ATR42 FLC EXPERIENCE LAND OVER WHILE IN POSITION FOR TKOF ON RWY 11 AT MDST.

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I SERVED AS THE FO OF AN ACR WHICH WAS ATTEMPTING TO DEPART SANTIAGO; DOMINICAN REPUBLIC (MDST). THE OTHER CREW MEMBER WAS THE CAPT. IMC CONDITIONS EXISTED WITH RAIN. WE WERE CLRED TO BACK TRACK RWY 11 AND TO LINE UP AND WAIT FOR TKOF CLRNC. ONCE WE REACHED THE END AND WERE IN POS FOR TKOF; TWR TOLD US THERE WOULD BE A 3 MIN DELAY FOR TKOF AND TO CONTINUE HOLDING POS FOR TKOF CLRNC. AT THIS TIME THE CAPT DECIDED TO TURN THE ACFT 90 DEG TO THE RWY WITH THE NOSE POINTING TOWARD THE CENTERLINE OF THE RWY. SHORTLY AFTER THIS THE CTLR CLRED ACFT Y FOR THE VOR DME APCH. WE NOTED THE ACFT ON OUR TCAS AT 10 DME AND CLOSING. AT THIS TIME THE CAPT RPTED TO THE TWR THAT WE WERE ON THE APCH END OF RWY 11 WAITING FOR TKOF CLRNC. THE TWR RESPONDED 'ROGER.' THE ACFT Y CONTINUED THE APCH TOWARDS RWY 11. AGAIN; THE CAPT RPTED TO TWR THAT WE WERE SITTING ON THE APCH END OF RWY 11 AND QUESTIONED TWR IF HE WAS GOING TO ALLOW ACFT Y TO LAND WHILE WE WERE ON THE RWY. THE TWR SAID 'NO HE WOULD NOT LET THE ACFT Y LAND.' WE CONTINUED TO WAIT FOR TKOF CLRNC. THE APCHING ACFT CALLED 4 MI FINAL AND TWR TOLD ACFT Y TO CONTINUE. NOW THE CAPT IN SPANISH ASKS THE TWR DOES HE REALIZE WE ARE ON THE RWY AND ACFT Y IS ON SHORT FINAL FOR THE SAME RWY? THE TWR REPLIED 'YES; I UNDERSTAND.' THE CAPT AGAIN SAID TO TWR 'WE ARE ON THE APCH END OF RWY 11 AND ACFT Y IS ON SHORT FINAL FOR THE SAME RWY; DO YOU UNDERSTAND? THE TWR REPLIED 'YES; I UNDERSTAND.' THEN ACFT Y RPTED HE WAS COMMITTED TO LAND. SECONDS AFTER; THE ACFT FLEW ACROSS OUR NOSE DIRECTLY ABOVE OUR ACFT AND PROCEEDED TO LAND. ONCE ACFT Y CLRED THE RWY; WE WERE GIVEN OUR CLRNC TO DEPART. NEVER ONCE DID THE TWR SAY TO THE APCHING ACFT TO GO AROUND OR TO EXECUTE A MISSED APCH AND HE NEVER CLRED ACFT Y TO LAND. THERE WAS NO EMER ISSUED BY ACFT Y OR TWR. THE LNDG OF THE APCHING ACFT WAS A POTENTIAL DISASTER WHICH COULD HAVE COST MANY INNOCENT PEOPLES LIVES; NOT TO MENTION IT VIOLATED REGULATIONS. IF WE HAD LEFT OUR ACFT LINED UP ON THE CENTERLINE OF THE RWY; THE LNDG ACFT COULD HAVE QUITE POSSIBLY CLIPPED OUR TAIL. THERE WAS NO ROOM AT THE END OF THE RWY FOR US TO EXIT. THE FRUSTRATION LEVEL IN OUR COCKPIT WAS HIGH AND ATTEMPTING TO EXIT THE RWY WITHOUT RUNNING OUR ACFT INTO UNLEVELED DIRT AND ROCKS WAS NOT A VIABLE OPTION. ATTEMPTING A HIGH SPEED TAXI BACK DOWN TO THE FIRST AVAILABLE TXWY TO EXIT THE RWY WAS DISCUSSED BTWN THE CAPT AND MYSELF BUT SEEMED EVEN MORE DANGEROUS THAN HOLDING OUR CURRENT POS; NOR DID WE HAVE CLRNC FROM THE TWR TO DO SO. TRUTHFULLY; WE QUESTIONED THE STATE OF MIND OF THE CTLR. THERE NEEDS TO BE A TXWY LEADING TO BOTH ENDS OF THE RWY IN MDST LARGE ENOUGH TO ALLOW A COMMERCIAL ACFT TO EXIT THE RWY; TURN AROUND AND HOLD SHORT BEHIND HOLD SHORT LINES THAT LEAD BACK ON TO THE RWY. I WOULD FAULT THE TWR FOR ALLOWING ACFT Y TO CONTINUE THE APCH WHILE KNOWING WE WERE SITTING ON THE APCH END OF THE ACTIVE RWY. SECONDLY I WOULD FAULT THE LNDG ACFT FOR LNDG WITHOUT A LNDG CLRNC.