Offshore Account in the Dominican Republic
Open an offshore account in the Dominican Republic and gain anonymity in the Caribbean.
Anonymous Accounts in the Dominican Republic
Offshore Account in the Dominican Republic
Today we are going to tell you how to obtain a Caribbean bank account that is not subject to the CRS or any blacklists.
Unlike the offerings in Panama and Georgia, you will have to travel here, but for less than a week.
Through a trusted partner with long-standing relationships in the Dominican Republic's banking sector, we can help you open bank accounts in the Dominican Republic as a non-resident.
The Bank Account
The country we are talking about is the Dominican Republic. You might know it as a major tourist destination—in fact, the country does not have a strong offshore reputation like Panama or the British Virgin Islands.
This is because the Dominican Republic is not a tax haven; it taxes its resident companies and individuals. And that is one of the main reasons you might like the country: unlike other Caribbean havens, the DR is off the main blacklists and still functions as a banking haven.
From the perspective of flag theory, the country is interesting for offshore accounts, residency, and citizenship.
Advantages of an Account in the Dominican Republic
Anonymity
The Dominican Republic is one of the few countries that does not participate in the CRS. This means it does not automatically exchange bank account information annually through the Common Reporting Standard.
No Proof Required
Proof of address is not required in most cases.
Easy Access
As a Latin American travel hub, the airports in Santo Domingo and Punta Cana are extremely well-connected internationally.
Multi-Currency Options
Manage your account in multiple currencies, including DOP, USD, and EUR.
Gateway to Central America
SIPA is a Central American payment processing network that enables streamlined bank transfers to Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua for $5.00.
Off Blacklists
The DR is not and has never been included on FATF or EU blacklists.
.svg)
Premium Cards
You will receive a Visa Infinite or Mastercard Black card.
Airport VIP Lounges
You are entitled to free visits to airport VIP lounges with Lounge Key.
Low maintenance costs
You pay between 1-5 USD in monthly maintenance fees.
IBAN Number
Has an IBAN number, but no SEPA support
Moderate Debt
58% debt-to-GDP ratio, compared to 121% in the US and 93% in Brazil. Comparable to Uruguay (61%).
Economic Freedom
Ranked 10th out of 32 American countries in the Index of Economic Freedom, just behind Panama
The Banks
The banks in question are some of the country's leading institutions: Banco Popular, BHD, Santa Cruz, Promérica, and Banreservas.
All of these banks allow individuals to open accounts for both residents and non-residents. You can open checking and savings accounts.
You will need to come to Santo Domingo in person for the process. Your presence will be required for 3 business days. Generally, accounts are opened on the same day.
You can easily obtain debit cards in all of them. Credit cards are a bit more difficult and will require you to build a history with the bank.
Below is a simplified overview of each option:
Banco Popular
- Cards: VISA Prestige and Mastercard Black are available
- International transfers: 7 USD to receive, 60 USD to send (5 USD via SIPA).
- International ATM withdrawals: 5% fee.
- Minimum balance: 5,000 Dominican pesos for DOP accounts, 500 US dollars for USD accounts, and 500 EUR for EUR accounts.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 55-250 DOP (~1-5 USD)
- Interest rates: 0.01% - 2% on private checking accounts, up to 3.75% on fixed-term DOP deposits.
- Private Banking: 100,000 DOP minimum balance (~1,700 USD), no account maintenance fee.
- Full fee schedule: Banco Popular
Banco BHD
- Cards: VISA Infinite and Mastercard Black available
- International transfers: 7 USD to receive, 60 USD to send (5 USD via SIPA).
- International ATM withdrawals: 0% fee.
- Minimum balance: 5,000 Dominican pesos for DOP accounts, 500 US dollars for USD accounts, and 300 EUR for EUR accounts.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD)
- Interest rates: 0.25% - 1.5% on Premium checking accounts, up to 5% on fixed-term DOP deposits.
- Premium Account: 20,000 DOP minimum balance (~340 USD), 300 DOP monthly maintenance fee (~5 USD).
- Full fee schedule: Banco BHD
Banco Santa Cruz
- Cards: VISA Infinite
- International transfers: 10 USD to receive, 60 USD to send
- International ATM withdrawals: 200-250 DOP (~3-4 USD) fee
- Minimum balance: 5,000 Dominican pesos for DOP accounts, 500 US dollars for USD accounts, and 300 EUR for EUR accounts.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD) for checking accounts, free for savings accounts.
- Interest rates: 0% - 1.25% on Premium checking accounts, up to 6.7% on fixed-term deposits in DOP, and 3.1% on fixed-term deposits in USD.
- Premium account: 25,000 DOP (~425 USD) minimum balance, 300 DOP (~5 USD) monthly maintenance fee.
- Full fee schedule: Banco Santa Cruz
Banco Promerica
- Cards: VISA Platinum
- International transfers: 15 USD to receive, 50 USD to send
- International ATM withdrawals: 5 USD fee
- Minimum balance: 500 Dominican pesos for DOP accounts, 100 US dollars for USD accounts, and 200 EUR for EUR accounts.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD) for checking accounts, free for savings accounts.
- Interest rates: 0.75% - 7% on fixed-term deposits in DOP, 0.05% on savings accounts in USD, 0.02% on savings accounts in EUR
- Full fee schedule: Banco Promérica
- Website: https://www.promerica.com.do/
BanReservas
- Cards: VISA Infinite
- International transfers: 7 USD to receive, 70 USD to send
- International ATM withdrawals: 250 DOP (~4 USD) fee
- Minimum balance: 2,000 Dominican pesos for DOP accounts, 500 US dollars for USD accounts, and 400 EUR for EUR accounts.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 200 DOP (~4 USD) for checking accounts, free for savings accounts.
