Dominican Republic Banks
Citibank Scotia Bank Banco de Reservas Intercontinental Bank Osaka Bank Banco Popular BHD Bancredito Banco Mercantil
 
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The Dominican Republic
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Banking and investments in the Dominican Republic:
Some of the larger banks include Banco de Reservas Banco Popular Banco InterContinental
Ban Credito BHD Banco Mercantil Banco Del Exterior Citibank Scotia Bank

 
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The Original Dominican Republic CookBook is Here!
Finally ~ A collection of all your Favorite Recipes
The First Easy to Use Dominican cookbook !
 
 
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ORDER THE New DOMINICAN REPUBLIC REPORT ! 
Dominican Republic Real Estate & Apartments
Tax Free Banking & Investments - Where to Find the High Returns!
Company Incorporations & Residency
Cost of Living Information Plus Much More.......
 
 
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INDEX
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Banking and Investing in 
The Dominican Republic
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You are currently in the general reference section.     To see the complete list of other topics and information  ~ use this link 
 

Geography, Size    
Climate and Location Where is the Dominican  
Republic ~ How many  
People live there ~  
What is the country like?  
  

Money & Currency 
About the Dominican 
Peso & The Central 
Bank of the Dominican 
Republic 
 

History and Culture    
Learn about Domincan  
History ~ Some facts and interesting things about 
the country's history ~ 
Did you know that 
Santo Domingo was 
the first European 
Settlement in the New 
World? 
  

Government & Politics   
Structure of the  
Government ~ The  
Legislature and other branches of the  
government 
 

The Legal System &    
Dominican Courts 
A review of the nation's 
legal and courts system 
 

The Economy of    
The Dominican    
Republic   
Information about the 
economy ~ Industries 
and growth sectors 
 

Trade, Imports, Exports and Duty    
Information  
A quick reference guide 
regarding Imports & Exports information 
 

About Free Zone    
Manufacturing 
Some general information about setting up operations in one of the duty free trade or manufacturing zones 
 

The Regions, Cities and Towns   
A listing of the regions, cities and different towns in the country 

When investors think about placing investment funds offshore, or in establishing an offshore bank account, the Dominican Republic is probably one of the last places that comes to mind.  The fact of the matter is, the Dominican Republic offers Tax Free US dollar accounts, high yielding bonds or commerical paper, and much more. 

The official currency of the country is the Dominican Peso, which trades freely against most major currencies.  All business in the Dominican Republic is conducted in Pesos, with the exception of some hotels or tourist related concerns that may offer the choice of payment in US Dollars. 

The Dominican Central Bank is the government entity charged with regulating the country's money supply and banking system.  While there are few foreign banks operating in the Dominican Republic at the moment, new banking legislation, designed to make banking even more attractive, should change that.  Currently BBV or Banco Bilbao Vizcaya, Citibank and Scotia Bank are the three major foreign banks operating in the country.  Recent years have seen some smaller private banks come into the market as well. 

The major local banks include: Banco BHD, Banco Popular (Dominicano), Banco Inter-Continental, Banco Mercantil, Banco Metropolitano, Banco de Reservas, Banco Gerencial & Fiduciario, plus a number of savings & loan institutions. 

Establishing a local bank account is quite simple and normally requires a visit to the bank with your passport. 
Interest derived from savings accounts, checking accounts or certificates of deposit ~ regardless of currency ~ is tax free in the Dominican Republic. 

At the present time, most banks only offer US dollar savings accounts or certificates of deposit in US dollars. Checking accounts in US dollars are not readily available, but this of course may change in the near future.  Dominican Peso denominated checking, savings and certificates of deposit are available, often with interest rates much higher that the US dollar account rates. 

Not only is the Tax Free aspect favorable to investors, but the rates of interest are normally much higher than what is found being offered by North American banks.  

Almost all banks in the Dominican Republic maintain a correspondent banking relationship with a bank in the United States, making wire transfers or issuance of checks drawn from a US dollar account in the US possible. 

Most Dominican Banks also offer an ATM type debit card for your Peso savings or checking account, which can be used at many stores in the country for payment or at ATM cash machines both in the Dominican Republic and worldwide. 

 
This Information has been prepared and compiled by Mr. John Schroder as a service to his clients.  Mr. Schroder maintains an office in Santo Domingo and in Panama.  His firm provides assistance with company incorporations in the Dominican Republic, Offshore incorporations in other tax haven jurisdictions, Residency in the Dominican Republic and Panama, Assistance with Banking and Investments, Real Estate matters and company representation. To contact his firm, please click below: 
 
 

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