Our firm is very active and successful in obtaining residency papers for foreign nationals retiring or doing business in the Dominican Republic. Applicants for resident status must be in good health, have sufficient means and a clean police record. The application may be filed while the applicant is present in the country under a tourist card or visa. A foreign national, who has lived in the Dominican Republic as a permanent resident for two years or in certain cases, six months, may apply for Dominican citizenship (naturalization). Naturalization is not automatic but granted at the discretion of the government. There is no economic citizenship program in the Dominican Republic providing for automatic citizenship upon the investment of certain amount of funds in the country.

The Dominican Tax Code provides that private investors wishing to participate in the tourist sector may obtain tax exemptions through the signature of special agreements with the Executive Power, upon authorization of the National Congress. Furthermore, tourist projects may be eligible to benefit from the credit facilities granted by international financing institutions such as the World Bank, the Inter American Development Bank and the European Investment Bank, tourism being one of the sectors considered to be important for the development of the national economy.

A special provision in Dominican divorce law allows foreigners to obtain a divorce in the Dominican Republic in one day without any residency requirement, provided that both spouses are in agreement and consent to the jurisdiction of the Dominican Court. Only one of the spouses must travel to the Dominican Republic to be present in court. The other spouse may be represented by a lawyer in our firm after executing the required power-of-attorney. The divorce judgment will be handed down the day of the appearance in court. The divorce documentation, including authentication by the parties' embassy in the Dominican Republic, is sent by courier to both parties a few days after the court appearance.

Before going ahead with a Dominican divorce, parties are advised to consult local counsel to determine its legality in their place of residence. Although courts in some jurisdictions (New York, Connecticut, Tennessee) have upheld Dominican divorces and found them valid, courts in other jurisdictions either have not had the opportunity to rule on the matter or consider them invalid based on reasons of public order. Many web-based services offering Dominican divorces and some Dominican attorneys do not address this issue properly.

The adoption of Dominican children by non-Dominican adopting parents is possible. The legal procedure, however, is time-consuming and expensive. General requirements for the adopting parents are the following:

• Must be more than 25 years old.
• Must have lived together as a couple for at least 5 years.
• The age difference between the adopting parents and the adopted child must be at least 15 years.
• The consent of the child's parents, or in the case of orphans, from the appropriate judicial authority, must be obtained.
• Must live with the child in the Dominican Republic for at least 60 days (30 days if the child is 15 or more).
• Applicants must also present to the Dominican authorities evidence of their solvency, good health and good morals.

INTERNATIONAL ADOPTION - DOMINICAN REPUBLIC

Prospective Adoptive parents are advised to fully research any adoption agency or facilitator they plan to use for adoption services. For U.S. based agencies, it is suggested that prospective adoptive parents contact the Better Business Bureau and licensing office of the Department of Health and Family Services in the state where the agency is located.

GENERAL: While the Dominican Republic permits adoptions by foreigners, the process is difficult and time-consuming. New changes to the child custody law require adoptive parents to reside in the Dominican Republic at least 90 days (and in some cases longer) while the Oversight Agency of the System for the Protection of Children and Adolescents reviews their case. In cases where the Dominican Republic has already declared a child abandoned, adoptive parents may be given legal guardianship with the intent of adoption in the United States. A child may only be removed from the Dominican Republic after the adoption has been granted by the Dominican court if the adopting parents present a U.S. immigrant visa to the Dominican Attorney General, who then provides an exit authorization letter.

AVAILABILITY OF CHILDREN FOR ADOPTION: Recent U.S. immigrant visa statistics reflect the following pattern for visa issuance to orphans:

FY - 1995: IR-3 Immigrant Visas Issued to Dominican Orphans Adopted Abroad - 10
IR-4 Immigrant Visas Issued to Dominican Orphans Adoption in U.S. - 5
FY - 1996: IR-3 Visas - 11, IR-4 Visas - 2
FY - 1997: IR-3 Visas - 18, IR-4 Visas - 1
FY -1998: IR-3 Visas - 139, IR-4 Visas - 1
FY -1999: IR-3 Visas - 8, IR-4 Visas - 2

DOMINICAN ADOPTION AUTHORITY:

The Oversight Agency of the System for the Protection of Children and Adolescents is the government agency responsible for overseeing adoptions in the Dominican Republic. Their main office is located at Calle Moises Garcia No.7 esq. Calle Galvan, Ensanche Gazcue, Santo Domingo, Dominican Republic, tel: (809) 685-9257. Inquiries should be in the Spanish language.

