Buying Property in Jamaica
CAN FOREIGNERS BUY PROPERTY IN JAMAICA?
Yes, foreigners can buy property in Jamaica and the Government of Jamaica welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in Jamaica and foreign buyers enjoy the same rights as Jamaican citizens.
Buying property in Jamaica is a relatively simple process, which typically involves the following steps:
Begin your property search.
Find your perfect property and make an offer.
Once you have made an offer on a property and that offer has been accepted, a land survey and title search should be conducted.
The seller’s attorney will prepare an Agreement for Sale.
Upon signing you will typically need to pay a deposit of 10% to 20% and the balance will then be paid in installments.
Pay all required taxes and fees.
Total stamp duty amounts to JMD $5,000 which is split equally between buyer and seller – Buyer JMD $2,500; seller JMD $2,500.
There is also a Transfer Tax of 2% of the purchase price of the property, which is paid in its entirety by the seller.
A registration fee amounting to approximately 0.5% of the purchase price is payable to the Registrar of Titles.
This fee is also split equally between buyer and seller – Buyer 0.25%; seller 0.25%.
ANNUAL PROPERTY TAXES
There is a nominal annual property tax based on the unimproved value of the land i.e. excluding any buildings.