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Reduction in Transfer Tax in 2019 (PT35)

Right now there is a lot of buzz about the Minister’s proposal regarding a reduction in the rate of transfer taxes.

But what we care about is  ” How does this really afffect my Jamaican real estate transaction”?

It is being proposed that the transfer tax rate will be reduced from 5% to 2%.

So let’s say you are selling an apartment for $18 Million JMD before Apirl 1, 2019, as the seller, you would pay the $900,000 JMD which is the equivalent of  5% of 18 Million.

Now with the proposed reduction, you’ll only pay 2% which equates to $360,000JMD after April 1, 2019.

Now, this is putting more than half-million dollars back in your pocket! So if you are thinking about selling your property give me a call at 876-513-9222 and we’ll help move it get it from For Sale to SOLD!

 

 

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