DOMINICAN ADOPTION LAW:

Adoption is governed by Articles 27 through 96 of the Código para La Protección de Niños, Niñas, y Adolescentes - Ley 14-94. (Code for the Protection of Children and Adolescents - Law 14-94.)

DOMINICAN REPUBLIC ADOPTION PROCEDURES:

Relinquishment of Parental Rights of the Biological Parent(s):

Consent of the biological parent is required under Dominican law in order to adopt a minor child. If one of the parents is deceased or is incapable of expressing his or her will, the consent of the other parent is considered sufficient under Dominican law. If the parents are separated or divorced, the consent of the parent having custody is essential. If the parent not having custody has not given his or her consent, said parent must be notified of the impending adoption. Three months must elapse after the notification before the adoption can be pronounced or finalized. The consent of the biological parents may be incorporated into the adoption decree or it may be given in a separate sworn statement before a notary, before a Justice of the Peace of the domicile of the child. (PLEASE NOTE: a child out of wedlock in the Dominican Republic is placed in the same legal position as one born in wedlock once the child has been acknowledged by the father in accordance with Dominican law and hence qualifies as a "legitimated" child under Section 101 (b)(1)(C) of the Immigration and Nationality Act (INA). Article 14 of Law 14-94 was amended on January 1, 1995. Prior to this enactment, legitimization was accomplished only through acknowledgment of the biological offspring followed by the marriage of the parties.

The petitioner has to establish to BCIS that the beneficiary qualifies as an eligible orphan within the meaning of Section 101(b)(1)(F) of the INA. In accordance with Chapter 8, Code of Federal Regulations, Section 204.3(a), an alien is eligible for classification under 201(b) of the Act as an orphan if he or she meets the definition of child contained in Section 101(b)(1)(F) of the Act, previously cited. The burden of proof is on the petitioner to establish eligibility for the benefits sought.

Abandonment:

If both parents of the minor child are deceased or if they are incapable of expressing their will, the consent can be given by the legal representative of the child. When the parents are unknown, the consent is given by the child's legal guardian. The legal guardian is appointed by the Secretaria de Estado de Salud Publica y Asistencia Social or by a judicial authority. As defined by Section 204.3 (b) of the Code of Federal Regulations (CFR): abandonment by both parents means that "the parents have willfully forsaken all parental rights, obligations, and claims to the child, as well as all control over and possession of the child, without intending to transfer, or without transferring, these rights to any specific person (s)." Abandonment must include not only the intention to surrender all parental rights, obligations, and claims to the child, and control over and possession of the child, but also the actual act of surrendering such rights, obligations, claims, control, and possession.

The relinquishment or release of the child by the parents to a third party for custodial care in anticipation of, or preparation for, adoption does not constitute abandonment unless the third party is authorized under the child welfare laws of the foreign sending country to act in such capacity.

Article 119 of Law 14-94 defines as physically abandoned any child or adolescent who lacks someone to provide him with food, or having someone, that person lacks the ability to provide it, or a child that is deprived of sufficient food, attention or education such that his physical or mental health might be compromised. In addition it defines moral abandonment as not receiving attention or supervision from his or her parents.

Judicial Proceedings:

The adoption proceedings take place in a Dominican court of law. The court issues the adoption decree which must be finalized at a public hearing. An extract of the decree is published in the Official Gazette (Gaceta Oficial) and in a newspaper with wide national circulation. Within three months of the public pronouncement of the decree, the adoption is entered at the Civil Registry where the child was born. The adoption must also be entered/registered in the Central Civil Registry in Santo Domingo and at the Board of Elections (Junta Central Electoral).

AGE AND CIVIL STATUS:

Under Dominican law, a single individual, married couple, or unmarried couple may adopt a child. A single individual must be at least 25 years old and at least 15 years older than the child. A married couple may adopt a child if one of the spouses is at least 25 years old. If the couple is unmarried, the partners must have at least 5 years of known and uninterrupted union.

The entire adoption process in the Dominican Republic, from the original release of the child for adoption to the final adoption decree may take six months or more.

