes: Property tax is levied annually at a rate of 1% on the property's cadastral value exceeding DOP 6,500,000 (USD 142,857)
    Notes: Rental income is subject to taxation at a rate of 10% to residents and 27% for nonresidents
    Notes: Represents mortgage loans made by BNVF, a government organization
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The institutions requesting a credit report from a credit bureau simply needs to obtain an authorization from the subject
    Notes: The Transfer Tax is levied at 3%
    Notes: This is the percentage in urban areas, when rural areas are included the percentage rises to 59.3%
    Notes: This remains a minor portion as mortgage bonds were only authorized in a recent law passed in 2011
    Notes: This remains a minor portion as securitization of mortgages was only authorized in a recent law passed in 2011