Nigeria Abroad
N
igerian real estate consultancy firm, Overland Properties Limited, has announced plans to provide investment and residency options for Nigerians eyeing the Dominican Republic for relocation.
At a meeting with stakeholders in Lagos, Managing Director of Overland Properties, Adebiyi Modile, said the firm had been in operations for almost 20 years with special focus on speculative transactions involving the sale of distressed properties.
Modile explained that the firm had entered into partnership with a Dominican firm, Punta Cana DC, to provide real estate and residency options for Nigerians looking to settle in the Dominican Republic.
Modile said they have been in talks with Punta Cana for over three years now and they have done their due diligence to ascertain the type of company they are and their values.
This is why they have had them come in to have this talk regarding real estate investment and citizenship for Nigerians.
The advantages are enormous. Besides the opportunity to have dual citizenship that grants you access to over 80 countries, there is good return on investments. For example, a 4-bedroom duplex in Lekki can cost you about N250m with returns on investment for rental at less than $10,000 annually.
With that N250m you can buy almost 5 properties in Punta Cana with each property providing returns of more than $10,000 annually after tax deductions.
On his part, Dominican realtor and tour guide, Liemier Laba, disclosed that the Dominican government was welcoming Nigerians as well as other foreigners with open arms. He said that the country had lots of incentives on the ground to appeal to Nigerians.
According to Laba, The Dominican Republic has the fastest growing economy in Latin America and a one per cent annual property’s tax which is among the lowest in the world.
Add to that, the government also provides a 15-year tax-free rebate for certain investments and ranks well on ease of doing business.
This is in addition to mortgages provided by banks at low rates for foreigners, repayable within 10-20 years.
An associate of Overland Properties, Mr. Funis Isaac, said that although the Dominican embassy had no presence in Nigeria, plans were in place to resolve that, assuring that they were already in talks with the foreign ministry.
He added that it would be much easier for Nigerians with American or European passports to secure residency.
Culled with edits from Punch newspaper.
This story first appeared in Nigeria Abroad