ATTORNEYS AND ADOPTION AGENCIES:

Adoptions can be arranged through private adoption agencies working with Dominican attorneys or directly with Dominican attorneys. If a private attorney is retained, the cost can be as high as five thousand dollars, but this includes locating the child and providing a caretaker and room and board until the child is turned over to the adopting parent(s).

U.S. IMMIGRATION REQUIREMENTS

A Dominican child adopted by an U.S. citizen must obtain an immigrant visa before he or she can enter the U.S. as a lawful permanent resident. There are two distinct categories of immigrant visas available to children adopted by U.S. citizens.

A Previously Adopted Child. Section 101(b)(1)(E) of the U.S. Immigration and Nationality Act defines an "adopted child" as one who was adopted under the age of 16 and who has already resided with, and in the legal custody of, the adoptive parent for at least two years. Parents who can demonstrate that their adopted child meets this requirement may file an I-130 petition with the U.S. Bureau of Citizenship and Immigration Services in the Department of Homeland Security (BCIS) having jurisdiction over their place of residence. Upon approval of the I-130 petition, the parents may apply for an immigrant visa for the child at the U.S. Embassy in Dominican Republic. U.S. citizens who believe this category may apply to their adopted child should contact the U.S. Embassy in the Dominican Republic for more information.

An Orphan. If an adopted child has not resided with the adoptive parent for two years (or if the child has not yet even been adopted) the child must qualify under section 101(b)(1)(F) of the U.S. Immigration and Nationality Act in order to apply for an immigrant visa. The main requirements of this section are as follows:

The adoptive or prospective adoptive parent must be an U.S. citizen;

The child must be under the age of 16 at the time an I-600 Petition is filed with the BCIS on his or her behalf;

If the adoptive or prospective adoptive parent is married, his or her spouse must also be a party to the adoption;

If the adoptive or prospective adoptive parent is single, he or she must be at least 25 years of age;

The child must be an orphan, as defined by U.S. regulations. Although the definition of an orphan found in many dictionaries is "A child whose parents are dead," U.S. immigration law and regulations provide for a somewhat broader definition. Children who do not qualify under this definition, however, may not immigrate to the U.S. as an orphan even if legally adopted by an U.S. Citizen. The Department of State encourages U.S. to consider if a particular child is an orphan according to U.S. immigration law and regulations before proceeding with an adoption. A detailed description of the orphan definition used by BCIS can be found on BCIS's web site at http://www.uscis.gov.
U.S. IMMIGRATION PROCEDURES FOR ORPHANS

I. The Petition.

Adoptive and prospective adoptive parents must obtain approval of a Petition to Classify Orphan as an Immediate Relative (Form I-600) from the U.S. Bureau of Citizenship and Immigration Services in the Department of Homeland Security (BCIS) before they can apply for an immigrant visa on behalf of an orphan. The adjudication of such petitions can be very time-consuming and parents are encouraged to begin the process well in advance.

A prospective adoptive parent may file Form I-600A Application for Advance Processing of Orphan Petition with the Bureau of Citizenship and Immigration Services in the Department of Homeland Security (BCIS) office having jurisdiction over their place of residence. This form allows the most time-consuming part of the process to be completed in advance, even before the parent has located a child to adopt. In addition, a parent who has an approved I-600A may file an I-600 in person at the U.S. Embassy in the Dominican Republic .

Detailed information about filing these forms can be found on BCIS's web site at http://www.uscis.gov. U.S. who have adopted or hope to adopt a child from the Dominican Republic should request, at the time they file these forms, that BCIS notify the U.S. Embassy in the Dominican Republic as soon as the form is approved. Upon receipt of such notification, the Embassy will contact the parents and provide additional instructions on the immigration process. U.S. consular officers may not begin processing an orphan adoption case until they have received formal notification of approval from an BCIS office in the US.

II. The Orphan Investigation

One part of the petition process that BCIS cannot complete in advance is the "orphan investigation". An orphan investigation Form I-604 Report on Overseas Orphan Investigation) is required in all orphan adoption cases - even if an I-600 has already been approved - and serves to verify that the child is an orphan as defined by US immigration law. A consular officer performs this investigation at the time of the child's immigrant visa interview.

Orphans adopted abroad who have been in the custody of the adoptive parents less than two years require orphan petitions for U.S. immigrant visa processing to enter the United States.

