Abstract. Let C be a bounded cochain complex of finitely generated free modules over the Laurent polynomial ring L = R[x, x −1 , y, y −1 ]. The complex C is called R-finitely dominated if it is homotopy equivalent over R to a bounded complex of finitely generated projective Rmodules. Our main result characterises R-finitely dominated complexes in terms of Novikov cohomology: C is R-finitely dominated if and only if eight complexes derived from C are acyclic; these complexes are, and their variants obtained by swapping x and y, and replacing either indeterminate by its inverse.