Hey jjsk
Unless you have someone in DR who you absolutely and totally trust, something very hard to find in this country(personally, I do not trust anyone with my money unless it is an established institution) here's what I suggest:
Banco BHD thru COTISA, Bancredito, Baninter, Banco Popular and Banco Del Progreso are involved in the type of investments tools I have talked about. They have several choices. They can select from commercial paper or, fixed certificates with the bank. Either way it is safe. Bank fixed certificates are safer and only slightly lower in interests.
Select one of the banks, and contact the officer who handles their investments. Some are connected with Bolsa De Valores and have a chair in that group. Set up your account with the officer and let them know your needs. They can easily transfer your interest earned either to your savings account, checking account or even your credit card and ATM. At maturity time, ususally 30 to 180 days(a week before) you contact your officer by phone, fax or e-mail to check on your renewal options. They can renew without you being present, and if you forget or just do nothing, they will automatically renew at the present rate going. You also have a week's grace period to change things. I suggest following up all the time and obtaining a written report and your renewal certificate with receipt.
I have certificates with COTISA(Banco BHD's investment unit) and Bancredito and its is working quite well. Banco Central's certificate are safe too, but they do not have the automated systems to help you in this way. They also have web pages to consult. For commercial paper being offered in Bolsa de Valores check their website at
www.bolsard.com. Amounts lower than $500,000 pesos pay about 14.5%. After $1,000,000 you can get 16% or more. This fluctuates monthly. Right now interests are up.
When you are in DR you have the luxury of managing your money side by side with a professional consultant at no cost to you. The risk is extremely low, since the certificates are short term and the investments are well know projects with reputable companies. I suggest you also read the economic pages of our newspapers in the web as well as foreign financial magazines, such as The Economist to keep up of Dominican financial news. Few Dominicans who keep up get caught by surprise by unscrupulous financiers.
And always, always use this as your motto:"If it sounds too good to be true......keep it under your mattress". A note of caution: People involved in this business are usually graduates of business schools in the USA. They either have good proficiency in the language, or have access to people who can communicate well. If a financial prospectus has bad translations, wrong financial terms or simply sloppy language then stay away from it.
TW