Get Started Early With U.S. Immigration Procedure:

Prospective adoptive parents should be aware that, whether they identify a child prior to leaving the U.S. or locate the child on a trip to the Dominican Republic, certain very time-consuming processes will have to be completed before the required U.S. Immigration petition(s) (either the preliminary I-600A or the final I-600 petitions) can be approved. These include, but are not limited to, satisfactory completion and submission to BCIS of a home study of the adopting parent(s), compliance with any state pre-adoption conditions and a fingerprint check by BCIS of those parent(s), certified copies of prospective adoptive parents' birth certificates in U.S. or other evidence of U.S. citizenship; certified copy of marriage certificate (if applicable); certified copy of death certificate or divorce decree reflecting termination of previous marriage(s) (if applicable). It is therefore suggested that prospective adopting parents get in touch with the BCIS office having jurisdiction over their place of residence in the U.S. at the earliest opportunity.

Unconditional Abandonment and Meeting the Definition of Orphan:

U.S. law provides for the immigration of children adopted overseas by U.S. citizens under Section 101(B)(1)(F) of the Immigration and Nationality Act. The law states that an eligible child must be under the age of sixteen at the time the immigrant visa petition is filed. The child must have no living parents or only one living parent who is incapable of providing for the child according to local living standards and has irrevocably released the child for emigration and adoption. A child with two living parents can meet the definition of an orphan only through the disappearance of, abandonment or desertion by, or separation or loss from both parents. Abandonment of a child must be unconditional. Agreeing to give a child up for adoption by a specific person does not constitute unconditional abandonment, since the parents are giving up custody with the understanding that the child will be cared for and will be adopted by a particular individual. The Board of Immigration Appeals of the U.S. Bureau of Citizenship and Immigration Services in the Department of Homeland Security (BCIS) has ruled that a child with one surviving parent who has not been abandoned may qualify for orphan status only if the sole surviving parent is destitute by local standards or is otherwise physically or mentally unable to care for the child. This means that the child may not be classified as an orphan unless the sole or surviving parent cannot provide the child the nourishment and shelter necessary for subsistence consistent with the local standards of the child's place of residence. The parent must also irrevocably release the child for emigration and adoption. BCIS usually requires consular officers to investigate the parent's inability to care for the child.

Consular Authority to Approve a Case:

The U.S. Embassy Consular Section in the Dominican Republic has an BCIS Sub-Office.

Taking the Child to the U.S.:

The U.S. immigrant visa petition (I-600) may be filed for the child at the BCIS office located in the Consular Section of the U.S. Embassy in Santo Domingo, or at any BCIS office. If it is filed at the Embassy, the petitioner (or at least one of the members of a married adoptive couple) and the child must be physically present in the Consular District. The I-600 is filed by one person, but if the petitioner is married, the petitioner's spouse must also sign the petition. Both parties must sign the I-600 after the child has been identified. This means that if one party has already gone abroad to arrange the adoption, the I-600 must be sent by the spouse abroad to the spouse in the United States (generally by express courier). If the petitioner is married and his or her spouse has not seen the child before or during the adoption proceedings, then the child must be re-adopted in the U.S. To do this, the petitioner must show he or she has met state pre-adoption requirements. BCIS makes this determination at the time the I-600A is filed or it must be established that pre-adoption requirements have been met at the time of filing the I-600 at the Embassy.

If the BCIS has already approved an I-600A advanced processing application, the I-600 petition may be filed and adjudicated at the post to which the I-600A was sent. If advanced approval has not yet been granted, the I-600 petition must be forwarded to the BCIS for adjudication. If so, as noted above, a home study and fingerprinting of parent(s) and any U.S. state pre-adoption requirements will be necessary, perhaps requiring several months.

Scheduling Appointment with the BCIS Sub Office:

It is advisable to contact the U.S. Bureau of Citizenship and Immigration Services in the Department of Homeland Security office in the Consular Section of the U.S. Embassy in Santo Domingo at least two weeks in advance to check that the documents are in order and to set an appointment for the immigrant visa interview. The BCIS cannot guarantee issuance of the visa in advance of the interview. If you are outside the U.S. and the child has completed his medical examination, you will have a preliminary interview with the BCIS investigator in order to complete form I-604 "Request for and Report on Overseas Orphan Investigation." The child must be present at the Consular Section for the immigrant visa application. The medical examination must be performed by a physician from an approved list of physicians using a specified form. Unless special circumstances, such as a physical handicap, indicate the child's care will be particularly costly, the adopting parents will not be required to provide further proof of their financial situation, as this information will have already been provided at the time of petition (I-600A or I-600) approval.

