Trusts recognized as legal entities

[Caribee]

Are "Common Law Pure Trust Organizations" recognized as legal entities in DR? (Not to be confused with a statutory trust) of which there are numerous versions. In the US and much of the rest of the world.....Common Law Pure Trusts are legally recognized and treated much the same as a living breathing individual person.....and are free to open bank accounts, own assets, do business, etc. Perhaps this question really boils down to......Are Dominican Nationals free to contract without restriction?

 

[Fabio J. Guzman]

No, they are not. The trust would not be invalid regarding the contracting parties but it would no be recognized as a legal entity.

As in any other country in the world, the ability to contract in the Dominican Republic is subject to restrictions having to do with public policy. For example, a contract whereby A hires B to kill C is invalid.

 

[Caribee]

Thank you so much for the response....Much appreciated !

For Clarification:

Is it possible to open a bank account in DR in the name of a trust of any description? If yes.......what kind of trust or trusts?

Is it possible to open a bank account in DR in a company name....
said company being owned and operated by a trust domiciled in a country foreign to DR?

 

[Fabio J. Guzman]

You cannot open a bank account in the name of a trust since it is not considered a legal entity in the DR.

You can, however, open an account in the name of a foreign corporation which is a legal entity, although a trust may be own the corporation, as long as a physical person is the corporate representative for banking purposes.