Investment Opportunities - Jamaica Investment Forum

INVESTMENT OPPORTUNITIES
WHY JAMAICA?
Ideal location and accessibility
Stable Government & Economy
Educated English-speaking workforce
• Gateway to multiple destinations
• Independent judiciary
• Skilled and semi-skilled labour
• Diversified and well developed capital market
• Intensive infrastructure
• No foreign exchange controls
• Efficient telecomunications
• One hour from Miami
• Increased privatisation of public sector companies
• Tropical climate
• Three hours from New York
• Liberal export incentives
• Time zone 0-3 hours from North America & 5-6 hours • Liberal import policies
EST Time Zone - convenient for doing business with
the USA, Latin America and the Caribbean
from Europe
• Main shipping lanes for Panama Canal
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CONTENTS
Why Jamaica? 1
Cotton Tree Bay23
About Jamaica 3
Laughlands Tourist Development
JAMPRO & Partners 6
Mahoe Bay25
24
Mosquito Cove26
GOVERNMENT OF JAMAICA PROJECTS
San San27
Caymanas Economic Zone 8
White Bay28
Naggo Head ICT Park10
Coral Springs29
Tinson Pen Logistics Centre Development Centre
Barnett Tech Park30
12
Navy Island/Titchfield Lands13
Vernamfield Development Project
14
Back Rio Grande Hydro Scheme
15
Great River Hydropower Plant
15
Laughlands Hydropower15
International Financial Services16
Sun Fun Beach Resort18
Amaterra Jamaica Ltd.19
Negril Peninsula20
Green Castle Estate21
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Norman Manley International Airport (NMIA)
32
Wallenford Coffee Company Limited (WCCL)
33
Richmond Property (Cocoa Lands) 33
The Oceana Building34
The Office Centre Building
PRIVATE PROJECTS
Barrett Hall Lifestyle Village
PRIVATISATION PROJECTS
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Font Hill35
Map of Tourism Project Locations
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INCENTIVES37
Facilitating Investment in Jamaica
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Jamaica
is a relatively small island, 146 miles long and 51 miles wide, but with a
global personality and influence that radiates well beyond its size. As the
largest English-speaking Island in the Caribbean, its population of nearly
3 million represents a harmonious blend of races and cultures.
Jamaica is a vibrant emerging market with enormous possibilities for
trade and inward investment. Tourism, supported by over 3 million
visitors annually, dominates the economy and is the largest employer. The
Agriculture, Mining and Manufacturing industries are highly productive.
Real estate and land development are big business, and the island has
made phenomenal strides in information communications technologies,
and is highly ranked as one of the leading outsourcing destinations in the
Caribbean.
The island is open to major investments in Agriculture, Manufacturing,
Tourism, Information Communications Technologies (ICT), Financial
Services, Film and the Creative Industries.
Its comparative advantages that attract strategic investors and tourists
include natural beauty, geographical location (only one hour and
twenty minutes by air from Miami), time zone, English-speaking skilled
labour force, strong financial services sector, the world’s seventhlargest natural harbour and mineral resource endowments, as well as
a spirit of enterprise and well-established traditions of democracy and
accountability.
These endowments have aided Jamaica’s rise as the hub for trade within
the Caribbean Community and Common Market (CARICOM) and into a
popular centre for some of the world’s major transnational corporations
(TNCs).
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JAMAICA’S INFRASTRUCTURE FOR FOREIGN DIRECT INVESTMENTS
SEA PORTS
Jamaica is advanced in modernising its port, airport, road, telecommunications, water supply and sewerage infrastructure. Investment in infrastructure is an important priority in
national development, given its impact on competitiveness in the economy. The island has
been a high performer in attracting foreign direct investment over recent years, particularly
in the area of tourism, and this performance has been attributed to improvements in its
infrastructure.
Jamaica has nine active ports. The Port of Kingston is the largest, which at 21 square kilometres of navigable water, is the seventh largest natural harbour in the world. Located
along the north/south, east/west axis of the Caribbean, the port is just 32 miles from the
trade routes that pass through the Panama Canal.
The Port of Kingston is divided into two terminals: (i) Kingston Container Terminal (KCT),
which is owned by the Government and operated by The Port Authority of Jamaica and (ii)
Kingston Wharves, which is owned and operated by Kingston Wharves Limited, a public
company. Kingston Container Terminal has a capacity of 2.8 million Twenty Foot Equivalent
Unit (TEUs). Transshipment accounts for 85 per cent of throughput at the facility. There are
mainline services to North and South America, Europe, the Far East and Australia. KCT is
a key player in the development of Jamaica’s logistics hub. Facilities include three terminals: North (21.63 hectares), South (43.87 hectares) and West (13.53 hectares); 2,310 metres
of berth with depth of up to 14 metres; 19 cranes; 73 straddle carriers; 10 terminal tractors;
16 multi-trailer trains; 14 empty container handlers; 28 terminal tractors; 744 reefer plugs;
and 27 chassis. The Terminal is controlled by a state-of-the-art computerized management
system.
Kingston Wharves has a capacity of approximately 200,000 TEUs. The facility includes:
1,644 metres of continuous berth with up to 13.0 metres depth; terminal area of 25 hectares
including 30,000 square metres of covered warehousing and cold storage; 53,000 square
metres off-port storage for vehicles; and state-of-the-art equipment including 3 mobile
harbour cranes.
With stellar infrastructure, competitive rates and a central location, the transshipment opportunities in Jamaica are limitless. Our easy accessibility to the main shipping lanes that
run through the Panama Canal makes the Port of Kingston even more attractive to international shipping companies. Over 30 shipping lines have operations in Jamaica, covering
all the major routes to the North and South American continents, Europe and the Far East.
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The Port of Kingston:
“The natural harbour in Kingston is the 7th largest in the world”
AIR TRAVEL
Jamaica has two international airports, Norman Manley International Airport located in Kingston and the Sangster International
Airport in Montego Bay. Additionally, Jamaica facilitates domestic
air travel through four aerodromes – Tinson Pen (Kingston), Ken
Jones (Portland), Boscobel (St. Mary), and Negril (Westmoreland).
