For Frederic

Devil's Avocat

New member
Jan 2, 2002
19
0
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A friend of mines is a. tech comp. and from time to time he comes here to offer his services. The Payments are in US$ (cash/checks).

His work has increased so much that he is planing to form a domnicana co. and open a US$ Account in DR.

Could he return his money in US$ back freely?
Is there any tax/commision for this?
 

frederic

DR1 Expert
Jan 1, 2002
93
0
0
Of course.

There are no limits to repatriation of profits and he can even open a US$ account at a local bank but overseas (Panama, Cayman, Bahamas, etc.) or in the U.S.

Taxes are another matter and that would depend on other factors. Many foreigners prefer not to establish the local company, but then their clients will withhold 10% of their fees and remit that to the Internal Taxes Directorate. Then your friend will deduct those taxes paid here from taxes payable in the U.S..

Or he/her can pay taxes (up to 30% of income or profits here and deduct it all from the IRS).

There are many different combinations and I would need more precise information to provide concrete answers.

Tell your friend he contact me directly at frederic@tricom.net if he needs more advise.