Personal accounts: Dominican Republic

Updated 5 October 2026

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A personal account in the Dominican Republic is opened by those moving here as retirees or passive income earners, buying a flat in Punta Cana, Santo Domingo or Las Terrenas, letting to tourists or running a business. Banks are supervised by the Superintendency of Banks and open accounts for individuals not only in pesos but also in US dollars, which is convenient for property and rental payments.

Who can open a personal account

Residence for retirees, rentistas and investors

Law 171-07 grants residence to retirees with a lifetime pension of at least $1,500 a month and to passive income earners (rentistas) with at least $2,000 a month from abroad, plus relief on importing personal belongings. Investor residence is granted to those investing at least $200,000 in the country, including through property. For all these statuses income or investment is channelled through a Dominican bank account, so the account is opened together with the application.

Documents needed

• Passport, and for residents the foreigner's national ID.
• Two reference letters: from your bank and sometimes from a business partner or employer.
• Proof of income: pension, annuity, salary, account statements.
• Proof of address in the country or abroad.
• A form with tax residence: banks report foreigners' accounts to their country of residence.

Peso and dollar accounts

Individuals hold accounts at Dominican banks in pesos and US dollars, and some banks also open euro accounts. The foreign exchange market is free and currency is exchanged at the market rate. A dollar account is convenient for buying a home, receiving rent from tourists and pensions from abroad.

An account for buying a home

When buying property, money is wired from abroad to a Dominican dollar account and then paid for the deal by bank transfer through a lawyer. Before title is registered the 3% transfer tax must be paid, and the tax office checks where the money came from. Banks must report large cash transactions to the financial intelligence unit, so home purchases are always paid by transfer with source of funds documents.

Tax on interest

A final 10% tax is withheld from interest paid by banks to residents. Retirees and rentistas under Law 171-07 receive relief on foreign income tax, so before moving we calculate taxes in both countries with these reliefs in mind.

Where to open an account

Major banks have branches in Santo Domingo, Punta Cana, Santiago and other tourist towns, so the account is usually opened where you live or buy property. Many banks serve foreigners in English, and online banking and a card let you pay utilities and property management remotely.

Timeline

Why banks refuse

• No reference letters or proof of income.
• Large cash inflows expected without documents.
• The account is wanted for third-party transfers.
• Citizenship or payment countries on a higher-risk list.

How we help

We choose a bank for your status, prepare references, income and source of funds documents, and accompany the branch visit. For retirees, rentistas and investors we tie the account to the residence application, and for property buyers to the deal.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · All country programs

FAQ