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 DMS-Banking
Investment Associates - A competent Partner
What
We can do for You
DMS-Banking
Investment Associates have accumulated a wealth of experience
working with number of local banks and mutual fund companies and through our
associate team of financial advisors.
One of the most attractive packages here
in the Dominican Republic is certificate of deposits. We go in to more detail on
this in our banking section but in essence your money is internally transferred
within the bank from your savings account to a high yield account where by you
are given a certificate (or the bank holds this for safe keeping). And your
money is put to work to make the high interest rates we mention. You need to
keep a minimum of US$ 2,000.00 in the savings account to keep it open and a
minimum of US$ 20,000.00 to make a certificate. Now for example if you have US$
50,000 then current rates provide 8.25% interest annually but actually paid
monthly. US$ 100,000 will provide 10% annually but actually paid monthly either
back to your savings or current account for instant debit if required or it can
be rolled back in to your Certificate of deposit fund so that grows. Once past
the initial 90 days of making your certificate you can cash in at any time, and
the subsequent fund is transferred internally back to your regular savings or
current account.
Well, your probably thinking this is too
good to be true but its fact and we have many very happy clients. Wealthy
Dominicans have been doing this for years and so have many other Latin cousins
in other countries that are used to seeing these good rates of return. Obviously,
you wouldn't expect your own bank paying just 3% to tell you about these rates
here. Where else can you get this interest and without penalty? Certainly
not in the US or Europe that's for sure. These are in effect no notice accounts.
None of the "locked up for 6 months" savings just to earn a measly 2%
or 3%. To understand why this works here you need to read through our site to
understand how the economy reflects on this.
By the way, these are very safe major bank
investments of which these bank branches are massive throughout Latin America
and even in to Europe. The Central Bank in Dominican Republic monitors safe
banking practices very carefully to make sure the banks are always very solvent
to protect the foreign and local investors alike.
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Commercial
Paper or Short Term Investments
Commercial paper is similar in many ways as a short-term bond, typically
less than one year. Commercial paper investments are in fact a short-term
investment for 30 days, 90 days, 180 days or any time frame that is one year or
less. The main difference is that you are loaning your money directly to a
company and not to the bank. The commercial paper can also be registered in
your name or if in the name of your corporation, foundation or trust. Naturally
this attracts a higher rate but increases the risk factor even though you would
be dealing with only the largest companies which have been around and profitable
for many years.
For commercial paper in the Dominican Republic, the companies that we do
business with keep us informed regarding that latest rates that are available,
so then we can pass this information on to you so you can then make an informed
decision based upon risk versus gain. We would respectively like to point
out that we do not stand to benefit financially in anyway by offering one
scheme in preference to another.
Commercial paper in US dollars will payout monthly interest in dollars. With
regard to Dominican Peso investments this can be arranged by using a
savings account in Santo Domingo with one of the local banks. At the end
of the time period of investment our clients can choose to re-new for another 90
days or request that the capital can be deposited back to their savings account.
It need not matter whether or not you live in the Dominican Republic or
abroad as access to your money is always possible through their bank cash point
card network.
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Current Interest Rates for Commercial Paper in
Dominican Pesos range from 25% to 30%, depending upon the company, length
of the investment and also the amount invested. Deposits of RD $ 1 Million
pesos (about £40,000 or US$ 65,000) will naturally pay a higher rate than the
minimum deposit of RD$ 100,000 (about £4000 or US$ 6500 ).
.
Current Interest Rates for Commercial Paper in US Dollars range from 7% to
12% depending upon the company, length of the investment and also the amount
invested. The higher rates are available with deposits of US$ 50,000 (£35,700)
or more.
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Interest from US Dollar Commercial Paper is tax-free in the Dominican
Republic. Interest from Dominican Peso Commercial Paper is tax-free depending
upon the amount invested. Bank account interest is also 100% tax exempt
in the Dominican Republic for both the locals and foreigners.
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