by Victor Matos Cabrera
Are you planning to open a bank account in the beautiful coastal town of Punta Cana, located in the Dominican Republic? Whether you’re a traveler, expatriate, or non-resident looking to establish financial roots in this tropical paradise or open a bank account to request a mortgage to purchase a home in Punta Cana it’s essential to understand the requirements for opening a bank account. In this blog, we’ll guide you through the necessary documents and steps for non-residents.
For Non-Resident Applicants:
If you are a non-resident of the Dominican Republic, you’ll need to provide a specific set of documents to open a bank account. Here’s a checklist to ensure a smooth process:
1. Valid Passport: Your passport should be current and include the identification data section, entry and exit stamps, and a recognizable photo.
2. (Non-Americans) Immigration Status Document: Depending on your immigration status, you may need to provide one of the following:
- Temporary Worker or Student: Copy of the ID issued by the Directorate General of Migration.
- Diplomats and Consular Officials: ID issued by the Ministry of Foreign Affairs (MIREX).
- Members of International Organizations: Appropriate ID documents.
3. Proof of Identity from Your Home Country: This could be an identity card or other government-issued identification from your home country.
4. Additional Identification: Provide another form of identification, such as a driver’s license or social security card.
5. Tax Declaration: If applicable, submit your last year’s tax declaration from your home country.
6. Banking and Trade References: If requested, provide banking and commercial references.
7. Income Documentation:
- If you are an employee, a letter from your employer or the last three payroll statements.
- If you are self-employed, the latest tax statement from your last country of residence and a statement explaining your business activities.
8. Business Owners: If you own a business, provide supporting documents such as a copy of your business license.
9. FATCA Form: You’ll be provided with a FATCA (Foreign Account Tax Compliance Act) form by the bank.
Please note that “banking references” can be certifications from financial institutions or statements from your utility bills, like electricity, water, or cable bills, in your name.
Ensure that any documents from abroad are notarized or apostilled to be internationally recognized. If documents are in a language other than Spanish, they should be translated by a certified translator.
These requirements are mandated by the Superintendence of Banks of the Dominican Republic and are in place to ensure the due diligence and regulatory compliance of both the bank and the account holder.
Additional Information:
- If you plan to receive your salary from a local employer, you may be required to provide the identity card issued by the Junta Central Electoral or the work visa from the Directorate General of Migration.
- Documents can be submitted in their original form, as copies, or in electronic format. If originating from abroad, they should be apostilled or legalized internationally. Documents in languages other than Spanish should be translated by an official interpreter.
Opening a bank account in Punta Cana as a non-resident can be a straightforward process if you come prepared with the necessary documents. Remember that banking regulations may evolve, so it’s advisable to check with your chosen bank for any updates or specific requirements that may apply at the time of your application.
By following these guidelines, you’ll be well-prepared to enjoy the convenience and benefits of having a bank account in Punta Cana, the jewel of the Caribbean.
Read more: Requirements to request a mortgage pre-approval in Dominican Republic.
