Bank and payments in the Dominican Republic: your pension must demonstrably come in
For a pensionado or rentista a Dominican bank account is no luxury: when renewing your residence card you show that your pension or income came into the country. On every transfer to someone else the bank withholds 0.15% tax. You declare cash above US$ 10,000 at the border. And an account that lies dormant for three years becomes inactive.
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For a pensionado or rentista a Dominican bank account is part of your residence. When you renew your residence card you must show that your pension or income came into the Dominican Republic.
Three things to know in advance:
- Every transfer to someone else costs 0.15% tax, withheld by the bank. Not between your own accounts.
- You declare cash above US$ 10,000 at customs, on arrival and on departure.
- An account that lies dormant for three years becomes inactive. After ten years the money goes to the central bank.
| Subject | Rule | Source |
|---|---|---|
| Proof at renewal | pension or income received in the country, over the whole period | Ley 171-07, regulation |
| Tax on transfers | 0.15% on payments to others | ProUsuario |
| Cash at the border | declare above US$ 10,000 | DGA |
| Account without activity | inactive after 3 years, abandoned after 10 years | ProUsuario |
| Cheque from abroad | valid for four months | ProUsuario |
Why do you need a Dominican account?
To keep your card. Ley 171-07 and the regulation to the migration law are clear about it. When renewing your residence as a pensionado or rentista you hand in documents showing that you received your pension or income in the country. That applies to the same period as the previous card. The first card is valid for one year; after that two.
A rentista already needs it when applying. He provides proof that the dollars come into the country, with copies of cheques or transfer notices from a foreign bank.
Have your pension paid into a Dominican account from the first month, or keep every proof of transfer. Anyone without proof at renewal puts their card at risk.
Which account can you open?
The Superintendencia de Bancos, the banking supervisor, runs an information desk for customers through ProUsuario. It describes the cuenta básica, a simple savings account in pesos. It is intended for Dominicans and for foreigners with legal residence. You can open it with a zero balance, and the charges must be minimal. There is a cap on what you deposit in a month.
For a regular account each bank sets its own conditions and fees. ProUsuario says the bank must publish its fee schedule. A charge for a balance that is too low is only allowed if you accepted it when opening the account. A charge for an account without activity has been prohibited since April 2020.
What a bank asks of a foreign customer is not stated by the supervisor. Bring your passport, your residence card and, once you have it, your cédula; see registration and numbers.
What do payments cost?
Two things stand out for anyone coming from the Netherlands.
The 0.15%. On a transfer to someone else, and on the payment of a loan or credit card, 0.15% tax is withheld. It is not a bank charge but a levy received by the DGII. Transfers between your own accounts are free, even at different banks.
Fast or slow transfers. A regular ACH transfer is free and can take up to 24 hours. An instant transfer through the central bank's system, LBTR, arrives within eight minutes. It costs a fixed amount that varies per bank.
A cheque from abroad must be presented within four months of issue. For a Dominican cheque that is two months.
What do you declare at the border?
Cash, bearer cheques or securities above US$ 10,000, or the equivalent in pesos or another currency, you declare at customs. That applies on arrival and on departure. Customs also asks for papers showing where the money comes from. You pay no tax on it.
What happens to a dormant account?
After three years without a deposit or withdrawal an account becomes inactive. It keeps earning interest, and the bank may then no longer charge fees. After ten years it is deemed abandoned and the money goes to the Banco Central, without interest. After twenty years it is gone. Anyone who opens a second account and forgets it does not lose it right away, but will eventually.
Does the Dominican Republic tax your interest?
Of foreign income the Dominican Republic taxes investments and financial gains, and only from the third year you are a resident. Pensionados and rentistas under Ley 171-07 have their own exemption for interest and dividends. How that works out is in AOW, pension and tax.
And your Dutch account?
Keep it if your AOW and pension are paid into it and you transfer them from there. The Dutch Tax Administration writes that a Dutch bank account does not fall into box 3 for a non-resident taxpayer. How to keep your account and your DigiD is explained in keeping your bank account and DigiD.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- Ley 171-07, articles 2, 6 and 8 — income coming into the country, the proof at renewal, and the exemption for interest and dividends (text published by the DGII) — dgii.gov.do
- Reglamento 631-11, articles 64 and 66 (text published by the DGII) — dgii.gov.do
- ProUsuario (Superintendencia de Bancos) — frequently asked questions on accounts, charges and transfers — prousuario.gob.do
- ProUsuario — the cuenta básica, also for foreigners with legal residence — prousuario.gob.do
- DGA — Manual del viajero, declaring cash above US$ 10,000 — aduanas.gob.do
- Dutch Tax Administration — a Dutch bank account does not fall into box 3 for a non-resident taxpayer — belastingdienst.nl
- DGII — notice 22-25, interest and investments from abroad — dgii.gov.do
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