Incorporating real estate property as a family asset
Any individual may incorporate, for their own benefit or that of their heirs at law or their spouse, an unseizable real estate property that will be called Family Property (“Bien de Familia” in Spanish).
Among the advantages of the real estate property incorporated as Family Property, registered as such, are: (i) The real estate property cannot be seized, even in case of bankruptcy or judicial liquidation; (ii) The acts to be drawn up are not subject to the payment of any tax and (iii) The real estate property is exempt from inheritance tax.
Through the representation of our lawyers, we carry out the process of Family Property request to the corresponding Court, together with the filing of documents which shall vary depending on the constituent in particular, such as: Birth, Marriage or Death certificates, Divorce decree and Title Certificate.
In depth legal knowledge and due verification is required to comply with pre filing requirements of the law, including newspaper publications, specific terms and conditions and corresponding deadlines.
Do you want more information about our services for real estate planning and Family Asset incorporation in Dominican Republic? Contact Us.
ABOUT THE AUTHOR: Maria Arthur Rodger is a Partner leading the Private Client, Successions and Tax areas at Arthur & Castillo Advisers and Consultants in the Dominican Republic. She specializes in private client, successions, tax, real estate valuation and advisory (Master in Tax and Finance Studies from Georgetown University in Washington, D.C. & Universitat Pompeu Fabra in Barcelona) with more than 20 years of experience. She is also a Certified Public Accountant (CPA), Certified Valuator, Business Bankruptcy Expert and English and Spanish Interpreter.
Email: marthur@aclaw.com
Disclaimer: This publication is not intended to provide advice or suggest a guaranteed outcome as individual situations will differ and the situation may have changed since publication. For specific advice on the information provided and related topics, please contact the author.
© Arthur & Castillo ®. All Rights Reserved.