Your Path to a Non-CRS, Non-Blacklisted Bank Account in the Caribbean
Find out how you can open an anonymous bank account in the Dominican Republic in less than a week. Thanks to our trusted partners in the Dominican Republic’s banking sector, the process is straightforward for non-residents. The Dominican Republic, known as a vacation paradise, offers a safe haven for your finances away from the crowds, without being on the usual blacklists. Ideal for those who value discretion and security.
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Your Path to a Non-CRS, Non-Blacklisted Bank Account in the Caribbean
Anonymous Banking in the Dominican Republic
Find out how you can open an anonymous bank account in the Dominican Republic in less than a week. Thanks to our trusted partners in the Dominican Republic’s banking sector, the process is straightforward for non-residents. The Dominican Republic, known as a vacation paradise, offers a safe haven for your finances away from the crowds, without being on the usual blacklists. Ideal for those who value discretion and security.
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Anonymity
Why the Dominican Republic?
The Dominican Republic is one of the few usable non-CRS countries. This means that it does not exchange bank account information automatically every year through the Common Reporting Standard. Other non-CRS countries like Honduras, Paraguay, São Tomé and Príncipe, Venezuela are either too unstable, undesirable or restrict banking only to residents.
The lack of tax treaties and other mechanisms of tax exchange information also helps prevent manual information exchange requests. Whereas Panama has 17 tax treaties and Uruguay 23, the Dominican Republic only has 2, with Spain and Canada. This privacy does not apply to Americans, as the DR is part of FATCA. Information on accounts opened by US citizens is shared with the US.
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Anonymity
Why the Dominican Republic?
The Dominican Republic is one of the few usable non-CRS countries. This means that it does not exchange bank account information automatically every year through the Common Reporting Standard. Other non-CRS countries like Honduras, Paraguay, São Tomé and Príncipe, Venezuela are either too unstable, undesirable or restrict banking only to residents.
The lack of tax treaties and other mechanisms of tax exchange information also helps prevent manual information exchange requests. Whereas Panama has 17 tax treaties and Uruguay 23, the Dominican Republic only has 2, with Spain and Canada. This privacy does not apply to Americans, as the DR is part of FATCA. Information on accounts opened by US citizens is shared with the US.
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Additional Reasons for Having a Bank Account the Dominican Republic:
IBAN Access:
The DR is one of the few Caribbean countries with IBAN for international wires.
Easy Access:
Travel center in Latin America, Santo Domingo and Punta Cana airports are extremely well connected internationally.
Individual Accounts for Residents and Non-Residents
A Bank Account with the Top Dominican Banks
The banks in question are some of the top banks in the country: Banco Popular, BHD and Santa Cruz. All of these banks allow individual account openings for both residents and non-residents. Both checking and savings accounts are available. You will have to come to Santo Domingo in person for the process. Your presence will be required for 3 business days. Accounts are usually opened on the same day. Debit cards are easy to get in all of them. Credit cards are a bit harder and will require creating a history with the bank. Below you can find a simplified overview of each option:
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Individual Accounts for Residents and Non-Residents
A Bank Account with the Top Dominican Banks
The banks in question are some of the top banks in the country: Banco Popular, BHD and Santa Cruz. All of these banks allow individual account openings for both residents and non-residents. Both checking and savings accounts are available. You will have to come to Santo Domingo in person for the process. Your presence will be required for 3 business days. Accounts are usually opened on the same day. Debit cards are easy to get in all of them. Credit cards are a bit harder and will require creating a history with the bank. Below you can find a simplified overview of each option:
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Terms and Conditions
Banco Popular
- Cards: VISA Prestige and Mastercard Black possible
- International transfers: 7 USD to receive, 60 USD to send (5 USD via SIPA).
- International ATM withdrawals: 5% fee
- Minimum balance: 5000 Dominican pesos for DOP account, 500 USD for USD account, 500 EUR for EUR account.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 55-250 DOP (~1-5 USD)
- Interest Rate: 0,01 – 2% on Private Current account, up to 3.75% on DOP fixed term deposits.
- Private banking: 100.000 DOP (~1.700 USD) minimum balance, no account maintenance fee.
- Full fee schedule: Banco Popular
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Terms and Conditions
Banco Popular
- Cards: VISA Prestige and Mastercard Black possible
- International transfers: 7 USD to receive, 60 USD to send (5 USD via SIPA).
- International ATM withdrawals: 5% fee
- Minimum balance: 5000 Dominican pesos for DOP account, 500 USD for USD account, 500 EUR for EUR account.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 55-250 DOP (~1-5 USD)
- Interest Rate: 0,01 – 2% on Private Current account, up to 3.75% on DOP fixed term deposits.
- Private banking: 100.000 DOP (~1.700 USD) minimum balance, no account maintenance fee.
