Dominican Republic (DO)

Jurisdiction Overview

IDQuestionAnswer
206 *Is any formal registration required at all? BOTH: Domestic law trusts have to register and foreign law trusts domestically managed have to register.
 Data Date: 2019

Notes

 
In 2019, the Global Forum informs that with regards to domestic trusts (or "fideicomisos"), "All fideicomiso deeds must be registered with the Mercantile Registry (art. 17, Mortgage and Trusts Law), and subsequently in the register of taxpayers (RNC) with the DGII (art. 48, Mortgage and Trusts Law). At the time of registration with the DGII, fideicomisos must provide a copy of the deed, identification information on the settlor and the fiduciario with their RNC numbers, and corporate address, as well as information on the beneficial owner(s) of the fideicomiso" (GF 2019: 48).
 
With regards to foreign law trusts, those that are considered to have a "permanent establishment or place of management in the Dominican Republic" would be subject to beneficial ownership registration (GF 2019: 39). Indeed: "all legal entities and arrangements are required to identify their beneficial owner, and declare it to the DGII [tax authority] by 1 May 2018. This includes foreign entities and arrangements when they have a permanent establishment or a place of effective management in the Dominican Republic (art. 50c(1), Tax Code)" (ibid. [TJN's note]). Moreover, resident trustees of foreign-law trusts have "to declare it [the trust arrangement] to the tax authorities as part of its annual income tax return, and fill-in the specific form for providing beneficial ownership information" (GF 2019: 50 [TJN's note]).

Sources

GF 2019: 39, 48