Lawyer calls for protection of diaspora real estate investments
In New York, during the “Forum on the prevention of real estate scams”, held in the auditorium of the Juan Pablo Duarte school, in the Washington Heights sector of Manhattan, lawyer Robinson Cuello Shanlatte warned about the need to act with caution towards real estate proposals that exert pressure to make quick decisions or that are presented as “too good to be true”.
Cuello Shanlatte, general manager of the firm Cuello Shanlatte & Associates, emphasized the urgent need to establish guarantee mechanisms in real estate development projects, such as the implementation of performance bonds and the promotion of trusts as a structural legal model to ensure transparency and protection of investments.
The specialist called for strengthening the accountability regime for real estate agents who promote projects, demanding vetting processes and greater institutional control over these intermediaries.
According to the jurist and professor, these measures are essential to strengthen confidence in the market, reduce the risks of fraud, and protect investors, especially Dominicans residing abroad.
According to a press release, the forum concluded with a call to action directed at legislators, the judiciary, and regulatory bodies, urging them to prioritize the establishment of effective policies for the prevention, oversight, and punishment of those who threaten the security of the real estate sector. This aims to foster a transparent, responsible, and reliable investment environment for the Dominican diaspora.
Robinson Cuello Shanlatte. (EXTERNAL SOURCE)
The event was organized by the Ombudsman of the Dominican Republic, Pablo Ulloa, in coordination with the Dominican Consulate in New York. Participating institutions included the Ministry of Foreign Affairs (MIREX), the Ministry of Housing, Habitat and Buildings (MIVHED), and the Attorney General's Office (PGR).
Also present were entities such as the General Directorate of Internal Taxes (DGII), the Real Estate Registry, the National Institute for the Protection of Consumer Rights (Pro Consumidor), the Dominican Association of Housing Builders and Promoters (ACOPROVI), the Association of Multiple Banks of the Dominican Republic (ABA) and the Dominican Association of Trust Companies (ASOFIDOM), among others.
