The Chamber of Deputies passed the bill that creates International Financial Zones in certain geographic demarcations in the Dominican Republic, including a legal framework for its operations.
The Senate already passed the legislation and now goes to president Leonel Fernandez, who’s expect it to sign it into the Law.
In those zones financial services and other related activities will be provided extra-territorially solely to non-resident physical people, and to others whose main address is abroad.
The bill establishes that in no case will financial services be offered from those International Financial Zones to the Dominican Government, nor to financial institutions regulated by special Dominican laws.
The bill is sustained in the Monetary and Financial Law, on the Stock Market, the Free Zones and Money Laundering.
Among the financial services available will be businesses and investment banking, public and private brokerage, trading of titles and commercial paper, monetary market, shares and merchandise of all types, money and asset management, deals with investment funds and project and corporative finances.
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