Dominican Republic (DO)

Jurisdiction Overview

IDQuestionAnswer
204 *Are Trusts available? BOTH: Domestic trust law and administration of foreign law trusts.
 Data Date: 2019

Notes

 
With regards to domestic law trusts ("fideicomisos"), the Global Forum informs that "[t]he most common forms of fideicomisos are Administrative Fideicomisos (fideicomiso de administración), Investment Fideicomisos (fideicomiso de inversion) and Real Estate Fideicomisos (fideicomiso inmobiliario)" (GF 2019: 48). "In the Dominican Republic, 24 companies are incorporated as fiduciarios, one financial intermediary institution provides fideicomiso services and 447 fideicomisos are registered in the DGII database" (ibid.).
 
With regards to foreign law trusts, the Global Forum informs: "The common law concept of “trust” does not exist in the Dominican Republic. The Dominican Republic clarified that sole purpose companies acting as fiduciarios of fideicomisos and other fiduciarios are not allowed to act as a trustee for a foreign trust. There is, however, no obstacle in the laws of the Dominican Republic preventing a resident individual from acting as a trustee of a foreign trust, or for a foreign trust to invest or acquire assets in the Dominican Republic" (GF 2019: 50).

Sources

GF 2019: 48-50