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The deputies passed the bill.
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SANTO DOMINGO.- 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 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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COMMENTS
8 comment(s)
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Written by: gouletcolonial, 3 Dec 2008 11:26 AM
From: Canada, Toronto ,Cabbagetown,Parliament and Gerrard
Getting ready for the big financial boom I guess....5 years ago this was also a good idea....today ?
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Written by: anthonyC, 3 Dec 2008 12:22 PM
From: United States
5 years?

How about 30?
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Written by: texasshoe, 3 Dec 2008 12:38 PM
From: United States, Richmond, Texas
"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."

So is this to be another Andora or Liechtenstein. I wonder how convoluted the law is and what kind of "Partnership" must be established.

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Written by: WalterPolo, 3 Dec 2008 2:07 PM
From: Dominican Republic
Head office: Najayo Business Center, suite 666, San Cristobal

Board members: Ramon Baez Figueroa, Luis Baez Cocco, Luis Alvarez Renta, Vivian Lubrano de Castilllo (currently on sick leave), Pedro Castillo and Manuel Arturo Pellerano.

Hey! We got a quorum.
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Written by: Trujillo, 3 Dec 2008 7:13 PM
From: Dominican Republic
Finally! Independent Financial Centre of the Americas.... look it up.
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Written by: OndeVert, 3 Dec 2008 10:37 PM
From: United States
"Money Laundering" Is that dirty money from the drugs and weapons trade accepted?
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Written by: generoso, 4 Dec 2008 7:23 AM
From: United States, Santa Fe, New Mexico
This is fantastic new and suis generis project to be build near Juan Dolio. It just took longer than planned to be approved by our slow and as turtles walk congress.
Granted the world economic conditions are not "optimal" at present, this is a very ambitious project and will be the world's first privately operated and independently regulated international financial centre.
Brainchild of Gaetan Bucher Jr. whose father Balaguer employed many years back to manage the state sugar mills with great success.

http://www.ifcamericas.com/
http://www.timeforyourlife.com/
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Written by: juliony, 4 Dec 2008 2:32 PM
From: United States, New YOrk
Now I can move my hedge fund from Antiga to Santo Domingo.
nice.
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