What Documents to Bring with You to the BCIS office:

Note: Since each case is different, it is possible that the BCIS will request additional documents after a preliminary review of the application of the prospective adoptive parent(s).
For the immigrant visa application the child will need:

1. Certified copy of child's birth certificate issued by the Civil Registrar indicating the name of both parents if known.

2. If biological father, mother, or both are deceased certified copy of death certificate issued by the Civil Registrar.

3. Relinquishment of parental rights executed before appropriate Dominican authority.

4. Adoption decree issued by a Dominican court.

5. Authorization from a Judge to permit the minor to leave the Dominican Republic.

6. Valid Dominican passport.

7. Two 1 3/4 inch visa photographs, in color.

8. Medical examination (according to Embassy instructions). If the minor has a physical or mental disability, a notarized statement will be required from the prospective adoptive parent(s) in the United States indicating that they are fully aware of the physical or mental disability of the minor and, in spite of that fact, that they have the intention of finalizing the adoption. This statement can be included in Item 19 of form I-600 and also in the home study if more convenient. In that case a separate notarized statement will not be required.

9. In cases where the minor has not been seen or observed in person by the prospective adoptive parent(s), a notarized statement by those parents will be required indicating that although they have not seen or observed the minor in person, they are nevertheless willing to adopt or re-adopt the minor in the United States. Both parties must sign the I-600 after the child has been identified. This means that if one party has gone abroad to arrange the adoption, and the other remained in the U.S., the I-600 must be sent by one spouse to the other with the child's identity information completed and an original signature of the spouse reflecting their concurrence with the procedure. This is generally done by express courier in the interest of time.

10. In the case of a minor taken to the United States by a third party, for example, a legal representative or social assistant of an adoption agency or other entity, a notarized statement will be required authorizing that person to take the minor to the United States with the purpose of placing him/her with the prospective adoptive parent(s). This statement can also be included in the Judge's authorization for the child to leave the Dominican Republic. Note: There are no provisions in BCIS regulations for approving petitions signed by agents with powers of attorney. Consequently, even if an agent is physically accompanying the child to the U.S., the petition itself must be signed by the adoptive parent(s), after the child has been identified.

U.S. FEES:

BCIS fees for I-600 and I-600A Petitions: There is an BCIS fee of $332 for an I-600 or I-600A petition. If you have a valid I-600A and file an I-600 within 18 months of the approval of the I-600A, no fee will be charged for the I-600 provided you are only petitioning for one child or for siblings. If you are petitioning for more than one child and the children are not siblings, the I-600 fee will be charged.

U.S. State Department authentication fee: If you are having documents authenticated by the Department of State Authentication Office, there is a fee of $32.00 per document.

Medical Examination Fee:

The adopted child must have a medical examination performed by one of the U.S. Embassy or Consulate's panel physicians before the immigrant visa can be issued. The cost of this medical examination is approximately U.S. $16.00 plus the cost of the vaccination requirement and must be borne by the adoptive parent(s). If the child is over 15 years old the cost is approximately U.S. $66.00.

U.S. Immigrant Visa Fee: The fee for the immigrant visa is $325.00 and may be paid either in U.S. dollars or local currency. This $325.00 does not include medical examinations, costs of documents, the petition, etc. The U.S. Embassy does not accept personal checks or credit cards.

ADDITIONAL INFORMATION:

Prospective adopting parents should consult BCIS publication No. M-249, "The Immigration of Adopted and Prospective Adoptive Children" and the Department of State information flyer "International Adoptions."

