Jamaica

Jamaica

Population 2.3 million
Area 10,991 km sq
Timezone GMT -5
Language English and Jamaican Patois
Jamaica is the third largest island in the Caribbean Sea. Situated between the Dominican Republic and the Cayman Islands, Jamaica gained independence from the UK in 1982, and became a member of the Commonwealth.

A gem in the Caribbean’s tourism crown with its culture, music scene, food, white sandy beaches, resorts and activities, including legendary golf courses, it has been popular with tourists and second homebuyers from around the world for decades.
There has been investment in infrastructure and tourism and visitor figures reached four million in 2019. There are two international airports, one in Kingston and the other in Montego Bay, receiving flights from around the world. Our affiliate partners Luxury division showcases some of the finest properties for sale on the island. Resort homes, apartments, land, villas, farms and new developments, with prices ranging from under USD$100,000 to over USD$35,000,000. There has been some price growth in recent years.

The capital Kingston is home to much of the population, although crime rates are higher here, so expats may look to the neighbouring parish of St Andrew. Other popular spots for property lie on the northern coast including Montego Bay, Ocho Rios, Discovery Bay and the garden parish of St Ann. Negril to the west with Seven Mile Beach, or else Westmoreland parish to the south are also popular. Quieter lifestyle properties are inland. Security is an important consideration.
You need a Tax registration Number (TRN) to buy property. Check land titles, as not all are registered. Titles are obtained from the office of Land and Titles. This takes place usually when the offer is accepted, but before signing the sale agreement. A land survey takes place at the same time.

Deposits are usually 10-20%, paid when the sale agreement, drawn up by the seller’s lawyer, is signed by both seller and lawyer. Property prices may be favourable, but additional costs are high. Legal fees can be around 3% on top of property asking price, plus 16.5% GCT (General Consumption Tax, like VAT). Stamp duty is around 4% and there is a registration fee, around 0.5% of property value plus an agreement for sale. Some costs can be split with sellers, so check with your agent. There will be fees around mortgage too, if required. The seller pays the Transfer Tax, up to 5% of sale price and the real estate agent fee (plus CGT). Other charges and fees may apply, depending on services employed.
Foreign currency transfer requires permission in advance from the Bank of Jamaica. Check country entrance allowance, but generally, if you are looking to stay in Jamaica longer than three months as a tourist, you need to apply for permission from the Passport, Immigration and Citizenship Agency (PICA). Visa is required to live and work. Financially independent people, including those who are retired, can apply for permanent residency if they meet certain criteria. Fees apply.

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