BEACH RESORT AND CASINO Undeveloped Parcel

 

Area: 490,884.12 m2

Price per m2: US$81.49/m2

Parcel Price: US$40,000,000

 

THE PROPERTY

 

The property could be subject to a subdivision into eight (8) parcels, a Beach Club, and a Casino area with a memorable entrance on the busy North Coast Highway.

 

Areas of existing relevant vegetation will be protected, including a small Forest and a Lagoon to develop a Japanese Garden with different Koi ponds, bridges, and waterfalls.

 

ZONING REGULATIONS

 

(Decree 847-09)

The Tourist Land Management Plan (POTT) of the Municipal District of Cabarete, prepared by the Secretary of State for Tourism, set a territorial categorization. The Beach Resort and Casino Cabarete Development is part of the Environmental Unit No. 5 (New Centrality). BRC will be one of the few properties allowed in the Cabarete area to have a maximum density of 150 rooms per hectare, with occupancy of 60% of the total area.

 

Starting at 130 lineal meters, located from the original high tide line, a maximum height is set of up to 5 levels recessed, as provided in the regulations governing equivalent to 17.50 lineal meters in height.

 

PERMITS

 

Obtaining a Casino license in the Dominican Republic is much easier than in other countries. Its legislators have created a prolific climate for business, and the taxation system seems ideal.

 

The state does its best to provide international operators with a comfortable business environment.

 

In conjunction with the gambling permit for the Beach Resort and Casino, the developer could apply for an online Casino permit and establish sports betting sites in different cities and towns throughout the island.

 

For these reasons, operators are interested in the Dominican Republic's online gambling license.

 

READY FOR DEVELOPMENT

 

Beach Resort and Casino Cabarete Development encourage designers to incorporate a “green architecture” philosophy.

 

Architectural themes will respect and build upon the natural environment to minimize any disturbances in the existing ecological systems and the unique vegetation of this splendid project site.

 

TOURIST PROJECTS AND TAX INCENTIVES: LAW 158-01

 

Law 158-01 provides tax incentives for tourism development within the territory of the Dominican Republic. Said law was enacted in the year 2001 and amended on several occasions. Its purpose is to promote the investment of Hotel facilities, resorts, and/or hotel complexes; among many other investments.

 

EXEMPTION PERIOD

 

About the tax exemption period, the law states that such a period will be 15 years as and from the date construction work and equipment of the Tourism Project is finished. In addition, a period of no longer than 3 years will be granted to initiate the approved project sustainably and uninterruptedly.

 

TAX BENEFITS

 

According to Article 4 of Incentive Law 158-01, the following tax exemptions are contemplated for tourism projects in the Dominican Republic:

 

Exemption of a hundred percent (100%) in the payment of the following taxes:

 

a) Income tax

 

b) National and regional taxes for the incorporation of companies, on increase in capital of companies already incorporated, national and regional taxes for the transfer of property rights, on sales, exchanges, contributions in kind, and any other form of transfer of property rights; property tax; duties and contributions regarding architectonic plans, studies, consultations, and supervision, construction of the works to be carried out in the tourism project, the latter applying to the contractors in charge of carrying out the tasks.

 

c) Import taxes and others such as rates, duties, and surcharges, including Transfer Tax on Industrialized Goods and Services (ITBIS or VAT) that may apply to the machinery, equipment, materials, and goods necessary for the construction and for the initial equipping and operation of the tourism installation.

 

Additionally:

 

- Corporations benefiting from the incentives shall not pay any tax, withholding, or duties on national and/or international financing or loans.

 

- At the moment of installation, the machinery and equipment necessary to reach a high standard in quality are completely exempt from tax.

 

- The exemptions established by this law shall be granted to persons or entities that invest directly, once or more, with the promoters or developers in any of the activities in the tourist destinations.

 

CLASSIFICATION TO THE TAX EXEMPTION.

 

To benefit from the tax exemptions, a company should comply with all requirements established by law. CONFOTUR "Consejo de Fomento Turístico" is the institution in charge of evaluating and approving the projects.

 

 

HOME