DOMINICAN EMBASSY AND CONSULATES IN U.S.:

Embassy and Consulate of the Dominican Republic
1715 22nd Street, N.W.
Washington, D.C. 20008
tel: (202) 332-6280

Consulate of the Dominican Republic
17 West 60th Street
New York, N.Y. 10023
tel: (212) 265-0630

U.S. EMBASSY IN DOMINCAN REPUBLIC:

U.S. Embassy Santo Domingo
Corner of Calle Cesar Nicholas Penson and Calle Leopoldo Navarro
Unit 5500
Santo Domingo
tel: [809] 221-2171
fax: [809] 686-7437

U.S. EMBASSY ASSISTANCE:

Upon arrival in the Dominican Republic to try to arrange an adoption, U.S. citizens should register at the American Citizens Services unit of the Consular Section . The American Citizens Services unit provides information about current travel advisories and other information about the Dominican Republic including lists of physicians and attorneys. The Consular Section's American Citizens Services unit is at the corner of Calle Cesar Nicolas Penson and Maximo Gomez, telephone: (809) 221-2171

QUESTIONS: Specific questions regarding adoption in the Dominican Republic may be addressed to the BCIS Sub Office in the Consular Section located at Cesar Nicolas Penson corner of Maximo Gomez. You may also contact the Office of Children's Issues, SA-29, 2201 C Street, NW, U.S. Department of State, Washington, DC 20520-2818, telephone 1-888-407-4747 with specific questions.

Information is also available 24 hours a day from several sources:

Telephone

Office of Children's Issues - Recorded information regarding changes in adoption procedures and general information, 1-888-407-4747.

State Department Visa Office - Recorded information concerning immigrant visas for adoptive children, (202) 663-1225.

Bureau of Citizenship and Immigration Services in the Department of Homeland Security - Recorded information for requesting immigrant visa application forms, 1-800-870-FORM (3676).

Internet - The Consular Affairs web site at http://travel.state.gov contains international adoption information flyers and the International Adoptions brochure.

Other information:

Consular Information Sheets - published by the State Department and available for every country in the world, providing information such as the location of the U.S. Embassy, health conditions, political situations, and crime reports. The information is available 24 hours a day by calling the State Department's Office of Overseas Citizens Services at (202) 647-5225.

September 2001

Rivas & Asociados advises clients in all aspects of labor relations and social security. The firm's lawyers negotiate, draft and register employment contracts. We also assess fringe benefits and other forms of compensation/allowances, plan human resources strategies, devise methods to terminate employment contracts, negotiate collective bargaining agreements, counsel and assist in labor disputes, and advise clients with respect to mandatory insurance programs and accident policies.

Environmental issues are gaining prominence in most countries throughout the world, including the Dominican Republic, where they have had a significant impact on business development. The firm's environmental lawyers counsel domestic and foreign clients on the most effective and least costly way to comply with new and existing laws, rules and regulations.

Our environmental lawyers, working in conjunction with the firm's litigators, represent clients in both criminal and civil suits arising from allegations of damage to the environment.

Rivas & Asociados counsels clients in all aspects of routine and complex corporate matters, particularly with respect to constitutional issues, incorporation and day-to-day legal and regulatory issues affecting their businesses. The firm's lawyers concentrate in acquisitions, alliances and joint ventures. Whenever necessary, we advise clients on modifying their corporate structure to become more efficient and adaptable to the new challenges of a changing world. In addition, the firm assists importers of goods and other products negotiate, implement, contract and terminate international commercial agreements, including dealerships, agencies and commission agreements. Rivas & Asociados also provides ongoing advice to clients about the tax aspects of business transactions. The firm's international contacts allow it to incorporate companies anywhere in the world as well as offer clients the possibility of acquiring a previously incorporated shelf company.

Under Law 146 of 1971 any national or foreign person or company may register the discovery of mineral deposits and request to the General Mining Office of the Ministry of Industry and Trade exploration or exploitation concessions. Exploitation concessions are granted for a period of 75 years.

Mining activities are subject to the corporate income tax rate (25%) applicable to companies in general. Furthermore, the purchase of a mining business patent issued by the Ministry of Industry and Trade is required, and exports are charged with a 5% tax calculated on the FOB price of the minerals exported. This last payment may however be deducted from the income tax payable in the same fiscal year in which the export is made.

Law 126 of 1971 on Private Insurance regulates all insurance and reinsurance activities in the Dominican Republic, setting forth the requirements to operate as a national or foreigner insurer or reinsurer in the Dominican territory and placing all insurance companies under the supervision of the Superintendence of Insurance, a division of the Ministry of Finance.

Under Law 126 of 1971, foreign companies may operate as foreign insurers or reinsurers in the Dominican market if, among other requirements, they have been organized and operating for more than five years in their country of origin.