The Norman Manley International Airport sits south of the Kingston
Harbour on 228 hectares (563 acres) of land. It has a runway of 816
square metres (8,785 square feet) and is capable of accommodating aircrafts up to the size of the Boeing 747.
The Sangster International Airport runs along the northern strip of the country, 3.2 km from downtown Montego
Bay. It’s on approximately 235 hectares (580 acres) of
land, with a runway of 809 square metres (8,700 square
feet) and an associated parallel taxiway running the full
length of the runway.
The redevelopment of the Sangster International Airport
included the construction of a new concourse and the upgrading of the existing one, which has expanded the capacity of the airport to handle 9.5 million passengers per
annum – three times its previous size. It was completed
in August 2008. The airport handles the bulk of the traffic generated by the tourism industry and now possesses
the most modern passenger facilities for shopping, immigration, customs and transport services in the Caribbean region.
HIGHWAY 2000
Highway 2000 is the centerpiece of a multi-year Millennium Projects Programme initiated by the Government of
Jamaica. The main objective of these projects is to upgrade the country’s infrastructure and assist in providing economic opportunities for growth and the creation
of jobs.
Sangster International Airport, Montego Bay
A section of the ‘Highway 2000’
The highway is a four to six lane controlled-access, tolled
motorway with fully grade separated interchanges and
intersections built according to modern international
standards.
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GOVERNMENT FACILITATION AGENCIES
Jamaica Promotions
(JAMPRO)
Corporation,
JAMPRO is the Government of Jamaica’s
investment and export promotion agency,
which connects investors and entrepreneurs
from around the globe to the trade and investment opportunities available in the leading sectors of the Jamaican economy.
Operating under the direction of the Ministry
of Industry, Investment and Commerce, JAMPRO guides investors from the decision making
stage, through the approvals process, to when
their investments become operational. The
agency focuses on the targeted sectors of tourism, manufacturing, agri-business, information and communication technology, mining,
energy, and the creative industries (film, music
and entertainment).
www.tradeandinvestjamaica.org
Development Bank of Jamaica
The Development Bank of Jamaica facilitates
the growth and development of all viable enterprises in the productive sectors of the Jamaican
economy. The DBJ provides direct lending for
large projects in strategic areas, medium and
long-term financing solutions to all entities and
supports the management and privatization of
national assets and investments.
www.dbankjm.com
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Port Authority of Jamaica
The Port Authority of Jamaica is the statutory corporation responsible for the regulation and development of Jamaica’s port and shipping industry. The
corporation is responsible for the safety of all vessels navigating the ports of entry and the regulation
of the tariffs charged on goods passing through the
public wharves. In addition, the Port Authority regulates the establishment and operation of all port
facilities, develops and manages safe, secure and
efficient world-class port infrastructure in Jamaica
and the related commercial operations that deliver
sustainable growth while satisfying the needs of all
stakeholders.
www.portjam.com
Urban Development Corporation
The Urban Development Corporation has a mandate
to stimulate urban development through the planning and implementation of comprehensive development projects and programmes.
www.udcja.com
Petroleum Corporation of Jamaica
The Petroleum Corporation of Jamaica has been
mandated to develop indigenous renewable energy
resources, to prevent adverse effects on the environment and to realize the goals of Jamaica’s Energy
Sector Policy.
www.pcj.com
GOVERNMENT OF JAMAICA
PROJECTS
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MANUFACTURING/ICT
Project Concept
The ICT Park will house firms engaged in Software Development, Telecommunications/Co-Location services, BioTechnology, Business Process Outsourcing (BPO) and IT/
Security Consultancy (Network Operations Centre).
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Key features of the project include:
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CAYMANAS ICT PARK
The Caymanas Economic Free Zone (CEFZ) consists of 1,500 acres of prime real estate, which is
situated at the confluence of the major population
centres of Kingston, Spanish Town and Portmore.
Forty acres of this area has been earmarked for
the development of the first phase of an ICT Park.
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40 acres of land with 1.2 million square feet of production space hosting 12,000 seats;
An integrated ecosystem built on a modular plan
from seeding or staging site;
Intelligent self-contained city based on work-playlive and Knowledge Innovation Zone/Knowledge City
concept;
Staging Site - Ready to occupy plug-and-play space
in 50,000 sq. feet (10 units) holding up to 700 seats;
Starter facility that permits new market en
trantsto pilot their business model in a cost ef
fective manner on the condition that they build-
out their own modular units in the ICT Zone and relocate in one year;
Provides facilities to local entrepreneurs who can leverage world-class facilities within their constraining cost structures to provide sourcing services to global clientele;
On-site power generation with excess capacity sold
back to the national grid;
Telecommunications providers will supply last mile
connectivity;
Training centre, light data centre facilities, meeting
rooms and business centre;
Immigration Services, Customs offices, Free Zone certification;
Campus offices representing all major universities and
recruitment/job fair centre;
Adjacent retail and recreational facilities and middle
income residential developments for Knowledge Workers.
Project Phasing
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Phase 1: Infrastructure works
Phase 2: Staging Site
Phase 3: Support facilities
Phase 4: Modular build-out based on client commitments Subdivision Plan with splinter titling, building
specifications and ownership options:
Long term lease
Lease for purchase
Outright purchase
Key Highlights
Caymanas is ideally located for a technology park development based on the following advantages:
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It is located 40 minutes away from the Norman Manley International Airport (NMIA) and Highway 2000 is in
close proximity, providing ready access to a world-class
road network and excellent public transportation;
Modern shipping and trans-shipment services are less
than 10 minutes away at the Port of Kingston, which enjoys easy accessibility to the main shipping lanes and
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is the seventh largest natural harbour in the world.
