Banco de Reservas by far the only choice if you want to have it both ways: security and not have the bank close it's doors for good, I know of many "Banks" in the DR that have come and go like the flu, others stay but they lack any support should the majority of account holders have the rush of getting half of their money out like in Argentina, the banks mentioned before here like the Canada and else are just that Banks with foreign names on them, to hint they are any better than Baninter it's just as ignorant as saying the Yankees always win the world series(wink), it's a matter of acountability not security, these are overseen by a flock of foreign institutions yet if ENRON will teach anything it would be "Nobody is Safe" so I don't see the point of going about putting money into Cayman Island bank accounts unless you own a few million dollars, else just keep your money where it is, since the DR has proven to be a better shot than those who lost all to ENRON without a trace or hopes of getting a dime back, as long as DR represents an interest to the US it will enjoy the support and bail outs of the IMF and WB, Next on line please---teller 3 is open!
Footnoter added to rick toronto:
I know of several banks in the off shores you mentioned here before go the way of DODO and took the clients money with them, no US$ or any for that matter, even the US is not inmune to this if you check the FDIC terms of the security you'll quickly find out it's more of a gimmick offered by banks to attract customers than an actual money saving tool to recap your funds, the only reason US banks are not folding with the cliens funds it's because of the estringent Banking Dept. rules and overseeing plain and simple add the fact that 90% of the star up or small banks are swallowed by big guns as soon as their client base grows into the 10,000 heads and you can see how this levels the playing field for so many large banks in the US, not so in the DR where the bank I mentioned Reservas hasn't the slightest support or convenience of said banks, If you think nesting offshores it's a great idea then I'll take a hard look at your stock options, I think you opt for investing in so called safe markets where you get pennies on the dollar, risks are something that comes with territory and you have to know the field to play in them, no one market is safe but just that it seens to be on the other hand let me know how many times Reservas went thru a crisis or closed it's doors? So then I should take all my money out of there and send it to the Caymans or like to be safe? I know of more bank failures than you can imagine including many in Canada where the banking system lacks by jetlag to the DR in many aspects, there's nothing sure but death and Taxes of course! (oh yeah... and a cruise missile up your buttocks if you mess with us)