Financial Investment and Consultancy Services Ltd
Investment Options
FICS offers a number of superior investment facilities to the public of St Lucia at attractive rates. The following menu of investments is offered to meet the varied needs of investors:
Education and Housing Investment Plan
The Education and Housing Investment Plan (EHIP) is a medium term financial investment plan that guarantees St Lucians financing for future educational plans and facilitates the accumulation of savings for the 10% or 20% deposit required for the purchase of land or house and land. The Plan requires monthly contributions over a period of two (2), three (3) or five (5) years.
Terms and Conditions
-
The commitment to join the programme is fixed and irrevocable.
-
Contributions are payable at the beginning of each month.
-
Arrears are not permitted to the programme.
-
Failure to meet three monthly contributions will lead to the automatic termination of membership in the programme.
-
FICS will refund payments made subject to deduction of an administrative fee of $50 to $250
FICS Growth Fund
The FICS Growth Fund is a short to medium-term flexible facility which guarantees the public rising interest rates for up to five years. This fund allows customers to:
-
Earn very attractive rates depending upon the amount invested
-
Withdraw funds before five years without the loss of earned yearly interest
-
Withdraw interest annually
-
Terms and Conditions
-
No interest is payable if the funds are withdrawn within the first six months.
-
If funds are withdrawn after six months, but before the first year, the interest rate payable shall be at the discretion of FICS.
-
If funds are withdrawn at the first anniversary date, the interest payable will be equivalent to the rate payable on a one year fixed deposit.
-
If funds are withdrawn after the first anniversary date, but before s subsequent anniversary date, the interest rate shall be equivalent to that applicable for a fixed deposit.
-
If the withdrawal is made on an anniversary date from year 3, the interest payable shall be as indicated on the certificate.
-
The applicable interest shall be calculated annually on the original investment.
Fixed Deposit
The FICS Fixed Deposit is a short-term investment for a period of one year. A lump sum is deposited and accumulates interest during that period.
Terms and Conditions
-
If funds are withdrawn within 6 months, no interest is payable.
-
If funds are withdrawn after six months, but before the maturity date, the interest rate shall be at the discretion of FICS.
-
Interest is adjusted downward if withdrawn before the expiry date.
Housing Assistance Programme
The FICS Housing Assistance Programme is a tax-exempt medium-term investment programme which FICS has introduced to respond to the housing needs of young St Lucians. This programme facilitates accumulation of savings for the 10% to 20% deposit required for house construction or house and land purchase and covers a period of five years. Contributions up to $6,000 in any one year, are eligible for tax exemption.
Terms and Conditions
-
The client must be a first-time home buyer and a resident of St Lucia.
-
No withdrawal of savings is permitted within the five-year period.
-
The client must honour monthly commitment to FICS.
-
In the event that he/she does not honour any of the monthly commitments FICS will be discharged of this prior undertaking subject to the obligation to refund the total amount contributed to the programme less a fee of $50 to $250 to cover FICS administrative expenses.
Senior Citizens Investment Plan (SCIP)
The Senior Citizens Investment Plan is a medium-term financial investment plan that guarantees a senior citizen or retired person a generous income on his or her investment. The period of investment is either three (3) or five (5) years and the income is fixed.
Terms and Conditions:
-
The Plan is intended for ‘retirees only’.
-
Funds invested in the Plan cannot be withdrawn before the expiry date.
-
The investor will be required to stipulate what should be done with the proceeds should the worst happen to him/her before the expiry date.
-
The investment may be used as security for loans.
-
The investment must be no less than $5,000.
Senior Citizens Monthly Interest Investment Plan (SCIP Monthly)
The Senior Citizens Monthly Interest Investment Plan (SCIP Monthly) is a financial instrument that allows Senior citizens or retired persons to withdraw their interest monthly from their investments.
Terms and Conditions:
-
The Plan is intended for ‘retirees only’.
-
Funds invested in the Plan cannot be withdrawn before the expiry date.
-
The investor will be required to stipulate what should be done with the proceeds should the worst happen to him/her before the expiry date.
-
The investment may be used as security for loans.
-
The investment must be no less than $5,000.
Special Deposit
The Special Deposit facility is designed to facilitate those clients whose needs cannot be accommodated by FICS’ existing investment facilities. Interest rates are negotiable.
Supplementary Pension Programme (SPP)
The Supplementary Pension Programme (SPP) is a long-term investment for
persons in permanent employment with a savings capacity capable of
sustaining the monthly contribution. The SPP comprises the following terms
and conditions:
-
The commitment to join the programme is fixed and irrevocable.
-
The commitment is for ten (10) years or fifteen (15) years.
-
Monthly contributions are payable at the beginning of each month.
-
Arrears are not permitted in the programme.
-
Failure to meet three (3) monthly contributions will lead to the automatic termination of membership in the programme and FICS will refund payments made subject to deduction of an administrative fee of $250.
-
All contributions will be paid into a separate Pension Fund which will be invested at and managed by FICS.
-
FICS guarantees that interest accumulated by the Fund will be more than adequate to enable the Fund to honour its obligations to contributors.
-
This plan has been approved by the Inland Revenue Department as a Registered Retirement Savings Plan and therefore, up to $8,000 of contributions to the programme is tax-free.