- Interest rate: 0.3% - 2.81% on DOP savings accounts, 0.05% on USD savings accounts, 0.01% on EUR savings accounts
- Full fee schedule: BanReservas
- Website: https://www.banreservas.com/
Required Documentation
The required documentation varies depending on the bank and the account chosen. In general, the following documents will be requested:
- Passport
- 3 to 6 months of bank statements from another institution or a Dominican employment letter.
- Proof of income / latest apostilled tax return
- If income is from a company: Commercial Registry Extract + Latest tax return
- Completed account opening form
For Banco BHD specifically, the bank may require reference letters from lawyers, accountants, or other banks.
Proof of address and tax residency certificates are usually not required. Depending on the case, however, the bank may request additional documents, such as tax returns.
You will need to be present in Santo Domingo for at least three business days for the account opening procedure. Bring all your printed documents with you.
Open your account in the Dominican Republic now
And that's it! Opening an offshore account has never been easier. The $85 minimum deposit makes this account a viable option for anyone. And if you decide to move to the beautiful country of the Dominican Republic in the future, you’ll already have a foot in the door.
So, if you want to start keeping your money in a discreet place, this could be a great alternative. But if the Dominican Republic isn't for you, we can also help you open accounts in various other jurisdictions.
And, of course, if you have any questions or want to find the best solution for your specific situation, you can schedule a consultation here.
Simple. Transparent. No surprises.
Is opening a bank account in the Dominican Republic right for me?
We Recommend Dominican Republic Bank Accounts For:
- Those seeking banking privacy: Ideal for those who value discretion, as accounts in the country are not subject to the automatic exchange of tax information.
- People willing to travel to the Dominican Republic: You must appear in person to open the account.
We Do Not Recommend Dominican Republic Bank Accounts For:
- Clients with no interest in data privacy: If banking discretion is not a priority, there are other more practical options, such as Georgia.
- Those seeking remote opening: The process requires physical presence in the country, which may be an obstacle for those who cannot travel. Both Panama and Georgia offer remote options.
- Clients who want high-end cards: The Dominican Republic does not offer cards with premium benefits. For this, Georgia or the US is recommended.
- Those looking for crypto-friendly accounts: Dominican accounts have limited compatibility with the crypto universe. Panama is a better alternative for these needs.
Frequently Asked Questions (FAQ)
Other countries that are not part of the CRS, such as Honduras, Paraguay, São Tomé and Príncipe, and Venezuela, are either highly unstable, undesirable, or restrict banking services to residents only.
The lack of tax treaties and other tax information exchange mechanisms also helps avoid manual requests for information exchange. While Panama has 17 tax treaties and Uruguay has 23, the Dominican Republic has only 2, with Spain and Canada.
Individuals residing in the Dominican Republic and non-Dominicans. In principle, accounts can be opened for individuals from anywhere, except for restricted countries (Syria, Iran, Afghanistan, etc.). Unlike Panama, Russians are accepted here.
Applications for individuals who are not residents of the Dominican Republic are evaluated on a case-by-case basis.
Although ties to the DR are not strictly required, having them will increase your chances of successfully opening an account. Ties can include local investments, residency, bank accounts, or business interests in the country.
Yes. However, you will only need to be present in person for three business days.
Once you pay to start the process, we will review your documents and give you the green light for your visit within 3 to 7 days.
There are no minimum net worth or income requirements. The 3-month bank statement requirement is primarily to show the bank that you have activity with another institution.
The only minimum requirements relate to initial deposits, which range from $85 to $1,700, depending on the bank and the account type.
This might be an issue elsewhere, but not here.
Dominican banks do not include proof of address or proof of tax residence in their list of requirements for opening a bank account.
In any case, if the bank requests proof of address as additional documentation, we can help you obtain a Dominican utility bill.
This will depend on where you are a tax resident. In short:
- If you live in a country that has remittance-based taxation (such as Malta, the UK, Ireland, Mauritius, Thailand, Japan, or Korea under the non-dom system), then a foreign bank account can help you pay less tax.
- If you live in a territorial tax country (such as Paraguay, Georgia, Uruguay, or Malaysia), then a foreign bank account can help you pay less tax.
- If you live in a country with worldwide income taxation (such as Brazil), then generally you will not pay less tax with a foreign bank account. There may be exceptions under special programs, such as Portugal's NHR.
The Dominican Republic participates in the following international information exchange mechanisms:
- FATCA: Information exchange with the US regarding accounts belonging to American citizens and companies.
- DTAs: The DR has signed tax treaties with Canada and Spain.
If your country of tax residence provided during account opening is on one of these lists, then yes. Otherwise, no.
It is important to understand that Dominican banks are accustomed to working only with passports for opening non-resident accounts.
If you wish to use a document other than a passport to prove your country of residence, this may incur additional costs and decrease the chances of a successful opening.
No bank is perfect, after all. Some downsides to this account include:
- Does not offer direct crypto deposits like the Panama Account
- Higher fees compared to fintechs or crypto platforms
- Bank websites are only in Spanish
- Requires physical presence for opening
Payment can be made via:
- Card, Pix, and Zelle
- Transfers in EUR, USD, and GBP
- Requires physical presence for opening
We can issue an invoice for the service. Please send us your preferred billing address.
Yes, if you have specific questions about offshore accounts or about residency and business in the Dominican Republic, we would be happy to help. Please also read the fact sheet and our articles above, where many other questions are answered. If you have further questions, you can of course also book a consultation with our team.
If you would like to obtain residency, citizenship, or open a company in the Dominican Republic, we also have trusted lawyers who can assist you with the process. To do so, simply get in touch.
You will be redirected to our partner who handles account openings in the Dominican Republic. They will guide you through the entire process.