- Full fee schedule: Banco Popular
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Terms and Conditions
Banco BHD
- Cards: VISA Infinite and Mastercard Black possible
- International transfers: 7 USD to receive, 60 USD to send (5 USD via SIPA).
- International ATM withdrawals: 0% fee
- Minimum balance: 5000 Dominican pesos for DOP account, 500 USD for USD account, 300 EUR for EUR account.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD)
- Interest Rate: 0.25% – 1.5% on Premium Current account, up to 5% on DOP fixed term deposits.
- Premium banking: 20.000 DOP (~340 USD) minimum balance, 300 DOP (~5 USD) account maintenance fee.
- Full fee schedule: Banco BHD
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Terms and Conditions
Banco BHD
- Cards: VISA Infinite and Mastercard Black possible
- International transfers: 7 USD to receive, 60 USD to send (5 USD via SIPA).
- International ATM withdrawals: 0% fee
- Minimum balance: 5000 Dominican pesos for DOP account, 500 USD for USD account, 300 EUR for EUR account.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD)
- Interest Rate: 0.25% – 1.5% on Premium Current account, up to 5% on DOP fixed term deposits.
- Premium banking: 20.000 DOP (~340 USD) minimum balance, 300 DOP (~5 USD) account maintenance fee.
- Full fee schedule: Banco BHD
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Terms and Conditions
Banco Santa Cruz
- Cards: VISA Infinite possible
- International transfers: 10 USD to receive, 60 USD to send
- International ATM withdrawals: 200-250 DOP (~3-4 USD) fee
- Minimum balance: 5000 Dominican pesos for DOP account, 500 USD for USD account, 500 EUR for EUR account.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD) for current accounts, free for savings accounts.
- Interest Rate: 0% – 1.25% on Premium Current account, up to 6.7% on DOP fixed term deposits and 3.1% on USD fixed term deposits.
- Premium banking: 25.000 DOP (~425 USD) minimum balance, 300 DOP (~5 USD) account maintenance fee.
- Full fee schedule: Banco Santa Cruz
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Terms and Conditions
Banco Santa Cruz
- Cards: VISA Infinite possible
- International transfers: 10 USD to receive, 60 USD to send
- International ATM withdrawals: 200-250 DOP (~3-4 USD) fee
- Minimum balance: 5000 Dominican pesos for DOP account, 500 USD for USD account, 500 EUR for EUR account.
- Available currencies: DOP, USD, EUR
- Monthly account maintenance fee: 300 DOP (~5 USD) for current accounts, free for savings accounts.
- Interest Rate: 0% – 1.25% on Premium Current account, up to 6.7% on DOP fixed term deposits and 3.1% on USD fixed term deposits.
- Premium banking: 25.000 DOP (~425 USD) minimum balance, 300 DOP (~5 USD) account maintenance fee.
- Full fee schedule: Banco Santa Cruz
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KYC
Required Documentation
The required documentation varies depending on the bank and the chosen account. In general, the following docs will be requested:
- Passport
- 3-6 months of bank statements from another institution or a Dominican Carta Laboral (employment letter)
- Filled account opening form
For Banco BHD specifically, the bank may require reference letters from lawyers, accountants or other banks. Proof of address and tax residence certificates are usually not required. The bank may ask for additional documents, like a tax return (specially for US-persons). We will require your presence in Santo Domingo for at least 3 business days for the account opening procedure. Please bring all your documents printed with you.
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KYC
Required Documentation
The required documentation varies depending on the bank and the chosen account. In general, the following docs will be requested:
- Passport
- 3-6 months of bank statements from another institution or a Dominican Carta Laboral (employment letter)
- Filled account opening form
For Banco BHD specifically, the bank may require reference letters from lawyers, accountants or other banks. Proof of address and tax residence certificates are usually not required. The bank may ask for additional documents, like a tax return (specially for US-persons). We will require your presence in Santo Domingo for at least 3 business days for the account opening procedure. Please bring all your documents printed with you.
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And that's it!
I want to open an account. What next?
As mentioned above, you will need a copy of your passport, bank statements and potentially reference letters to open your account. The cost of opening is USD 1500 for a personal account, in line with typical opening costs in the Caribbean. You can pay with, Card, Zelle, Pix transfer in USD, EUR , BTC, ETH, XMR, USDC.
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And that's it!
I want to open an account. What next?
As mentioned above, you will need a copy of your passport, bank statements and potentially reference letters to open your account. The cost of opening is USD 1500 for a personal account, in line with typical opening costs in the Caribbean. You can pay with, Card, Zelle, Pix transfer in USD, EUR , BTC, ETH, XMR, USDC.
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Note: The final decision on the acceptance of customers lies with the bank. So far, however, there have been no problems if the required documents have been submitted correctly. Please note that there will be no refund of service fees in any case.
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