The Confotur Law: What is it?
The Confotur Law is a government program in the Dominican Republic that promotes foreign investment in the country. It gives investors tax and customs exemptions when investing in certain sectors of the Dominican economy, such as tourism or agriculture.
Investors who qualify for the Confotur program can obtain exemption from income tax and property transfer tax (IPI) for up to 15 years. In addition, investors can receive import duty exemptions on equipment and construction materials needed to develop the project.
To qualify for the Confotur program, investors must fulfill certain requirements, such as investing at least USD 200,000 in the tourism sector or USD 100,000 in other economic sectors covered by the program. In addition, they must have a viable business plan and demonstrate the financial capacity to implement the project.
The Confotur Law has played a key role in attracting foreign investment in the Dominican Republic and has been particularly successful in the tourism sector. The tax and customs incentives provided by the program have allowed the development of new tourism projects and contributed to the expansion of the sector as a whole.
Confotur Law for You
If you buy an apartment in a new project that has Confotur, you can take advantage of the benefits provided by this program.
In particular, you can get an income tax exemption for up to 15 years, which can be beneficial for you if you plan to rent out the apartment or use it as an investment property.
In addition, you can get an exemption from property transfer tax (IPI) for up to 15 years. This can also be beneficial to you because IPI is a property transfer tax and can be a significant part of the value when you buy a property.
Moreover, apartments in projects with Confotur may be more attractive to investors and buyers, as it means that the project meets the criteria of the program and may have a high potential for development and profitability.
In general, buying an apartment in a new project with Confotur can provide you with a number of benefits and allow you to save on taxes and import duties. However, before you buy a property, you should thoroughly research the Confotur program and make sure that the project meets all the necessary requirements.