North Shore Dominican Republic... This is where it is happening...
Dolphin Capital Investors, the residential resort investor, has bought a 2,000 acre site in the Dominican Republic.
Dolphin, which has previously only invested in the eastern Mediterranean, has joined with Aman Resorts to pay €38.8m (£29m) for the land.
The joint venture is now going to develop a 200-room five-star golf hotel, 40 villas, a 40-room hotel, and 350 cliff, golf and sea front residential units.
The development, 80km from the Puerto Plata airport on the north of the island, also features a golf course and 9km of beach.
Substantial value for shareholders...
'We believe that this project will benefit from the supply-demand imbalance for premium branded residential resorts in the region and should create substantial value for our shareholders,’ said Miltos Kambourides, managing partner of Dolphin.
Dolphin has a 70% stake in the scheme with Aman holding 25% and other private investors holding 5%.
The joint venture is currently committing €16m (£12m) of equity capital to buy the project and an additional €15.7m (£11.7m)to fund the design, early stages of development and operation.
DR becomes retiree paradise
With the approval and publication of Law 171-07 on Foreign Retirees, the Dominican Republic has become a paradise for people planning to retire to an idyllic setting. Fast-tracked residency paperwork (45 days), duty-free household goods, reductions on motor vehicle taxes, exemption on transfer taxes for the first purchase of real estate, 50% reduction on taxes on mortgages, 50% reduction on the annual property tax, exemption on taxes on dividends and interest, 50% reduction on capital gains are just some of the attractions. Developers are very happy with the new law. Just ask Jose Luis Asilis, the president of the Metro Group, who pointed out the need to publicize the news overseas. Asilis told a meeting organized by Listin Diario that Europeans can "live like kings on a fraction of what they receive in pensions."
The minimum monthly income required is US$1,500 US for retirees with a government or private pension and US$2,000 in verified income from all others.
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