Financial institutions are under the supervision of the Superintendence of Banks and are subject to the regulatory powers of the Monetary Board of the Central Bank. The requirements to establish a financial institution in the Dominican Republic are set forth in Law 708 of 1965 for commercial banks, in Law 292 of 1966 for development banks, in Law 171 of 1971 for mortgage banks, in Law 5897 of 1962 for savings and loans associations and in the relevant resolutions of the Monetary Board for multibanks.

Foreign banks may operate in the Dominican Republic by either incorporating a Dominican subsidiary or establishing a branch, but there are certain restrictions as to the capital composition. The bill for a Monetary and Financial Code currently being discussed by Congress seeks, among other things, to liberalize the banking sector and thus eliminates all the restrictions in this regard.

The Dominican Republic Stock Market (BVRD) started to operate as a self-regulated institution in 1991. Despite the limitations resulting from the lack of adequate legislation, transactions at the BVRD had been growing, if not significantly, at lest steadily, during the last decade. In the year 2000 volumes negotiated at the BVRD reached RD$4,041.7 million. With the passing of Law 19-00 of 8 May 2000 on Stock Markets, which fills in the legislative gaps that were limiting the expansion of financial markets in the country, the Dominican stock market can be expected to acquire significant value, for both local and foreign companies, as soon as this law has been put into effect.

Law 19-00 of 8 May 2000, yet to be fully implemented, provides a modern and comprehensive legal and institutional framework to the public offer of securities in the Dominican Republic. It regulates both local and foreign issues of securities, as well as all actors in the market, such as stock exchanges, brokers, compensation chambers, central deposits, risk qualifiers, mutual funds and securization companies. The regulatory body of the market will be the Securities Supervisory Office ("Superintendencia de Valores").

In the Dominican Republic, there is no legal restriction to the private sale of stock or other type of securities. Law 19-00 applies only to public offers, defined as those addressed to the public in general, or to specific sectors thereof, by any of the means of massive communication.

Rivas & Asociados advises clients in all matters related to taxes, including tax planning, auditing, and representation in cases of alleged violation of tax laws. In addition, attorneys at the firm assist in the restructuring of companies, always keeping an eye toward reducing taxes and complying with current law.

Rivas & Asociados counsels clients in a variety of international business transactions, including trade and investment operations in the Dominican Republic and abroad. Our lawyers work closely with our clients' in-house counsel, external advisers, and foreign lawyers to benefit from shared knowledge and to respond creatively.

To represent foreign clients in a wide range of international transactions, the firm capitalizes on its relationships with major law and accounting firms worldwide, its knowledge of national and international law, and its network of contacts within the legal and business community in the Dominican Republic and abroad.

Law 153-98 of 27 May 1998 on Telecommunications modernized the measures for the regulation of the sector, adapting them to the requirements of the World Trade Organization (WTO) and the International Telecommunications Union (ITU). It regulates the installation, maintenance and operation of telecommunication networks, as well as the provision of services and equipment related to telecommunications. The regulatory body of the sector is the Dominican Institute of Telecommunications (INDOTEL).

Law 153-98 sets the principle of free provision of telecommunications services, and thus any company that complies with the established requirements (which include the need to be organized as a Dominican limited liability company) is entitled to request concessions for the provision of telecommunications services, which are granted by INDOTEL for renewable periods of five or twenty years. Concession requests must be handled pursuant to the principles of equal treatment and non-discrimination. Licenses for the use of the radio electrical spectrum are granted by public bidding. As to broadcasting services, the applicants must be Dominican nationals.

Since the provision of telecommunication services is of public and social interest, concession holders are entitled to the following in order to install their networks and/or equipment: (i) to connect their equipment to public telecommunication networks, (ii) to use public property, (iii) to create easements on private property, and (iv) to interconnect their networks with other concession holders.

Law 153-98 sets forth a number of rules in order to promote the free operation of the telecommunications market in conditions of effective competition. It establishes the principle of minimum regulation and maximum operation of the market in all aspects, including pricing and negotiations between providers. INDOTEL may only intervene when there are not enough conditions in the market to ensure an effective competition.

Technical standards conform to the international practices applied in the zone to which the country belongs, which is the World Zone Number 1 (formed by United States, Canada and a group of Caribbean islands).