We have written several articles on how to purchase real estate in Jamaica. However, this article will deal particularly with buying property in Jamaica as a foreigner.  To become more acquainted with buying property in Jamaica generally, you can click here .

Do I Need A  TRN  When Buying Property in Jamaica As A foreigner

Anyone wishing to do business with any government entity in Jamaica must have a tax registration number (TRN). Buying property in Jamaica as a foreigner requires doing “business” with government entities. Therefore,  buying property in Jamaica as a foreigner requires the foreign buyer to obtain a valid TRN.

How to Obtain a TRN When Buying Property in Jamaica As a Foreigner 

Obtaining a TRN is quite easy. You will need to visit any  Tax Office in Jamaica with a valid form of Identification. This may be in the form of your driver’s licence or passport. You will be required to complete a form. Details such as full name, date of birth and place of residence are required to complete the form. Upon completion of the form, you will get a slip of paper with a nine-digit number which is your TRN. The application is a same day process.

If you will not be coming to Jamaica until the sale is completed, you can complete the application process online here . If the process is too complicated for you, you may ask your attorney to apply on your behalf.  Most real estate attorneys have experience in applying for TRN for overseas clients.

If your real estate attorney is applying for the TRN on your behalf, he will need a letter of authority from you. The letter of authority would grant the attorney permission to make the application on your behalf. This letter must be notarized by a Notary Public. If it is not notarized, then it will not be accepted. You are also required to copy the first two pages of your passport and have a notary public sign the photocopies as a true copy of the original.

Buying Property in Jamaica As A Foreigner -Where to Buy    

When buying property in Jamaica as a foreigner, most people tend to go to the North of the island. They take particular interest in parishes such as St. Ann and Trewlany.  Manchester is a favourite for returning residents, mainly because it is cooler and relatively safe compared to other parishes. If you prefer to live in the urban area, there are really beautiful luxurious apartments overlooking the Caribbean Sea near the oceanfront in downtown. For a look at what is currently available, you may visit local real estate websites. This can be very helpful.  An excellent real estate agent can help you to find a property that will meet your needs.

What you should know about buying Apartments vs Houses

When buying property in Jamaica as a foreigner,  one must also consider the type of property they wish to purchase. This is important because most apartments fall under The Registration of Strata Titles Act.  When a property falls under this piece of legislation, you will have equal rights in the common areas along with all the other residents in the complex. Common areas include areas such as swimming pools, tennis court and playgrounds.  You are also required to pay a monthly fee, known as a maintenance fee, to help with the upkeep of the common areas. If maintenance fees are not paid you run the risk of losing your unit. It is important, therefore, to inquire about the cost of maintenance when purchasing apartments. You should also note that some townhouses fall under the same legislation and as such the same rules apply.

On the other hand, the greatest advantage of buying a strata property is the price. You can potentially get a lot more amenities such as swimming pool, tennis court etc for a lot cheaper than buying a house with the same amenities.

Time

Real estate transactions in Jamaica can take a really long time compared to most first world countries.  It typically takes 90-120 days to close a real estate transaction in Jamaica when the purchaser is using a mortgage to finance the purchase.

Cash sales, on the other hand, can take from 38 days to 60 days.  Foreigners buying properties in Jamaica can become very frustrated with these time frames. However, the biggest contributor to this long period is the Stamp Office. The contract for sale has to be stamped and stamp duty and transfer tax are required to be paid. The transfer tax, in particular, is assessed based on the value of the property.  This means that a field visit is required and a valuator is sent out to do their independent assessment of the property.  This is to ensure that the government is getting its fair share of transfer tax.

Cost

The cost to do a real estate transaction in Jamaica is about 5.5% of the purchase price of the property. This does not include the cost for valuation report and surveyor’s report. There is also usually an additional $58,250 for the cost to prepare the agreement for sale. 3.25% can be broken down as follows:

1. Stamp duty $2,500 (JMD)
2. Attorneys fee 3%
3. Registration fee payable to the National Land Agency 0.25%

Finally, buying property in Jamaica as a foreigner can be a bit complicated if you have no guidance. Please do your research. If you have any questions please feel free to use our live chat for a free consultation.

