Opening a Bank Account in the Dominican Republic as a Non-Resident (Punta Cana & Bayahibe): Practical Requirements, Bank Approaches, and How CaribeExpert Can Help

Opening a bank account in the Dominican Republic—especially in high-demand areas like Punta Cana and the Bayahibe/Dominicus corridor—can be a smart move for international buyers and investors. A local account helps you manage payments, utilities, and rental income, and it can also support a smoother path when you later explore mortgage or financing options.

That said, non-resident banking is a compliance-driven process. Requirements vary by institution, by account type (personal vs. corporate), and by your profile. The key is preparation: bring the right documents, present your “source of funds” clearly, and follow a structured process.

Why banks request so many documents

Dominican banks and financial institutions must follow strict “Know Your Customer” (KYC) and due-diligence procedures. For non-residents, this typically means additional checks for identity, address, and the origin of funds. These requirements protect both the bank and the account holder.

1) Non-Resident Checklist: Documents You Should Prepare

In practice, most banks will request some or all of the following:

A) Identity

• Valid passport (clear copy of the identity page; sometimes entry stamp pages as well)

• A second ID from your home country (national ID card and/or driver’s license)

B) Immigration / Local status (if applicable)

• If you have Dominican residency, provide your residency documentation/ID (when available)

C) Proof of address

• A utility bill, bank statement, lease agreement, or comparable proof showing your address (requirements vary)

D) Income / Source of Funds (very important)

• If employed: employer letter and/or recent pay stubs

• If self-employed: tax filings, business documentation, and a short explanation of your activity

• In some cases: bank references or commercial references (depending on the bank/product)

E) Compliance forms (profile-dependent)

• For U.S. persons and certain profiles: FATCA-related declarations (the bank provides the forms)

F) Foreign documents

• Depending on the institution, documents issued abroad may need apostille/legalization and certified Spanish translation if not in Spanish.

Practical tip: When you “over-prepare” your file, the process is usually faster. Delays most often happen because one key document is missing (address proof or source-of-funds support).

2) How Banks Differ in Practice (What to Expect)

Even when the baseline documents look similar, the experience can feel different depending on the bank:

Scotiabank (often standardized onboarding)

Scotiabank’s onboarding is typically structured, with clear checklists for identity and supporting documentation, including proof of funds/income based on your profile.

Banreservas (broad coverage, relationship-based support)

Banreservas has extensive reach and often works through account executives who guide the process. Requirements can depend on the specific product and your case.

Banco BHD (documentation and references may be more common)

Depending on account type, BHD may request more formal documentation such as references, income support, and additional identity checks.

Banco Popular (compliance-driven, product-dependent)

As with other major banks, onboarding is strongly compliance-based; the document set and timeline depend on the account type and your profile.

Important: It is normal for a bank to request additional documentation after the first review. This is not “personal”—it is part of compliance.

3) Bayahibe/Dominicus Option: COOPACSOL (Local Alternative)

For clients based in Bayahibe/Dominicus, some investors and residents also consider local cooperative-style institutions such as COOPACSOL as an alternative route. COOPACSOL positions itself as a financial institution that supports both individuals and businesses, and it promotes an International Desk approach, including working with foreigners on a case-by-case basis (subject to internal review).

For many clients, the advantage is accessibility in the local area and a more community-oriented service approach. As with any institution, onboarding and requirements depend on product type and compliance review.

4) If You Want a Mortgage Later: How a Bank Account Helps

If your long-term plan includes financing, a local bank relationship can help you:

• Establish consistent profile documentation

• Show clear flows of funds (when applicable)

• Streamline communication during pre-approval

A bank account does not replace credit evaluation, but it can support a more organized process when you move toward mortgage discussions.

5) How CaribeExpert Helps (Case by Case)

CaribeExpert supports investors case by case to make the process more efficient and professional. We can assist with:

• Preparing a clean document checklist and client profile

• Coordinating introductions and appointments (where appropriate)

• Helping you present your objective and source-of-funds documentation clearly

• Supporting your real estate acquisition process with a structured, transparent workflow

Because bank policies differ by institution and can change over time, we always approach banking support as a case-based coordination service, aligned with the bank’s compliance requirements.

Recommended Next Step

If you want to open a non-resident account in the Dominican Republic (Punta Cana or Bayahibe area), message us with:

1. Your nationality and current residency status (resident/non-resident)

2. Your goal (daily banking, investment purchase, future mortgage)

3. Expected monthly activity (low/medium/high) and currency preference (DOP/USD)

We will respond with a practical checklist and the cleanest next steps for your situation.

Contact (CaribeExpert Realty SRL)

WhatsApp/Phone: +1 (809) 664-5330

Email: support@caribeexpert.com

Website: caribeexpert.com