Building and establishing a credit profile as a foreigner is possible in the DR.
Here’s what you’d need to do:
1. Set up a bank account with a local Dominican Bank. You can open an account without residency status using your USA (home country’s) passport.
2. Start making regular deposits into your bank account to build up activity in your account.
3. Get signed up for a local phone service plan (around $30 monthly) like Claro, Altice, or Viva. Use your bank account to make monthly payments.
4. Apply for a secured credit card at your bank. After opening your bank account, you can get a secured credit card within three months. Plus, within six (6) months, if you’re paying on time and have a good payment record, they will release the secured status and convert it into a regular credit card.
These four things will help you build a credit profile in the Dominican Republic.
That means if you’re purchasing a home in the DR and want to apply for a mortgage from a local bank, your Dominican credit profile will be used in the process, rather than the bank pulling credit reports from your home country.
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Maria Abreu is the CEO and Managing Attorney of Abreu & Associates, a law firm practicing exclusively in Dominican Republic Immigration and Nationality law. She is also the founder of Retire and Invest DR. This organization hosts conference events for foreigners interested in living, retiring, and investing in the DR. You can contact Maria at: mabreu@abreuimmigration.com.