Guide to Property Taxes in Jamaica

Nonresidents are taxed only on their Jamaican-sourced income, meaning income earned within Jamaica is subject to Jamaican taxes, but income from abroad is not taxed.

Married couples are generally assessed and taxed separately under Jamaican tax law. However, they have the option to elect for joint assessment, meaning they can combine their incomes and file taxes jointly. This is done through an "Election for Joint Assessment," which may be beneficial in some cases, depending on the couple's financial situation and tax liability.

Income Tax

Capital Gains Tax

Jamaica does not have a specific capital gains tax. However, if the gains from selling property are part of a business activity, such as if the property is being sold as part of a real estate business, those gains may be classified as business income and subject to income tax. This means that capital gains from personal property sales are usually not taxed, but gains related to business activities or property trading can be taxed under regular income tax laws.

Corporate Taxation

Income and capital gains earned by non-resident companies are taxed at a flat rate of 33.33%, however, with effect from 1 April 2025, non-resident corporations are liable to tax on dividends at a reduced rate of 15%. Income-generating expenses are deductible when calculating taxable income.

Buying and Selling Costs/Taxes

Property Holding Tax

Real property taxes are computed on the basis of the unimproved value of the land, which is essentially the property's market value as determined by the valuations office.

The tax ranges from 0.50% to 0.90%.