Select a Good and Honest Real Estate Lawyer 

The truth is buying a property in Jamaica as a foreigner comes with a few disadvantages. The most common is that a lot of people will try to cheat you. They assume you are ignorant and wealthy and as such, they will try to get as much out of you as possible. You avoid being cheated by hiring a competent and honest real estate lawyer. Do your research. You can start by searching for real estate lawyers in Jamaica, review their profile and make a few phone calls.

Do I need A real estate Lawyer?

The law does not require anyone at any point to have a lawyer. However, it is always within your best interest to seek independent legal advice especially if you will be doing the transaction from overseas. Your lawyer’s duty is to ensure that the contract that you sign is within your best interest.

If you are a foreigner buying property in Jamaica, you can use our free chat for a free live consultation. If no one is available for a free chat we will respond within 12 hours, please leave us a message.

DISCLAIMER:

The contents of this article are for informational purposes only, and must not be relied upon as an alternative to legal advice from your attorney. 

The post Buying Property in Jamaica as a Foreigner appeared first on FTCW Law | Property Lawyers In Jamaica.

Those who wish to register a company in Jamaica, sometimes struggle with gathering the necessary information to do so. This article is written from the perspective of corporate lawyers in Jamaica and is designed to assist those outside of the jurisdiction who wish to register their companies here. It speaks specifically to registering overseas companies in Jamaica.

What Are Overseas Companies

Companies incorporated in another jurisdiction outside of Jamaica are overseas companies. These companies are also referred to as external companies. External or overseas companies are governed by Part 10 of the Companies Act.

Overseas companies are those companies registered overseas who wish to carry on business in Jamaica. Overseas companies may register under the Companies Act of Jamaica.  If a company is carrying on business in Jamaica, it must be registered in Jamaica. This is not considered as “reincorporation” of the Company. The purpose of the registration is to have a means by which persons in Jamaica can sue the company if necessary.

Companies Required To Register As Overseas Companies

All companies incorporated outside of the Island, which have ‘established a place of business’ in the Island, must be registered in Jamaica. A place of business under section 371 includes a share transfer or share registration office. At common law, “establishing a place of business” requires a “degree of permanence or recognisability, as seen in the case of Re Oriel Ltd [1986].

Requirements To Register A Company In Jamaica (Overseas)

In order to register a company in Jamaica, particularly an overseas company you must file at the Companies Office a certified copy of the Articles of the Company. The Articles must be certified by an official of the government body responsible for the custody of the original Articles (see The Companies Rules).  If the Article is not in English, a certified translation of the Article would be required. The translation may be certified as a correct translation as if it is made outside Jamaica in a country having a Jamaican embassy or consulate. In this case, it may be certified by an Ambassador, Consul-General or other person designated by them. It can also be certified by a Minister or Government official who certifies that the translator is competent to translate into English.

If, however, the Articles were made in a country not having a Jamaican embassy or consulate, then the Minister of Government or Government Official who certifies that the translator is competent to translate into English may certify the translation.  If made in Jamaica, then the Minister responsible for foreign affairs or any person designated by him who certifies that the translator is competent to translate into English may certify the translation.

The companies are also expected to complete a “Form 31” which requires a list of all the directors and the names and address of one more person resident in Jamaica authorized to accept service on behalf of the company.

 Issues with The Name of the Company

There are specific rules governing the names of companies in Jamaica and as a result, persons may have issues registering overseas companies in Jamaica because of the name. The Companies Rules forbids the registration of a company in Jamaica if is:

• identical to the name of an existing company ;
• in the opinion of the Registrar, similar or too close to the name of a company or other body corporate previously registered and is therefore likely to cause confusion in the marketplace or is otherwise misleading;
• in whole or in part infringes a registered trademark

If the name is not appropriate the registrar can allow the company to use a different name within the jurisdiction.