The national capital, Kingston, is in close proximity and has an estimated population of 580,000. The
city also boasts the region’s premier transportation
centre, as well as 146 schools, six management institutes and four universities;
Also in close proximity is Portmore, the largest
middle income dormitory community in the Englishspeaking Caribbean with over 265,000 residents,
many of whom have post-secondary education.
Incentives
Developers
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Real Estate/Land: The Jamaican Government has
placed the 40 acres of land at Caymanas in a PublicPrivate partnership (PPP) vehicle for development.
The developer will take advantage of the following
concessions offered under the Tax Incentive Programme for Urban Renewal (TIP):
Tax-free status on bonds issued;
Tax credits of 25% of capital expenditure;
100% tax concessions on rental/lease income.
Clients
Park clients who export more than 85% of their services
offshore will benefit from the following:
• No restriction on repatriation of foreign exchange;
• Corporate tax exemption on profits in perpetuity;
• Import duty exemption on capital equipment;
• Reimbursement of VAT on local purchases.
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INFORMATION COMMUNICATIONS TECHNOLOGY (ICT)
Infrastructure
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Modular floor layout for office space;
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Scalable office infrastructure (28-38,000 Sq. Ft. - Single
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ity and has an estimated population of 580,000. The
city also boasts the region’s premier transportation
Floor Plate);
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Earthquake and hurricane resistant infrastructure;
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Centralised air-conditioning & air handling units (AHUs)
located on each floor;
NAGGO HEAD ICT PARK, PORTMORE MUNICIPALITY
The Government of Jamaica has earmarked a region called
‘Naggo Head’ for the purposes of establishing a 21-acre ICT
Technology Park in the sub-urban Portmore community.
The Naggo Head ICT Park is premised on an integrated ecosystem built on a modular plan from seeding or staging site.
Key features of the project include:
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600,000 square feet hosting approximately 6,500 seats
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On-site power generation with excess capacity sold
back to the national grid
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Telecommunications providers will supply last mile
connectivity
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Optical Fibre Cable (OFC) and Structured Cabling Network;
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Private dedicated power supply (IPP);
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100% Power backup support;
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24 hour uninterrupted water supply;
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Large capacity, high speed passenger and service lifts.
The national capital, Kingston, is in close proxim-
centre, as well as 146 schools, six management institutes and four universities;
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It is situated in Portmore, the largest middle income dormitory community in the English-speaking Caribbean with over 265,000 residents, many of
whom have post-secondary education.
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Portmore is host to outsourcing industry heavyweights such as Affiliated Computer Services (ACS)
Amenities
and West Corporation, which facilitate the business
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Security - Access Control and Electronic Surveillance
Delta Airlines, Xerox Corporation and Proctor and
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Transportation services
Gamble;
Key Highlights
Naggo Head is an ideal location for an ICT Park development
based on the following reasons:
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It is located 25 minutes away from the Norman Manley International Airport (NMIA) and Highway 2000 and Mandela
Highway are in close proximity, providing ready access to
excellent public transportation;
processing needs of Fortune 500 clients such as
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Jamaica is linked to the Americas Region Caribbean Ring System (ARCOS-1) submarine cable in the
Dominican Republic, which provides seamless connectivity to the US, parts of the Caribbean, Central
America and South America. There are two major
broadband carriers that provide triple redundancy.
Training
Incentives
The HEART Trust/National Training Agency gives technical support and financing for employment training through an island-wide network of institutions, and via on-the-job train-
For Developers
ing/partnerships with community organisations.
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The Agency partners with start-up investors to promote worker training and certifica-
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Head in a Public-Private partnership (PPP) vehicle for development;
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Financial assistance is offered by the Agency, usually in partnership with the firm, to
fashion on-the-job and in-plant curricula for companies creating new jobs. Project
support is negotiated and driven on specific project analysis. (Limited financial support
is offered to firms that pursue accreditation as a training organisation).
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The Agency also helps to recruit and screen applicants and assesses and certifies onthe-job learners.
NAGGO HEAD ICT PARK - LOCATION: ST. CATHERINE
The Urban Renewal Act and Factory Incentives Act offer attractive tax-free real estate
benefits to encourage development.
tion. It has particular interest in high-skilled jobs where training leads to certification.
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Real Estate/Land: The Jamaican Government has placed the 21 acres of land at Naggo
For Clients
Park clients who export more than 85% of their services offshore will benefit from the following:
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No restriction on repatriation of foreign exchange;
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Corporate tax exemption on profits in perpetuity;
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Import duty exemption on capital equipment;
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Reimbursement of VAT on local purchases;
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LOGISTICS
TINSON PEN LOGISTICS CENTRE DEVELOPMENT
LOCATION: KINGSTON
The Tinson Pen Logistics Centre in Kingston proposes the development of an international, multi-modal
logistics and distribution centre on 40 hectares of
land, which is currently occupied by the Tinson Pen
Aerodrome.
The Logistics Centre will include display areas, administrative facilities, warehouses and the construction of a new aerodrome and associated facilities.
The services to be provided include inter alia cargo
logistics, warehousing and value added services.
The property is zoned for industrial purposes and
adjoins the Port of Kingston and the Free Zone Company operated by Kingston Logistics Centre (KLC).
The Tinson Pen Aerodrome is ideally located for the development of a Logistics Centre for the following reasons:
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Proposed features
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Key Highlights
Showrooms and display pavilions;
Warehouses for value-added and fulfillment
services;
Information and trade research center;
Offices (customs, administrative and support
services)
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It is located 40 minutes away from the Norman Manley
International Airport (NMIA) and Highway 2000 is in
close proximity, providing ready access to a world-class
motorway and excellent public transportation;
Modern shipping and trans-shipment services are less
than 10 minutes away at the Port of Kingston, which
enjoys easy accessibility to the main shipping lanes and
is the seventh largest natural harbour in the world;
Access to rail line to transport finished products from
off-site locations.
