Scotiabank

The Bank of Nova Scotia (in French, Banque de Nouvelle-Écosse, and commonly Scotiabank in English and Banque Scotia in French) is the third largest bank in Canada by deposits and market capitalization. The bank was founded in 1832 in Halifax, Nova Scotia, and its primary corporate offices are located in Toronto, Ontario The company ranks at number 120 on the Forbes Global 2000 listing. 

Scotiabank is proud to be the only Canadian bank serving the Dominican Republic. Through 54 branch locations across the country, we offer a broad range of retail and commercial services, including electronic cash management.

Scotiabank established branches in Santo Domingo, Dominican Republic in 1920, and we continue to offer the benefit of our international banking expertise to local and non-resident customers.

If you’re dreaming of buying a vacation home here, take advantage of our extensive experience, regional knowledge and network of local professional contacts. We can help you through the process, so you feel comfortable and assured that you’re making informed decisions.

Scotiabank is at home in the Dominican Republic, where you’ll discover modern sophistication, old world charm and a colorful fusion of Spanish, French, Haitian and African influences. Experience the wonders of land and sea with endless outdoor activities and adventures. Commune with nature, hiking and bird watching at one of the many picturesque national parks, or relax on sun-drenched, palm-studded beaches. And when the sun sets, the world-class casinos and exciting jazz clubs will entice you to join in the island’s unique and vibrant culture.

Scotiabank is part of the community and culture of the Dominican Republic.

KEY CHARACTERISTICS FOR RESIDENTIAL MORTGAGES (FINISHED PROPERTIES) AND CONSTRUCTION FINANCING

– 8% Interest Rate for residences (subject to review at the time of disbursement). 9% Interest rate for construction.
– Competitive legal expenses. We only charge the legal expenses of the operation, such as Mortgage Registration Tax and Property Transfer Tax. Scotiabank charges no closing fees.
– For loans from US$0.00 to US$1,500,000, we finance up to 70% for up to 25 years.
– For loans from US$1,500,001 to US$2,500,000, we finance up to 65% for up to 20 years.
– Personalized services
– Fast and efficient disbursement.
– Financing of one property per customer.
– Title deeds must be transfer in the personal name of customer

KEY CHARACTERISTICS FOR LAND LOTS FINANCING
– 9% Interest Rate
– 50% financing
– Maximum amount US$750,000
– Maximum term 15 years

Requirements for USD mortgage loans are the following:

APPLICANT
– Copy of passport and identification document
– Last two income tax statements
– Authorization to issue a Credit Bureau Report from the customer’s country of residence
– Income letter, if an employee
– Letter of reference of your 2 primary banks at your country of residence
– Evidence of assets in your country of residence
– Assignment of insurance policy (to be issued in DR with Scotia Corredores de Seguros)
– Appraisal of the property by a bank authorized appraiser to be made in DR

However, there may be cases where, due to the nature of the customer and their credit profile, we would need to request additional documents

Scotiabank can modify the product features described in this letter according to market conditions.

About the account, Scotiabank requires,

– Copy of Passport and other identification ID, like drivers license, social security card or social insurance card.
– Two reference letters addressed to Scotiabank; One from a bank you’ve had a business relationship for the last two years; and one from a professional colleague (or two from banks that you’ve had business relationship)
– Because of your status as a foreigner in the Dominican Republic in order for us to process an amount above USD$10,000.00, its origin is needed for processing purposes and to abide by the local laws. Please provide us with bank references as well as proof of the origin of the cash.
– For Canadian residents, due to a Canadian Government disposition, only checking account are available.

 

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