Failure to Register

The Business Name Act makes it illegal to operate a business in Jamaica without registering it with the Companies Office of Jamaica. All businesses operating in Jamaica, therefore, must be registered. Operating a company in Jamaica without registering, may attract a fine of up to $50,000.00 and in the case of a continuing offence, $2,000 for every day during which the default continues.

Ongoing Obligations of Registering Overseas Companies In Jamaica

Section 366 of the Companies Act states that companies have an obligation to file a yearly balance sheet and profit and loss account prepared in the English Language. The company has an obligation to display the name of the company and where it has been incorporated. Section 367 states that the  Companies should state their name and the country in which they are incorporated  on every:

• Prospectus inviting subscription for shares
• Every place where it carries on business in the Island
• Bill-heads, letter paper, notices and other official publications of the company

Once a company registered outside of Jamaica, wishes to conduct business in Jamaica,  they must take the necessary steps to register the company in Jamaica.

The post How to Register A Company In Jamaica appeared first on FTCW Law | Property Lawyers In Jamaica.

Locating a good law firm in Jamaica that can efficiently help solve your legal problem may not be easy. There’s not enough information in phone books and advertisement to help you make a valid judgment on finding a law firm. Below are some tips on finding a good lawyer from the pool of law firm in Jamaica.

Start by visiting Website for Law Firms in Jamaica

Luckily, you no longer have to walk into several different law firms to find the one that is suitable for you. Today, you can do most of your searches online. Some law firms in Jamaica have a firm website where prospective clients can visit to obtain information about the firm. Websites usually give you a chance to know what the firm is about, their area of expertise, their core values and an opportunity to know the lawyers who work in that particular firm.

Call for a free consultation

Some law firms in Jamaica offer a free telephone consultation. One way of judging lawyers who truly care about their clients is through whether they offer a free telephone consultation. Here, the lawyer can determine whether you have a case, so you do not waste your time and money setting up a consultation when you do not have a case, or setting up a consultation with a lawyer who does not practice in the area you need help with. The initial free telephone consultation is your chance to feel out the lawyer.

Expert

There are several expert law firms in Jamaica, it is always best to go with a firm who specializes in your area. This is because a law firm that specializes in real estate may not be the most suitable criminal lawyer for you. Enquire about these things when you call the law firm

Reasonable Fees

Law firms tend to be expensive and law firms in Jamaica are no different, with that in mind, you should inquire about costs from the outset as it would be horrifying to find out (after the fact), that the lawyer is charging you per letter or per hearing. Also, do not be fooled by high prices either as an excessively expensive lawyer is not synonymous with a good lawyer. Remember, legal fees almost everywhere in the word can be high so it is only sensible to find a lawyer in Jamaica who can give you your money’s worth.

Referrals

Referrals are also a good way of selecting the right law firm in Jamaica. Jamaica is a small country and word about lawyers in Jamaica gets around. Real estate agents, doctors and family, and friends may be able to refer a good lawyer to you so don’t be afraid to ask.

Look Out for Red Flags

There are several red flags to look out for avoiding bad lawyers. Avoid lawyers who will tell you what you want to hear as opposed to what the reality is.  The truth is it is your life but for some lawyers, it is just business. You should know that most cases there are no guarantees, so if an attorney is making promises, don’t believe it. You do not want a lawyer who talks about high-profile clients or divulges confidential information based on other cases, it’s highly likely they’ll do the same to you.

Also, if when you call for a consultation you cannot speak to a lawyer and only a receptionist that is probably a sign that lawyer will be difficult to reach.

In conclusion, the lawyer you select should be professional, knowledgeable, responsive and communicates well. He should be someone you trust and feel comfortable with. Take your time and do your research. You have worked hard for your money, spend it wisely.

The post Lawyers in Jamaica How to find the Best Ones appeared first on FTCW Law | Property Lawyers In Jamaica.