Any reliable stock brokers in DR?

suzannel

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Jun 7, 2006
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We will be spending more and more time in the DR, without actullay electing full residency.
We are looking for a Stock Broker to buy and sell shares directly from DR? We were told by BHD Bank Manager that there are no actual brokers on the island and that everyone deals through accounts in the US.
Here in Canada Banks actually have their brokerage accounts but apparently in the DR no such services are given by any banks.
I know we can do everything for account management on-line, but for certain transactions our preference would be to go through a brokerage firm in the DR and not in the US.
Does anyone have info on this?
 
We will be spending more and more time in the DR, without actullay electing full residency.
We are looking for a Stock Broker to buy and sell shares directly from DR? We were told by BHD Bank Manager that there are no actual brokers on the island and that everyone deals through accounts in the US.
Here in Canada Banks actually have their brokerage accounts but apparently in the DR no such services are given by any banks.
I know we can do everything for account management on-line, but for certain transactions our preference would be to go through a brokerage firm in the DR and not in the US.
Does anyone have info on this?

I do it myself over the internet- i am in charge of all of my transactions, i have used them for several years.
All i need is a very reliable internet connection. I know there is the same in the US, but i do not remember their name right now.
 

gringosabroso

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Oct 16, 2004
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Fidelity ! Vanguard !

* I've used both Fidelity & Vanguard for years, both on line from the DR, with an occasional visit to a physical office in Mass. I've never had a problem; I get all of my monthly statments on line; always w/o problem.
* Also, many USA bankx, ex Bank of America, Sovereign Bank, are in effect stock brokerage houses. I have on line accounts at both banks; I've never had any problems, esp. with security.
* I recently asked a DR attorney friend of mine why no USA or European brokerages houses have physical offices in the DR; his response? It's not authorized, therefore not permitted, by DR law; the foreigners can't open brokerage offices! Of course, neither can any DR co! Logical? In the 21st century? With DR-CAFTA. Que Viva la Republica!
 
You must be an Active Trader if you forgot the name of your broker!

Just use TD Ameritrade from Canada online.
They have broker's if you need a warm body on the telephone.

http://www.tdameritrade.com/welcome1.html

Thank you for your comment, english is not my native language- so it came out the wrong way.
I was trying to explain this person that she can do it herself. But i didnt had the details. Anyway- here is my link to my brokers:
http://www.nordnet.no/
 

suzannel

New member
Jun 7, 2006
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Thank you

Thank you all for your response.

I do not believe that as a Canadian I can open a bank account in the US without a US address.
I have used an American electronic trading company (Equiserve-Computershare) this year for the sale of some shares, because I am a Canadian citizen, they withheld 15% taxes on the sale of shares, and therefore you then need to claim the taxes on your Canadian tax declaration and wait for the refund, that is a real hassle.
I was hoping that there were brokers in the DR, but thanks to your answer I will continue with my usual dealer.
 

rellosk

Silver
Mar 18, 2002
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Thank you all for your response.

I do not believe that as a Canadian I can open a bank account in the US without a US address.
I have used an American electronic trading company (Equiserve-Computershare) this year for the sale of some shares, because I am a Canadian citizen, they withheld 15% taxes on the sale of shares, and therefore you then need to claim the taxes on your Canadian tax declaration and wait for the refund, that is a real hassle.
I was hoping that there were brokers in the DR, but thanks to your answer I will continue with my usual dealer.
Why aren't you using a Canadian ETC?
 

suzannel

New member
Jun 7, 2006
366
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Let me be clearer in my question:

We are thinking of permanently moving to the DR, should we decide to become DR residents, do the expats need to file a tax report in the DR or in Canada?
Where the point of my original post for a stock brokerage firm to transfer the stock certificates to DR to avoid hassle on sale of stocks when in the DR. But as you all mentionned the non-existence of brokers in DR, I imagine you all have bank accounts in the US or Canada and that you deal with brokers on the internet and have them deposit funds in your bank account and then transfer back to your DR accounts.
Am I correct?
 

Tamborista

hasta la tambora
Apr 4, 2005
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1. Unless you relinquish your Canadian citizenship, you still must file a tax return with The CRA, or whoever Canadian Uncle Sam is, even after establishing Dominican Residency!

2. Why do you need stock certificates? 99% of today's trades are done book entry and kept in street name and transacted electronically. No need for paper any longer.

3. Transfer of funds between a US/Canadian brokerage account and US/Canadian brokerage account is a mouse click away.

4. You can cash a check in DR against your Canadian/US bank account quite easily upon establishing a relationship with a bank or Cambista with or without being a Dominican Resident.
 
G

gary short

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I don't believe you do have to file a return if you're out of the country more than six months a year and you don't have properties or businesses registered in Can........you better check with a tax lawyer......hell if the Bronfmanns can get away with it why can't you?