Regional Information - Foreign Ownership > Jamaica, Caribbean

Feature Island

Regional Information

Clichés happen for a reason and the three R’s of Jamaica persist: reggae, reefers and rum. But as far as clichés go, these aren’t bad ones if you’re considering the private island lifestyle in Jamaica. The island of Jamaica has gone in and out of vogue with the jet set ever since Errol Flynn started cavorting on the island in the 1930s. The island’s beaches and mountains promise paradise for thousands of travellers every year, from beach bums to the very well heeled. Jamaica has largely recovered from Hurricane Ivan in 2004 and looks to enjoy solid tourism growth in the future. Some travellers and investors stay away from Jamaica because of the big city gang violence fuelled by the drug trade. Regardless, many rural and resort areas outside urban centres remain very safe. It’s in these areas that you would be best advised to secure your private island paradise.

Jamaica, Caribbean

Foreign Ownership of Islands in Jamaica, Caribbean

Jamaica actively encourages foreign real estate investment. Foreigners can own freehold property in Jamaica with the same legal rights as the country's citizens. Jamaica also has a couple of investment incentive regimes for real estate that offer income and tax relief and the duty-free importation of construction materials. Real estate salespeople must possess a license to legally conduct transactions in Jamaica. The law of agency governing real estate transactions in Jamaica mandates that agents must represent a specific side in the buying and selling equation; dual agency is illegal. Commissions usually run about 5%. When a Jamaican and a foreign agent co-broker a deal, a 50/50 split is common. Unlike some countries, anyone (local or foreign) can buy or sell real estate and move their proceeds anywhere in the world. Financing can also be arranged in Jamaica.

Regional Statistics for Jamaica, Caribbean

Location:: Caribbean, island in the Caribbean Sea, south of Cuba
Population:: 2,758,124
Languages:: English, patois English
Capital:: Kingston
Currency:: Jamaican dollar
Climate:: hot, humid; temperate interior
Temperature Range:: +18 to +35
Terrain:: mostly mountains, with narrow, discontinuous coastal plain
Natural Hazards:: hurricanes (especially July to November)