Dominica Improves Laws for Foreign Investment in Real Estate

The Government of the Commonwealth of Dominica continues in its relentless effort to make the island more attractive to foreign investors, as demonstrated by the passing of the Alien Land Holding Regulation Amendment Act of 2015. The Act modifies the existing law on the purchase of real estate by foreign investors to allow them to pay a flat transfer of land fee of USD$ 6,000 instead of a fee based on 10% of the total cost of the real estate.

The Honourable Dr John Collin McIntyre, Minister for Planning, Economic Development, and Investment for the Commonwealth of Dominica stated that the Act has changed Dominica’s real estate investment environment from one that was “prohibitive to […] investors,” to one that is “more favourable to investors.”

Minister McIntyre also lauded the Act’s ability to “protect against speculators.” Indeed, in order to benefit from the Act, the real estate development must be approved by Cabinet and by the Planning Division. Moreover, investors will be given specific timeframes in which to complete their development, and will need to pay additional fees should they exceed those timeframes. Finally, property that is not developed may also be reclaimed by the Government.

READ MORE Среда Декабрь 9th, 2015