Countries › Dominican Republic › Guide › 10. Capital markets and finance › Investment funds and asset managers in the Dominican Republic

Investment funds and asset managers in the Dominican Republic

Last verified: 2026-10-30 · Status: Changing

Funds are separate estates run by a licensed S.A. with RD$30 million of paid in capital, indexed. Open funds are redeemable and hold securities and deposits; closed funds may hold real estate and development projects and can borrow as strategy. Fund income is not taxed at fund level, and the manager withholds on investors.

USD figures use the Banco Central de la República Dominicana reference selling rate of RD$60.9007 per US dollar for 29 October 2026, rounded to the cent.

Key facts

Fund manager minimum capital, base	30000000 DOPLey 249-17 art. 120, as of 2026-10-30 · in force
Open fund single issuer limit	20 % of assetsR-CNMV-2019-28-MV art. 80, as of 2026-10-30 · in force
Open fund single investor limit	10 % of unitsR-CNMV-2019-28-MV art. 89, as of 2026-10-30 · in force
Reference selling rate used for USD conversions	60.9007 DOP per USDBanco Central reference rate, as of 2026-10-29 · in force

The rule

1. Funds are created by authentic act, governed by their internal rules, and are either open, with redeemable units and indefinite term, or closed, with a fixed number of units traded on exchanges.Ley 249-17 del Mercado de Valores, art. 104 and art. 105, 2017-12-19 official text · verified 2026-10-30

2. Fund managers must be S.A.s registered in the Registro, with subscribed and paid capital of at least RD$30,000,000 in cash, indexed annually, and a management risk guarantee.
Cost to do it: RD$30,000,000 (US$492,605.18) base capital, indexed by CPI.
Example: RD$30,000,000 before indexation / US$492,605.18Ley 249-17 del Mercado de Valores, art. 120, 2017-12-19 official text · verified 2026-10-30

3. The guarantee is held for each fund and is the greater of RD$5,000,000, indexed, or 1% of fund assets under management, issued by an investment grade bank or insurer.Reglamento de Sociedades Administradoras y Fondos, R-CNMV-2019-28-MV (mod. R-CNMV-2021-16-MV), art. 45 paragraphs III and IV, 2019-11-05 official text · verified 2026-10-30

4. Open funds may hold public offering securities, deposits at investment grade domestic banks and foreign securities that can be publicly offered in a country whose regulator has an information exchange arrangement with the Superintendencia.Ley 249-17 del Mercado de Valores; R-CNMV-2019-28-MV, Ley art. 108; Reglamento art. 71, 2017-12-19 official text · verified 2026-10-30

5. Closed funds may also hold domestic real estate and real estate contracts and projects under design or construction, for sale or rent.Ley 249-17 del Mercado de Valores, art. 108 paragraph I, 2017-12-19 official text · verified 2026-10-30

6. Open funds may hold no more than 20% of assets in one issuer and 25% in one group.Reglamento de Sociedades Administradoras y Fondos, R-CNMV-2019-28-MV (mod. R-CNMV-2021-16-MV), art. 80 paragraph I, 2019-11-05 official text · verified 2026-10-30

7. No investor may hold more than 10% of an open fund, and managers with related parties no more than 40%, except in listed open funds and in the pre operating phase.Reglamento de Sociedades Administradoras y Fondos, R-CNMV-2019-28-MV (mod. R-CNMV-2021-16-MV), art. 89, 2019-11-05 official text · verified 2026-10-30

8. Funds borrow only to meet redemptions or for force majeure, except closed funds whose strategy includes debt, which may also pledge assets within limits.Ley 249-17 del Mercado de Valores, art. 109, 2017-12-19 official text · verified 2026-10-30

9. The pre operating phase may last up to 14 months from registration, extendable once by up to six months.Reglamento de Sociedades Administradoras y Fondos, R-CNMV-2019-28-MV (mod. R-CNMV-2021-16-MV), art. 84, 2019-11-05 official text · verified 2026-10-30

10. Fund registration follows the 25 working day clock with a three working day completeness check.Reglamento de Sociedades Administradoras y Fondos, R-CNMV-2019-28-MV (mod. R-CNMV-2021-16-MV), art. 66, 2019-11-05 official text · verified 2026-10-30

11. A closed fund with at least 60% in the assets listed in numerals 2 and 3 of art. 72 may have an indefinite term.Reglamento de Sociedades Administradoras y Fondos, R-CNMV-2019-28-MV (mod. R-CNMV-2021-16-MV), art. 79, 2019-11-05 official text · verified 2026-10-30

12. Managers set fees freely, but only types set by the Consejo and disclosed in the internal rules and prospectus may be charged.Ley 249-17 del Mercado de Valores, art. 125, 2017-12-19 official text · verified 2026-10-30

13. Management, redemption and success fees are defined in the internal rules of each fund.Ley 249-17 del Mercado de Valores, art. 125, 2017-12-19 official text · verified 2026-10-30

14. Income of an autonomous estate is not subject to income tax, and the manager withholds tax on investor returns at the rate for capital income.Ley 249-17 del Mercado de Valores, art. 330 paragraph II, 2017-12-19 official text · verified 2026-10-30

15. Asset transfers to form an estate are not subject to VAT or real estate transfer tax. For funds the formation period is three years from first unit issue for VAT and six years for transfer tax.Ley 163-21 de Fomento a la Colocación de Valores, art. 12, amending Ley 249-17 art. 330, 2021-08-10 official text · verified 2026-10-30 · changed: Ley 163-21 of 2021 replaced the single three year period with three years for VAT and six for transfer tax, running from first unit issue.

16. The regulation of managers and funds was changed by R-CNMV-2026-12-MV, listed by the regulator on 23 October 2026.R-CNMV-2026-12-MV, whole resolution, 2026-09-15 official text · verified 2026-10-30 · changed: New amendment listed by the regulator on 23 October 2026; its text was not retrievable at verification, so limits on this page come from the 2021 consolidation.

Worked example

A closed fund with assets of RD$1,000,000,000 (US$16,420,172.51) needs a guarantee of the greater of RD$5,000,000 (US$82,100.86) (before indexation) and 1% of assets, so RD$10,000,000 (US$164,201.73).
An open fund of RD$100,000,000 (US$1,642,017.25) may hold up to RD$20,000,000 (US$328,403.45) in one issuer, and one investor may hold up to RD$10,000,000 (US$164,201.73) of units.

Step by step

Form an S.A. with exclusive object and capital.
Apply for the manager licence in two phases: legal, then operating.
Appoint a fund manager, investment and risk committees and a control officer.
File the fund, internal rules and summary prospectus.
Place units, reach the minimum, and start the operating phase.

Common traps

Check the October 2026 amendment before relying on any limit.
The tax exemption reaches only the estate, not third parties contracting with it (art. 330 paragraph IV).
The manager licence is separate from any broker licence, and the word fund is reserved under art. 5.
Foreign funds marketed to the public meet the art. 48 offer test.

Sources

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