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Tax Engineering

Bank account in Dominica

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Dominica maintains favorable laws for free capital flow, banking secrecy and fiscal obligations for non-residents. Opening a tax-free bank account in Dominica is a legal way to delay and lower the payment of taxes.

Reference: CB96666DM


Open an offshore bank account in Dominica

Do you need a bank account in the Caribbean with tax exemption status? In this case you can choose Dominica due to its favorable legislation for banking institutions, payment entities, E-Commerce, insurers and asset protection.

Dominica is another one of the most important technological jurisdictions in the Caribbean. Many start-ups have chosen this offshore enclave to develop activities related to casinos, payment gateways, online banks, online sales stores, travel agencies and insurance. The ease and speed of procedures are the virtues of this magnificent jurisdiction.

In Dominica the banking law protects clients´ secrecy and any fissure is punished with high fines and jail sentence. Due to the ease of obtaining a game license and the wide range of banking services offered in Dominica it is the jurisdiction where most online casinos are registered. Comparing to other jurisdictions in the Caribbean such as the Bahamas, the Cayman Islands or the Virgin Islands, account maintenance rates of Dominican banks are quite low. Also the clients can choose the language in which they get attended thanks to a multilingual client support platform in: English, Spanish, French, German, Russian and Chinese. The taxes in Dominica for the foreign investors are equal to zero, which creates a very favorable environment for business, commerce and finance. Resident agents have facilities for the creation of IBC'S companies and virtual stores, trust, asset management companies and banking entities. All these characteristics make Dominica one of the best jurisdictions to establish an offshore bank account and start your business on the right foot.

Banking secrecy and automatic exchange of financial account information 

By now Dominica has not signed any bilateral agreements of automatic exchange of financial account information. Therefore the bank secrecy for individuals and companies that hold non-resident bank accounts in Dominica is safe. What does automatic exchange of financial account information mean? On 29th of October 2014, in Berlin an agreement was signed with the purpose to exchange automatically information on bank accounts opened by non-residents in other countries. By now the automatic exchange of information agreement has been signed by more than 100 countries (the countries that have signed information exchange agreement), however it doesn´t mean that the bank account information will be exchanged between all of them. That is, if two countries do not show a mutual interest in sharing banking information of their citizens between them and therefore do not sign a bilateral agreement, the OECD cannot force them to proceed with the joint exchange of information. For example, Dominica has signed the automatic exchange of information agreement but it did not sign any bilateral agreement. Therefore, it will not exchange financial account information with all other participants. You can see the updated information following this link (bilateral automatic information agreements).

As long as Dominica doesn’t sign any bilateral agreement its banking confidentiality will not be affected and the client´s financial information won’t be reported to the tax authorities of his resident country. The new regulations for the exchange of information have created many problems for and between some of the countries. The intention of European Commonwealth countries such as Germany, Spain, France, Italy and the United Kingdom was that all countries signed bilateral agreements with each other, but after all things did not go that way. In a real world it is hard to imagine Israel signing a bilateral agreement for the automatic exchange of financial information with Lebanon, Saudi Arabia, Indonesia or the Arab Emirates. Due to the "non-fiscal conflicts" that exist between these countries it makes it very difficult or even impossible for them to work together on elimination of banking secrecy.

Bilateral agreements with Dominica

Year 2017No bilateral agreement has been signed in 2017.
Year 2018No bilateral agreement has been signed in 2018.

It is completely legal to open an offshore bank account in Dominica. An individual or a company that wants to develop an international business or simply to move its money offshore in order to achieve more security will not be committing any crime. If a physical person is a citizen of a country that mutually has signed a bilateral agreement with another country, it is advisable for him/her to inform his/her tax authorities about the intentions to open a non-resident account offshore, and then through double taxation agreements deduct the income taxes in his country of residence. If, on the other hand, the bank account has been opened by a resident company or non-resident company the beneficial owner will not be obliged to repatriate the dividends of the company annually and therefore will be able to keep all the generated earnings on his offshore bank account in Dominica without paying income taxes. The owner of the company will have to pay the income taxes only when he transfers the money to his country of residence but in case if he wants to keep it on the account for further business investments or just as a security deposit legally the generated profits will still belong to the company and the beneficial owner doesn’t have to pay tax on this amounts. With time the company might go through the international expansion requiring corresponding expenses. Consequently, the dividends would decrease and logically the income taxes that the beneficial owner will have to pay in his country of residence would decrease correlatively.

Advantages of opening a bank account in Dominica

The main advantages of opening a bank account in Dominica are the following:

  • Opening an offshore bank account Dominica is legal.
  • Law guarantees bank secrecy and anonymity.
  • The possibility to open business and personal offshore bank account in Dominica remotely.
  • High expertise level, online banking platforms with the possibility to request any type of financial service: foreign currency accounts, credit cards, letters of credit, accounts to invest in the stock market, payment gateways, credits.
  • Low maintenance rates. 
  • Banks in Dominica are extremely regulated. 
  • Once the requirements are fulfilled it takes 15 - 20 days to open the account.

Bank commissions in Dominica

Approximate bank commissions and minimum deposit
Maintenance of bank account
300 Euros/year
Wire Transfer IBAN/SEPA
60 Euros
Wire Transfer SWIFT
60 Euros
Debit or Credit card
60 Euros/card
Customer support in following languages
English, French, German, Russian
Minimum deposit
5.000 Euros

*The customer can open a bank account in any international legal currency they want, (Euro, Dollar, Canadian Dollar, Australian Dollar, British Pound, Japanese Yen, Swiss Franc etc)

*All the management at the opening of bank account do not need a physical presence in the country, all efforts will be made through e-mail and / or registered mail.

    in Dominica
    with or without physical presence
    with online banking 24/7 included
    in the name of the individual or company
    in English
    to any part of the world
    certified by a notary
    certified by a notary
    electricity, water, gas, telephone or bank statement
    in English
    Articles of incorporation of the company, memorandum of association, register of directors, registered shares certificates and for companies registered more than one calendar 1 year ago "Certificate of good standing"

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