The land is owned by the Government of Jamaica, who
will negotiate lease arrangements with developers and/
or clients;
Tinson Pen will be capable of providing a range of logistics services (which can be met within 30 to 45-minute
time horizons at either Norman Manley International
Airport or Vernamfield) or handling higher volume containerised cargo via the Port of Kingston;
The Port Authority of Jamaica is currently developing
17acres of the ‘non-operational’ aerodrome lands to
develop display facilities and show rooms totalling some
35,000 sq. m of floor space.
TOURISM
NAVY ISLAND/TITCHFIELD LANDS
LOCATION: PORTLAND
Navy Island is a small 25-hectare island on
the northeast coast of Jamaica owned by the
Key Highlights
Port Authority of Jamaica (PAJ).
There are two natural beaches on the
western shore of the island: Crusoe Beach
and the very secluded Trembly Knee Beach.
The PAJ is desirous of developing the
property into an upscale resort and ecological
theme park. The property is in close proximity to Port Antonio’s upscale tourism destinations, as well as the Ken Jones Aerodrome,
and has two natural beaches. The PAJ is
aggressively seeking a suitable investor who
is willing to purchase or partner with it for the
future development of the property.
The island is ideally located for an upscale
resort due to its:
• Close proximity to the Errol Flynn Marina, a 32-slip mega –yacht marina, and
the Ken Wright Cruise Terminal;
• Access to electricity and water from the
mainland;
• Highway 2000 connectivity to other
premier destinations on the North Coast.
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AIR CARGO | LOGISTICS | AVIATION
VERNAMFIELD DEVELOPMENT
LOCATION: CLARENDON
Historically, Vernamfield was the prime location in the region
for the United States’ multi-model transportation system,
and for the protection of merchant fleets. Located in central
Jamaica, Vernamfield comprises 2,900 acres of land.
Proposed features
Key Highlights
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This development involves the combination of an industrial
park and airport, providing storage, logistics and display
space for manufacturers and third and fourth party logistics (3/4PL) providers, as well as a wide range of support
services. The site will be operated as an international free
zone designed to serve the markets of the Caribbean, Latin
America, North America and Europe.
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Fully equipped aerodrome with telecommunications
centre and flexible runway capacities
International air cargo transportation (centralized sorting and clearance centers)
Aircraft Maintenance Repair and Overhaul (MRO) facility
Primary logistics and value-added, manufacturing and
assembling services within a free zone environment, as
well as,
Aviation training and general aviation services serving
the domestic and regional markets.
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Current capacity includes a 5,000-foot concrete
runway;
New runways will have the capacity to handle the
largest aircraft, including the Antonov AN-124, AN225 and the Airbus A-380;
2,000 acres for ramps and towers;
3,500 acres for core operations and support facilities.
RENEWABLE ENERGY
BACK RIO GRANDE HYDRO SCHEME
LOCATION: PORTLAND
The Back Rio Grande River, located in the eastern parish of Portland, is the site for this project, which involves the construction of 4 hydro–electric schemes with total capacity of 10mw
and annual generation potential of over 32,000 MWH.
A Feasibility study was completed in December 2009.
GREAT RIVER HYDROPOWER PLANT
LOCATION: GREAT RIVER, ST. JAMES
Great River in St. James is the location for this project, which includes the construction of a
hydropower plant with total capacity of 8 MW and annual generation of 38,000 MWH.
LAUGHLANDS HYDROPOWER
LOCATION: GREAT RIVER, ST. ANN
This project, which is located in Great River, St. Ann, includes the construction of a hydropower plant with total capacity of 2 mw.
A feasibility study was completed in December 2009
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FINANCIAL SERVICES
Key Highlights
Jamaica’s attractiveness as an IFSC will be enhanced by the following critical success factors:
• Jamaica is a signatory to thirteen double taxation treaties and to a Tax Information Exchange Agreement (TIEA) with the United States;
• Jamaica has a strong financial regulatory system and membership on regional
and international regulatory bodies, including the Caribbean Financial Action
Task Force (CFATF);
• The country boasts a large cadre of highly trained English-speaking professionals;
• The island has a highly developed telecommunications infrastructure;
• Jamaica has a mature tourism product with excellent air links and the capacity
to host large meetings in convention hotels, with more than 20,000 rooms.
International Financial Services Centre
The global offshore financial sector is a US$5 to $7 trillion dollar global industry that has been
identified by Jamaica as a key area for investment stimulation. Having commissioned a comprehensive KPMG study of the global IFSC market, Jamaica has developed a clear strategy to enter
the market with a unique business model predicated on its politically independent structure of
government and stable financial system.
The establishment of an offshore financial services centre is a key investment initiative of the
Government of Jamaica. The objective is to leverage Jamaica’s strengths by entering the market as a Mid-Value Competitor with a carefully planned strategy of developing into a Centre of
Excellence. As a Mid-Value Competitor, we will develop a niche market and build our reputation until we become a global provider of a highly specialised niche service. The focus is on the
provision of value-added services, such as international holding companies, trust services and
ship and aircraft registry.
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PRIVATE PROJECTS
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TOURISM
SUPER FUN BEACH RESORT
LOCATION: RUNAWAY BAY, ST. ANN
The Super Fun Beach Resort is located in Runaway
Bay, St. Ann. The resort sits on a 10-acre property
owned by the Runaway Bay Development Limited,
a limited liability company incorporated in Jamaica.
The hotel was operated by the Super Clubs group under the Hedonism brand for approximately 10 years.
The property, inclusive of the land, buildings, furniture, fixtures and equipment, is being sold along with
adjoining property of approximately three acres.
Key Highlights
Amenities on the property include:
• Beachfront view
• Swimming pools (3)
• Basketball courts
• Tennis courts
• Bars (6)
• Restaurants (4)
• Bars (6)
• Restaurants (4)
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The hotel is located in an established resort town in
close proximity of some of Jamaica’s most enthralling,
enchanting and popular natural attractions;
The hotel is minutes away from Highway 2000, which
provides seamless connectivity to the Sangster International Airport and the Ian Fleming International Airport;
The property is 35 minutes away from the newly-opened
Falmouth Cruise Ship Terminal and Pier, which offers
exciting opportunities for leisure and duty free shopping.
