Jamaica Property Ownership

Transactiaons and titles are recorded at the Kingston Recording Title Office in Kingston.

Jamaica Transaction Information

Open listings for agents are: Available.
Exclusive listings for agents are: Available.

Jamaica Trade Associations

Real Estate Association of Jamaica
9 Aldington Ave.
Kingston 10, Jamaica WI
phone/fax: 876-960-8832
876-960-8831

Jamaica Forms of Ownership

Similar to the United States and Great Britan. Jamaica uses a British form of law; severalty, joint tenancy, tenants in common.

Jamaica Real Estate Info Summary

There are two types of titles for land in Jamaica, registered and common law titles. In respectof each parcel of land that has been registered under the Registration of Titles Act (the Act), an original and a duplicate certificate of title are issued. The original certificate of title is kept at the Office of Titles and the duplicate title is retained by the proprietor of the land. The Act authoritatively establishes title by declaring under a guarantee of indemnity that ownership is vested in a named person subject to incumbrances as are noted on the title.

Property Taxes:

Jamaica has an island wide property taxes that are ad valorem and are payable yearly (rates vary). There is no tax on capital gains. A capital transfer tax is payable on transfer of land and buildings. The tax is levied at 7.5% of the sale proceeds, but is limited to 37.5% of capital gains realized on the transfer, whichever is less.
In order to encourage foreign investment, Jamaica has taxation treaties with the United States, UK, Canada, Germany, Denmark, Norway, Isreal and Sweeden.

Similar to the United States.

Land Use & Control:

There is zoning in Jamaica. Land use regulation is more strict in tourist areas such as Montego Bay.

Jamaica Mortgages & Financing

Similar to United States, percentage required down which depends on your credit history and net worth. Not difficult to acquire.

The most common source of financing is a building society mortgage loan. However, financing is also available from insurance companies, commercial banks and merchant banks.

Commercial banks may also grant purchasers "interim" financing to facilitate completion of the purchase while other funding is being sought.

If a purchaser is obtaining financing, he will be responsible for the payment of costs to cover stamp duty, registration fees and attorney's fees (and General Consumption Tax).

Eleven commercial banks operating approximately 150 branches throughout the island.