Dominican Republic is one of the best places to visit and do business in the Caribbean. Its sunny weather, friendly business climate and perfect location on why this Caribbean country is an ideal place to move.

On our Dominican Republic Country Page, we have already covered how to set up a company, what an expat’s life looks like and some of their highly potential investment projects. Now we will tell you everything you need to know about a key issue: Bank accounts.

Bank accounts are a vital asset in modern life. It allows us to pay bills, take credits, process payments and many other things. If you want to move to Dominican Republic you will need a bank account based on DR pesos in order to simplify transactions. However, its possible to open accounts in US dollars and euros.

First of all, most Dominican banks allow foreign nationals to open a bank account in the country with their current passport or ID card and a letter of reference from their current bank. You don’t even need to be a permanent resident in the country.

Below, we will tell you everything you need to know to open a bank account in Dominican Republic as a foreigner.

Post scriptum: This service is no longer available. We invite you to check out other banking options in Panama or Nevis

Banking in Dominican Republic

Dominican Republic welcomes millions of tourists every year and is the main destination in Foreign Direct Investment in the Caribbean. The country is open to foreign cultures and investors and the Banking sector is not the exception. Foreign banks like the Canadian ScotiaBank, the American Citibank or the Venezuelan Banesco have operations and a wide network of branches in the country.

Commonly, most people use national banks such as Banreservas, Banco Popular or Banco León. Most banks operate between 9:00 a.m. and 5:00 p.m. local time and have modern internet banking services, which allow you to make transactions and payments on the bank’s platform. International transfers are available within 24 hours.

Local currency is Dominican Peso (RD$) and most current accounts are based on it. However, many banks offer the possibility to open savings accounts in US dollars (USD) and Euros (EUR). 

Each entity has its specific set of products and services for their target. However, most banks offer the possibility to open the following type of accounts:

- Personal Current account

- Personal Saving account 

- Corporate Current account

- Business accounts (Dollars and euros)

Many banks have lines of credit for business at a very favorable rate (on average 5-6% instead of the usual 9%)

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Set up a bank account in Dominican Republic

Creating a bank account in DR is a simple process that can be done in just a couple of days for individuals or a few weeks for companies. The process depends on each bank and if the customer is an individual in a company. Below we will give you in detail all the requirements for both cases:

Bank accounts for foreign individuals

Any foreign non-resident individual that wishes to create a bank account on the Dominican Republic, must present the following requirements in a local bank:

- Copy of the passport that includes the ID and entry and exit stamp.

- Copy of a certificate that states migratory status emitted by the Migration Department if the individual is a tourist, a student or a worker. Diplomats must present an ID emitted by the Ministry of Foreign Affairs.

- An additional identification document (could be a Driver’s license).

- Tax return on the applicant’s country of origin.

- Bank and commercial references, if needed.

- Depending if the applicant is a businessman, an independent or a non-independent worker, he or she documents that certifies his or her income.

You may also note that if the individual is a resident, he or she will need a copy of a certificate that states migratory status emitted by the Migration Department if the individual is a tourist, a student or a worker. If the individual is a resident and has been living more than six months abroad, he or she may need a tax return on the applicant's country of origin.

Independent workers in addition will need:

- Constituent documents for the company and certificate of registration

- Tax return on the applicant’s country of origin.

- Bank and commercial references from country of origin

All documents must be apostilled and have a certified translation if they were not written in Spanish or English. 

Bank accounts for foreign companies

Before opening an account, the company must be legalized in the Dominican Republic. That is, to go through a procedure similar to the opening of a company in the Dominican Republic, described in the Corporate Structures section.

At the same time, a certified translation of all constituent documents into Spanish is required, which costs an average of $ 25-30 per page.

It is much easier and cheaper to open a subsidiary in the Dominican Republic.

Therefore, if the issue of the presence of a company under the same name as in the home country is not urgent, the opening of a subsidiary company looks preferable. Also from the point of view of tax reporting in accordance with international standards.

After the company is legalized in Dominican Republic it must present the following requirements in a local bank:

- Copy of the Constitutive Act

- Copy of the Bylaws

Copy of the list of partners or shareholders

- Copy of the Certificate of Incorporation, issued by the equivalent office to the Dominican Ministry of Industries and Trade.

Document of the assignment of the equivalent numbering to the National Taxpayer Registry (RNC) in your country of origin.

- Confirmation on the DGII portal of the numbering of the National Taxpayer Registry (RNC).

Copy of the Commercial or Industrial License 6obtained from the Ministry of Industry and Trade, as a product of the registration of the company in our country.

- An organizational structure that states the role of the directors, Chief Officers and shareholders.

- A certificate that states the authorization to open an account in Dominican Republic, in accordance with the company bylaws. 

- Copy of the identity documents of the partners, the main shareholders, Directors and senior officers.

- If required, copies of financial statements.

All documents must have a certified translation if needed (not in Spanish or English) and be apostilled.

What can we do for you?

Dominican Republic is the main destination for Foreign Direct Investment in the Caribbean, a melting pot where Caribbean, American and European cultures merge to form a unique combination.

Whether you wish to move or expand your company operations to this Caribbean paradise, you will need the best experts in the field. Thanks to our long-term partnership with a prestigious trustee firm, in Mundo we have developed a wide network of experts, including in the Dominican Republic.

For this Caribbean paradise, our services include:

- Opening a bank account.

- Create a company

- Invest in Real Estate projects.

- Getting residence and citizenship

Our partners are a long standing consulting firm in DR. They can advise you in every step of the process of creating a bank account, setting up a company, investing in highly profitable investment projects and much more.

Set up your bank account in Dominican Republic with Mundo Expert. Contact us now!