Proposed Features
Key Highlights
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2,300 hotel rooms in exclusive five star hotels
2,000 villas and town-home lots
Luxury apartments
Championship golf course
Amaterra presents an exciting and ideal opportunity for the development of a luxury resort based on
the following features and advantages:
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100-acre Commercial Centre
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It is located approximately 30 minutes from the
Sangster International Airport;
It boasts 3.5 km of scenic ocean frontage,
ranging from white sand beaches to majestic
limestone cliffs.
Subdivision and environmental approvals have
already been secured.
AMATERRA
Amaterra Jamaica Limited, a proposed five-star resort
and mixed use development concept with a championship
golf course and other attractions, is located in the vicinity
of Duncans in the parish of Trelawny. It is situated next
door to the site of the exclusive Harmony Cove development, and will be constructed on 865 acres.
The project involves the construction of villas, condominiums and hotels. There is also the potential for the
construction of a conference centre and/or casino with a
natural outdoor amphitheatre.
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TOURISM
Negril Peninsula
The Negril Peninsula Resort is a unique concept that brings
together the natural resources of Jamaica with first class resources in leisure, technology and both physical and spiritual
well-being, to create a vacation lifestyle experience.
The coastal shoreline of approximately one kilometre, which
faces the Caribbean Sea to the south, will also accommodate the creation of five new beaches. For sustainability,
a substantial part of the lower basin has been earmarked
for commercial life and will see the establishment of office
buildings, retail areas, restaurants, sports and leisure facilities. The development will be completed in four phases over
a period of five years.
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Project features:
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1,202 residential units, three hotels and a new marina to accept keeled yachts and medium-sized ocean-going
vessels;
Five new beaches;
Medical facilities;
Security centre.
Key Highlights:
The Negril Peninsula is ideally suited for a mixed use development based on the following advantages:
• It is approximately 90 minutes from the Sangster International Airport in Montego Bay;
• Great sunsets;
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Seven miles of white sand beach in close proximity;
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Idyllic getaway.
Resort and hotel permits/licences, marina and boat yard permit, and planning approval have already been
secured.
GREEN CASTLE ESTATE
LOCATION: ST. MARY
This property is located in St. Mary on Jamaica’s northeast coast,
in a region targeted by the Jamaican government for ecotourism.
The Green Castle Estate is a 1,591–acre property featuring idyllic
valleys and hillside plateaus that rise from the Caribbean Sea to
more than 500 feet in elevation.
The Estate was acquired by a sole investor from the MacMillan
family estate, owners of Cargill, Inc., and is unencumbered by
leverage. The “vision” for Green Castle is to create a luxury, low–
impact, mixed–use residential resort that will be environmentally, economically and socially sustainable. Of the 1,591 acres,
an initial plan indicates that only 213 acres to a maximum of 400
acres is proposed to be developed.
The objective of Green Castle Estate’s owner is to
identify a master developer who will co–invest in the
land as a joint venture partner. The preliminary development plan includes ten major components:
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Beach hotel of 200 rooms
Luxury hotel of 150 rooms
Beach casitas—15 units
Fractional residences—75 units
Hillside residences—40 lots
Estate residences—75 lots
Taino Indian Cultural Center—60 units
Workforce housing—60 units
Equestrian centre
Agriculture and horticulture leases (in place)
Key Highlights
The Green Castle Estate has:
• Connectivity to the island’s Highway 2000 road
network;
• Close proximity to the Ian Fleming International
Airport;
• Beachfront property spanning two miles on the
coast of the Caribbean Sea.
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TOURISM
BARRETT HALL LIFESTYLE VILLAGE
LOCATION: ST. JAMES
The Barrett Hall property is a 429-acre site located approximately 15 miles from
Montego Bay, with an unencumbered view of the Caribbean Sea. It is ideally located
for the development of a Retirement Village.
The plan has the following main components:
• 1,739 residential units including townhomes, villas and apartments for assisted
living;
• Pharmacies and medical facilities for assisted living;
• Club house (15,000 sq. ft.);
Key Highlights
The Barrett Hall Lifestyle Village is well suited for the development of a retirement
village for the following reasons:
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Proximity to key markets - Jamaica is just a one-hour flight away from Miami;
Access to international airports - The property is a 20-minute drive from the
Sangster International Airport;
Proximity to the beachfront is less than a mile away (only 0.25 miles);
Proximity to medical facilities - The property will benefit from being closely
located to the new private hospital, the Hospiten Group, which operates an international network of private hospitals located in major cities and tourist destinations in countries such as Spain, the Dominican Republic and Mexico;
Unencumbered view of the Caribbean Sea;
Proximity to the “Elegant Corridor”, which hosts premier resorts such as the Ritz
Carlton, Half Moon and Sandals Royal Caribbean, as well as other developments
in the area such as an ultra-luxury resort that will offer casino gaming.
COTTON TREE BAY
LOCATION: WESTMORELAND
Cotton Tree Bay is a short drive away from the casual, laidback resort town of
Negril, which is famous for its seven-mile beach strip. The new highway between
Montego Bay and Negril gives easy access to the property, which consists of approximately 200 acres. It boasts two miles of waterfront starting at the eastern
point of Green Island Bay in the parish of Hanover and continuing east along the
northern coastline.
This desirable location has many possibilities, and it is ideally suited for a marina,
resort and/or residential development, villas, hotels, spa facilities, exclusive residential homes and riding stables. Its extensive coastline could offer various water
sports from sailing, snorkeling and scuba diving to spear-fishing. The turquoise
water offers local flora, fauna and marine life. Some grooming and development of
these beaches may be necessary to bring out its optimum pristine beauty.
