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Can Foreigners Buy Property In Jamaica?

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century_21_jamaica_heave_ho_properties.jpgCan Foreigners Buy Property In Jamaica?

By Venesha Johnson | Associate Writer

Jamaica is a tropical paradise and while millions come here each year to vacation, have you ever considered owning a small slice for yourself? Well, if you have, the good news is that you absolutely can! There are literally no restrictions on foreigners buying property in Jamaica. As a matter of fact, our government would actually love for people overseas to invest in real estate here.

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I am sure you have questions, so here’s how it works:

Step 1: Start Looking!

First things first, you’ll want to get into the spirit of finding the right place. You can hit up local realtors or just browse property listings online. Don't rush, there are so many different types of property to choose from in Jamaica, so take your time so you can make the right choice.

Step 2: Make Your Move

Once you find the one, it’s time to make an offer. Pretty simple, right? You can haggle a bit or just go ahead and offer what you’re comfortable with.

Step 3: Get a Lawyer - Not Mandatory but Highly recommended!

Jamaica is super chill about foreign buyers, but you’ll still want a local attorney who is familiar with our laws and stipulations to handle the paperwork. They’ll help with the contract, and title search, and make sure everything’s legit. You can expect to pay about 2% to 3% of the property price for legal fees, plus a small tax on top of that (so, like 15% more). It sounds like a lot, but it’s a one-time thing and totally worth it to avoid any issues later on.

Step 4: Do Some Checks

Before things go full speed ahead, you’ll want to do a title search and a land survey. This just makes sure there are no surprises, like finding out the land was promised to someone else or something else that could cause drama.

Step 5: Sign the Deal

Once everything checks out, you’ll sign an "Agreement for Sale" (basically your sales contract). You’ll also need to pay a deposit, usually about 10% of the price and the rest is paid when everything’s wrapped up.

What About the Costs?

Alright, let’s talk money for a second. Here are the main fees you’ll need to keep in mind:

  1. Stamp Duty: This is split 50/50 between you and the seller, just JMD $5,000, so no biggie (you’ll each pay $2,500).
  2. Transfer Tax: The seller pays this one, it’s 2% of the purchase price. So that’s a nice perk for you.
  3. Registration Fee: You’ll need to register your property to make it official. It’s 0.25% of the purchase price for you (the other 0.25% is on the seller).
  4. Legal Fees: You’ll need a lawyer, and their fees will be around 2% to 3% of the property price, plus some extra tax. (It’s not crazy, but definitely something to budget for.)
  5. Property Tax: Once you own the place, there’s a small property tax based on the value of the land. It’s not much, though, especially if you’re not planning to build right away.

A Few Other Things to Know:

  • TRN (Taxpayer Registration Number): You’ll need to get one of these, but it’s pretty easy. You can get it from the tax office, and it’s needed for pretty much any official transaction (like buying property).
  • Proof of Funds: You’ll also need to show where the money is coming from, just a basic part of the process to keep things legit.
  • Title & Survey: Be sure to do a title search and a land survey, especially if the property’s been around for a while. Better safe than sorry!

So, that’s pretty much it! Buying property in Jamaica isn’t complicated, and you get to enjoy the same benefits as us locals once you own. Whether you’re looking for a beach house, a jungle hideaway, or just a chill spot in the heart of the island, Jamaica’s real estate market is open to you.

And let’s be real, who doesn’t want to have their own little piece of paradise in one of the world’s most laid-back, beautiful places?

Not convinced? Come and see the beauty of Jamaica for yourself. Grab a copy of our book, Jamaica On A Budget, as a guide to planning a budget friendly trip to our island, and book with us, to save even more. 

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References & Sources For Can Foreigners Buy Property In Jamaica?

  1. Escape, C. (2022, May 2). Your Guide to Buying Property in Jamaica - Caribbean Escape Realty. Caribbean Escape. https://caribbean-escape.com/your-guide-to-buying-property-in-jamaica/#:~:text=Foreign%20buyers%20can%20buy%20property,prove%20the%20source%20of%20funds
  2. 7th Heaven Properties. (2023, April 18). Buying Property in Jamaica - 7th Heaven Properties. https://www.7thheavenproperties.com/destinations/jamaica/#:~:text=There%20are%20no%20restrictions%20on,property%20and%20make%20an%20offer

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