“Bono Primera Vivienda” in the Dominican Republic

Dominican First Home Buyer Exclusive

Are you a Dominican considering purchasing your first home in the Dominican Republic?

Bono Primera Vivienda, a government program, is tailored to assist both resident and non-resident Dominicans in acquiring their first home. The condition is to have stable, formal employment and to be purchasing your first house.

This bonus provides financial assistance of approximately 8% of the unit's value, in addition to saving 3% on property transfer tax. But how do you apply and request it?

Applications are made through the project's trustees and only apply to low-cost housing, i.e., those below an approximate value of $82,200.

For example, if you purchase a home valued at $70,000 under this scheme, you could receive a bonus of around $5,600, which you can use for the down payment or to reduce the total loan amount. Additionally, you would save 3% on transfer tax, amounting to approximately $2,100.

This means you receive a bonus on one hand and save on taxes on the other. Keep in mind that low-cost housing is not luxury property. This means the location isn't premium, nor are the amenities of the project. In most cases, it only includes the necessary features, and its profitability mostly comes through its appreciation and the savings from living in your own home instead of renting.

If you want to learn more about this incentive, consult with us!

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