Key Highlights
•
•
•
•
•
Cotton Tree Bay is a 50-minute drive from Montego Bay;
The Negril Aerodrome also has daily flights arriving from the Sangster International Airport in Montego Bay, which is 20 minutes by air in each direction;
Great Sunsets;
Beach on property and nearby access to Negril’s famed seven-mile white
sand beach;
Idyllic and secluded getaway.
23
TOURISM
LAUGHLANDS
LOCATION: ST. ANN
This property is located in St. Ann, which
is commonly referred to as Jamaica’s
“Garden Parish”. It is immediately off the
north coast highway and is 124 acres with
sea frontage.
The property sits next door to the Chukka
Cove polo grounds and boasts two main
spectacular beach locations. Due to its
location and pristine white sand beach
stretches, Laughlands is well poised for
high-end resort development.
It is also in close proximity to an air strip
for light planes, which can be accessed by
reservation.
Key Highlights
•
•
•
24
90 minutes from Sangster International Airport;
Development plan has already been
approved;
Extensive beach and cliff frontage.
MAHOE BAY
LOCATION: ST. JAMES
This 38-acre property situated in Mahoe Bay, St. James,
is within a short distance from Sandals Cay, which is
owned by the Sandals Group, and 15 to 20 minutes away
from the Sangster International Airport by car.
Proceeding east to west, the coastline of the first third
of the site is very well protected by a wide coral reef that
just breaks the surface of the sea at roughly 300 feet
out. Looking west as the coral reef narrows and provides
a natural opening to the sea, the coastline recedes to
form a double, white sand crescent beach that offers a
beautiful beach front.
Three hotels have been identified for construction on the
property, two of which have been granted preliminary
approval. Due to the proximity of the Sangster International Airport, the recommended height for development
is five stories.
Key Highlights
•
•
•
Proximity to Airport – Mahoe Bay is 15 to 20 minutes
from the Sangster International Airport;
Beautiful white sand beach front;
Approvals already granted for time share and hotel
construction.
25
TOURISM
Mosquito Cove is a unique property located in the parish of Hanover, which is close to
the resort towns of Montego Bay in St. James and Negril in Westmoreland. The cove is
protected by a reef, but allows easy access to yachts entering the calm, protected bay.
The 71-acre property is located on the eastern side of the bay and is north of the highway
from Montego Bay, Jamaica’s second city.
Mosquito Cove is an ideal location for a marina and hotel development.
South of the highway, approximately 200 acres of land rises gently and can be developed
into a golf course. The western side of the land is 14 acres and has a small white sand
beach.
Key Highlights
•
•
•
MOSQUITO COVE
LOCATION: HANOVER
26
Proximity to Airport – Mosquito Cove is 40 minutes from the Sangster International
Airport;
Beach on property;
Excellent prospects for marina and hotel development.
SAN SAN
LOCATION: PORTLAND
The San San Estate is one of the few remaining pristine properties in
Jamaica where there is an opportunity for high end resort development. The property is located in Portland on the eastern end of the
island and sits on a total of 600 luxurious acres.
On the property, the scenic San San Bay consists of 10 acres with
unsold villa lots and an 18-hole golf course. There is a significant
portion of the land that is not yet developed, which offers exciting
potential for villas, a hotel and the maximisation of the golf course.
Key Highlights
•
•
Proximity to Airport - Approximately 2 ½ hrs by road or 20 minutes by air to the Norman Manley International Airport (NMIA);
The San San property is being offered at US$45 million.
27
TOURISM
WHITE BAY
LOCATION: FALMOUTH, TRELAWNY
The White Bay property is 88 acres or 35.61 hectares of
beachfront property in Trelawny, east of New Court Beach.
The main white sand beach in the western section is approximately 1,200 feet.
Permission for resort development of 30 villas and 40 cottages, or a small hotel with the equivalent rooms has been
granted and could be increased subject to the requisite
approvals being granted. The topography of the land allows for villas to be built behind the beach and, as the land
rises, all villas can offer a view of the sea.
Key Highlights
•
•
Approximately half of this land can be developed as
the rest (to the south and east) is defined as a “limestone forest” and is protected;
Due to the fact that there are no rivers nearby, the
water is crystal clear;
Access was via a road along the coast, but the developers of New Court plan to offer a road into the
property to the south, entering approximately half way
along the western boundary;
Construction can begin at White Bay immediately;
•
White Bay is being offered for US$8.5 million.
•
•
28
CORAL SPRINGS
LOCATION: TRELAWNY
The Coral Springs property sits on a total of approximately 960 acres of land in Trelawny and consists of five properties with 1 km of beach. The property is suitable for
a major resort development site and is able to accommodate hotels, a golf course,
villa development, nature eco tours and possibly a marina.
Key Highlights
•
•
The property is located on the North Coast Highway, and east of the town of
Falmouth;
It is within 40 minutes of the Sangster International Airport in Montego Bay by
car;
•
The new Falmouth Cruise Ship Pier commenced operations in 2011;
•
Coral Springs is being offered at a cost of US$25 million.
29
INFORMATION COMMUNICATIONS TECHNOLOGY (ICT)
BARNETT TECH PARK
LOCATION: ST. JAMES
The Barnett Tech Park consists of 10 fully serviced lots within a 46-acre (18.6-hectare) gated
complex in the Fairfield area. The Tech Park is located on the western side of Montego Bay,
approximately 15 minutes from the Sangster International Airport, 5 – 10 minutes from major
hotels, restaurants and other leisure activities. It is approximately 8 – 15 minutes from the various
schools and universities in St. James.
The value of the equity investment is US$1.8 million. Development approval has been obtained
from the local authority.
30
PRIVATISATION PROJECTS
31
TRANSPORTATION
NORMAN MANLEY INTERNATIONAL AIRPORT
& SELECT AERODROMES
Norman Manley International Airport –
Kingston, on the South East ofthe Island of Jamaica
Ian Fleming International Airport –
Boscobel, Saint Mary, on the North East of the Island of Jamaica
Ken Jones Aerodrome –
Portland, on the North East of the Island of Jamaica
Negril Aerodrome –
Negril, Hanover, on the West of the Island of Jamaica
The Government of Jamaica (GOJ) is seeking to identify and appoint a suitably qualified Concessionaire to develop and operate the Norman Manley International Airport (NMIA) and develop and expand select GOJ-owned Aerodromes. NMIA is situated less than twenty minutes
from Kingston, Jamaica’s capital city. It is bordered by the seventh largest natural harbour of
the world and is one of Jamaica’s global gateways.
