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BOSS+ is a five-year security that the Government of Barbados is issuing.
BOSS+ bonds are sold at par (face value) and pay 4.5 percent interest per annum. That interest is paid in two instalments and is not subject to withholding tax.
While the maturity period for BOSS+ bonds is five years, they can be redeemed, without penalty, after 24 months.
You buy BOSS+ bonds at face value – the minimum investment is $500 and thereafter you can increase your investment in increments of $100 – and receive 4.5 percent interest per annum over the five-year maturity period. That interest is paid semi-annually, and is not subject to withholding tax. At the end of the five years, you get back your initial investment.
If you don’t want to hold your BOSS+ bonds for the full five years, you can redeem them, without penalty, after 24 months. You can also trade them on the secondary market through a broker, e.g. Royal Fidelity, NCB, SigniaGlobe. Another option is to sell your BOSS+ bonds to someone else.
First, because BOSS+ bonds offer attractive returns. They pay 4.5 percent interest per annum, a rate that is significantly higher than you get on savings accounts at financial institutions or for other comparable investments, and that interest is not subject to withholding tax. Interest is paid semi-annually, which means you begin to see a return on your investment in six months.
Second, because they are flexible investments. While BOSS+ bonds have a maturity period of five years, you have the option of redeeming them, without penalty, after just 24 months. You can also trade them on the secondary market at any time after you purchase them (except in the months when interest is paid).
And third, because they are a safe investment. Like savings bonds, BOSS+ bonds are protected from debt restructuring.
There’s another reason you should buy BOSS+ bonds, however. The money you invest in BOSS+ will be spent on projects that contribute to Barbados’ economic, social, and environmental development. For example, government will use it in its efforts to mitigate the impact of climate change – a benefit for each of us. That means that while you’re helping yourself, you’re also helping the country.
Because they offer an attractive interest rate, 4.5 percent per annum, investing in BOSS+ bonds will help your savings grow at a faster rate than if you left your money in a savings account. As an example, if you invest $2,000 in BOSS+, at the end of five years, you’ll have earned $450, as opposed to investing the same amount elsewhere with interest rates at .015 percent per annum and earning $15 before tax.
And because you receive interest twice a year, and that interest is not subject to withholding tax, you’ll have additional cash on hand, supplementing your income, in the event that you need it.
If you’re a Barbadian over 18, you can invest in BOSS+ either on your own, or jointly with someone else. You can also buy BOSS+ bonds in trust for your minor children.
Businesses, churches, and other organisations can also invest in BOSS+.
The money you invest in BOSS+ will be used on projects that contribute to Barbados’ economic, social, and environmental development. For example, government will use it in its efforts to mitigate the impact of climate change - a benefit for each of us. That means that while you’re helping yourself, you’re also helping the country.
And the attractive returns it offers, 4.5 percent interest per annum, will help boost your savings or supplement your income.
You can buy BOSS+ bonds any time that there is an issue open.
You can buy BOSS+ bonds from the Central Bank of Barbados. Email us at publicdebt@centralbank.org.bb.
To buy BOSS+ bonds, you’ll need to complete an application form, which is available on the Central Bank of Barbados’ website. Submit the application in person or via email to publicdebt@centralbank.org.bb and make your payment. Here are your payment options:
The minimum investment is $500. Thereafter you can buy in increments of $100.
Yes. However, you must purchase the bonds in your name, “in trust for” your minor children.
Yes. You pay the face value for the bond and receive 4.5 percent interest per annum on that amount. And the interest you get is not subject to withholding tax.
Yes. You can purchase BOSS+ bonds jointly with up to two other persons.
No. There is no maximum investment apart from what is available when you apply.
You will need to complete a new application each time you want to purchase BOSS+ bonds
There are several ways you can pay for your BOSS+ bonds:
You will get an e-statement confirming your holdings when you purchase your bonds. You will also get an updated statement each time you make a purchase or a sale from your account.
You will need to purchase your BOSS+ bonds directly from the Central Bank.
Yes. Your credit union can issue a draft payable to the Central Bank on your behalf. And once you start to receive interest on your BOSS+ bonds, it will be lodged to your credit union account.
You’ll receive interest on your investment twice a year (on February 28 and August 31), and the principal will be repaid when the bonds mature in five years. If you choose to redeem your BOSS+ bonds early (after 24 months), you’ll receive your principal back at that time.
Both the bi-annual interest payments you earn and the principal will be credited to your account.
No. You’ll need to complete a new application each time you want to buy bonds.
You can sell your bonds on the secondary market through a broker, e.g. Royal Fidelity, NCB, SigniaGlobe. You can also sell them directly to someone else.
The price at which you sell your BOSS+ bonds will be based on negotiations with the buyer or at the market value based on the listed price on the Barbados Stock Exchange.
You can sell your bonds at any time after you buy them, except during the months when interest is scheduled to be paid (February and August).
If you wish, you can redeem your bonds 24 months after they are issued instead of waiting the full five years. Before then, you will need to sell your bonds on the secondary market, or trade with another person.
You can’t see your bonds to the Central Bank. If you want to sell your bonds before the 24-month early redemption period, you can go through a broker, and they will facilitate the sale. You won’t need to find a buyer.
Once your BOSS+ bonds mature, your account will be credited with the principal of your holdings.
You won’t be penalised if you redeem your BOSS+ bonds after 24 months. To do that, you will need to send written correspondence indicating that is what you wish to do at least one month prior to the early redemption date.
Yes, they can.
No. You can buy whatever value of BOSS+ bonds you’d like as long as that amount is available.