The current operator of NMIA is NMIA Airports Limited (NMIAL), which was incorporated in
2003 as a wholly owned subsidiary of the Airports Authority of Jamaica (AAJ). The existing
concession at NMIA is for a period of 30 years commencing October 2003.
32
AGRICULTURE/AGRO-PROCESSING
WALLENFORD COFFEE COMPANY LTD. (WCCL)
LOCATIONS: KINGSTON, CLARENDON, ST. CATHERINE, ST. ANDREW,
PORTLAND, ST. ELIZABETH AND ST. CATHERINE
The Wallenford Coffee Company is one of the largest licensed processors and exporters of Jamaica Blue Mountain Coffee.
The company is vertically integrated and is involved in the purchasing, growing and processing components of the business process. Its coffee farms are located in Kingston, Clarendon, St. Catherine, St. Andrew, Portland, St. Elizabeth and
St. Catherine. The Government of Jamaica is seeking investors who will undertake the financing, development, operation
and management of the WCCL.
The Company has assets valued at over US$20 million and has revenues of over US$7 million per annum in recent years.
RICHMOND PROPERTY – COCOA LANDS
LOCATION: MAVIS BANK, ST. ANDREW
The Government of Jamaica is seeking to divest 38.03 hectares of agricultural property in Richmond, St. Mary.
Key Highlights
The property forms a part of the Richmond District, a rural residential/agricultural area located in the hills of St. Mary.
The main agricultural produce of this area is cocoa, bananas and coconuts. The community consists of a mixture of
scattered low middle residences, large agricultural holdings, Richmond Correctional Centre, the Cocoa Board Factory,
community shops, police station and a high school, among other institutions. Other social amenities and infrastructure such as a community centre, playing field, post office and petrol station are located approximately 5 km away at
Highgate.
The location is supplied by piped water. Electricity service is available on the property along with sewage disposal
facilities. Generally, the roads in the area are in fair condition.
Other key Highlights:
•
•
•
•
•
Approximately 16 hectares of the property comprises of bearing cocoa plants;
Remainder of land (29.8 hectares) is covered in natural forest vegetation and scattered coconut trees;
Irregular shaped parcel of land rising above access roadway;
Adequate surface water drainage (a natural gully passes through the property);
Unpaved property road runs through the property.
33
REAL ESTATE
As a regional centre for trade and commerce, downtown Kingston has historically influenced the development
and character of Jamaica. Downtown is anchored by significant cultural economic and governmental institutions such as the Houses of Parliament and the Supreme Court; and cultural landmarks like the National
Gallery and Ward Theatre. It is also home to some of the largest private corporations in the country, retail and
distribution companies, among others.
The GoJ has demonstrated its commitment to the redevelopment of Downtown Kingston with the relocation of
key Government Ministries to the area, the commissioning and planning for construction of a new Parliament
building, commencement of works on a new Simon Bolivar Cultural Centre, the construction of an urban transportation centre, among other planned public works. For its part, the private sector has also committed to the
redevelopment of Downtown Kingston with the planned relocation of the corporate head offices of Digicel, one
of the island’s leading telecommunications providers.
Available public infrastructure, a special downtown redevelopment package, along with advantageous rental
rates and strong office space demand are making downtown the choice for new development.
The Oceana Hotel and the Office Centre Building are premier properties on the Kingston waterfront, which are
being divested by the Government of Jamaica for private enterprise.
THE OCEANA BUILDING
LOCATION: DOWNTOWN, KINGSTON
The Oceana Building, formerly the 200 room Oceana Hotel, is located in the Downtown Kingston area. The hotel
comprises of 12 floors located on the scenic Kingston waterfront. The building covers 222,129.44 sq. ft.
The building is being sold and a valuation of the property is available. Expressions of interest must be submitted
with a business plan, physical plan, financials and an offer.
THE OFFICE CENTRE BUILDING
LOCATION: DOWNTOWN, KINGSTON
The Office Centre Building is located in the Downtown Kingston area. The hotel comprises of 12 floors with office
spaces located on the scenic Kingston waterfront. The building covers 222,880 sq. ft.
The building is being sold and a valuation of the property is available. Expressions of interest must be submitted
with a business plan, physical plan, financials and an offer.
34
TOURISM
FONT HILL
LOCATION: ST. ELIZABETH
The Font Hill property, which comprises 1,054.5 hectares, is located on the south
coast of Jamaica, approximately 8 km west of Black River in the parish of St. Elizabeth.
The property is owned and operated by the Petroleum Corporation of Jamaica (PCJ),
a statutory corporation and an agency of the Ministry of Mining & Energy. It is being
zoned to facilitate development in the areas of agriculture, tourism, port & logistics
facilities. The Font Hill property has a unique and diverse ecosystem in the wetland
area. It is home to several protected, endemic and rare species of wild life. It boasts
a wide variety of endemic bird species, turtles, crocodiles, indigenous plants and an
extensive mangrove wetland.
The land is managed by the PCJ. Studies have been conducted for agriculture and
a wood fuel pilot project, and plans have been drawn up for forest reserves, wildlife
sanctuary and resort/residential and public beach park.
Key Highlights
Font Hill’s features include:
• Pockets of white sand beach
• Approximately 7.5 km of beach frontage
• Limestone hill
35
MAP OF TOURISM PROJECT LOCATIONS
36
DOING BUSINESS IN JAMAICA: INCENTIVES
FOREIGN SALES CORPORATION (FSC) ACT
Exporters may obtain substantial tax benefits by establishing an FSC. A
Foreign Sales Corporation (FSC) is essentially a company incorporated
in a foreign country that the United States qualifies as a host country.
Foreign Sales Corporations are allowed to earn tax exemption on
exports to the USA. As an incentive for exporting, this Act provides relief
from the Common External Tariff (CET) and the General Consumption
Tax (GCT) on equipment, machinery and materials coming into the
country. In addition, it provides for up to five years income tax relief.
FACTORY CONSTRUCTION LAW
This Law targets companies which construct factories and lease or sell
them to producers. It grants relief from:
- Import duties for items which are not available locally.
- Income tax on factory leasing or sales.
JAMAICA EXPORT FREE ZONE ACT
Before a manufacturer can take advantage of the concessions
made available by this Act, their company must be incorporated or
registered under the Companies Act. A company can operate within
the designated Free Zone area or outside as a single entity in the
customs territory. In order for firms outside the Free Zone complex to
benefit under the single entity free-zone status, the company must:
- Be registered according to the provisions of the Companies Act.
- Export at least 85% of its production.
INTERNATIONAL FINANCIAL COMPANIES ACT
In an effort to promote offshore banking facilities, the Jamaican
Government has provided international financial companies with
income tax relief on both profits and capital gains. Also known as the
Income Tax Relief Act, it provides for partial relief from income tax for
the benefit of corporate entities considered to be international finance
companies and are approved and recognized under the Act.
The “free-zone” status enables manufacturers and service providers
(in the case of informatics free zones) to benefit from the exemption
SHIPPING ACT
from income tax on profits in perpetuity, as well as import duties and
Under this Act, once a company is recognized as an “‘Approved licensing. Furthermore, there exists a special provision under this
Shipping Corporation’” it may receive tax relief and concessions on Act, which permits the repatriation of foreign exchange by overseas
import duties for up to ten years.
investors to its parent company without any form of recourse on the
part of the Government.
MODERNIZATION OF INDUSTRY PROGRAMME
This incentive provides for the waiving of General Consumption Tax
chargeable on the acquisition of machinery and equipment directly ACCELERATED DEPRECIATION/SPECIAL CAPITAL ALLOWANCE
Qualified businesses must be certified by the Ministry of Industry,
related to the manufacturing process.
Commerce and Technology. For a data processing/system
development business, at least 20% of its gross income must be
URBAN RENEWAL ACT
This Act is targeted at persons or organizations that facilitate or carry derived from exports. Upon qualification, a certified business is
out urban development. Relief from income tax, stamp duty, and granted a special allowance of capital expenditure for:
transfer tax is given to those persons who engage in transactions - 50% of the full cost of any new machinery in the year of purchase.
geared towards urban development, i.e. the metropolitan centres of - A further 50% in the second year.
Kingston and Montego Bay.
HEART TRUST/NATIONAL TRAINING AGENCY
The HEART Trust/National Training Agency provides technical support
and financing for a wide variety of employment training programmes
through its islandwide network of institutions, on-the-job training and
partnerships with community organizations.
The agency has partnered with numerous startup investors over the years
to promote the training and certification of workers, and is particularly
interested in high skill/high wage jobs, in which the training provided
leads to NCTVET (National Council for Technical and Vocational Education
and Training) certification.
The Agency provides financial assistance, usually in partnership with the
firm, to fashion on-the-job and in-plant training programmes for firms
creating new jobs. Projects developed have been of various designs,
customised to the employment situation, however funding is limited in
this category and demand is high.
The Agency also provides assistance with recruitment and screening of
applicants as well as with assessment and certification of the on-the-job
learners.
Limited financial support is also offered to firms who wish to pursue
accreditation as a training organization.
INTERNATIONAL TECHNICAL ASSISTANCE PROGRAMME (ITAP)
This covers the various programmes that are funded by international
agencies and administered by JAMPRO/JTI.
These programmes are made available to persons wishing to make
investments that are deemed to have the potential to contribute to
Jamaica on a developmental level. The main organization that presently
funds these types of development programmes is the European Union
through the European Development Fund (EDF).
THE EXCHANGE CONTROL ACT
The Government of Jamaica has no restrictions on the movement of
foreign currencies flowing either in or out of Jamaica. This Act facilitates
the free movement of capital to other countries, whether for investment
or repatriation.
37
DOING BUSINESS IN JAMAICA: INCENTIVES
Trade Agreements
Administration Services Department of their intent to increase their
Additionally, Jamaica is a party to a number of bilateral trade agreements
herd by at least 10% over a five year period before the relief
with countries in can be granted.
Asia: China, Republic of Korea
• Apiculture
Latin America: Costa Rica, Dominican Republic, Mexico
• Horse Breeding: Horse breeders have to assure the Tax Administration
Africa: Nigeria
Services Department of their intent to increase their herd by at least
Europe: Czech Republic, Hungary, Norway, Russian Federation
10% over a five year period before the relief can be granted.
It is also a member of a number of international free trade blocs such as
CARICOM and WTO.
Agreements also exist between Jamaica and a number of South American
and Spanish Caribbean countries through joint CARICOM agreements.
SECTOR INCENTIVES
The Government of Jamaica has provided a number of investment
incentives that are accessible by both local and foreign investors. The
following is a listing of the more prominent incentives presently being
offered in each sector, as well as those that may be applied across a
number of sectors. Jamaica Trade and Invest/JAMPRO is the organization
that facilitates access to these incentives.
REMISSION OF DUTIES ON AGRICULTURAL VEHICLES
This 20% concession rate is available to farmers/farming enterprises
that can prove the vehicles being imported are complementary to
their farming activities. The vehicles must be panel vans and pick-ups
not exceeding two tons, trucks exceeding two tons, tractor heads and
tractors.
REMISSION OF DUTIES ON AGRICULTURAL EQUIPMENT,
MACHINERY AND PRODUCTS
Farmers/farming enterprises are exempt from paying General
Consumption tax (GCT) on items which are listed as exempted or zero
rated under the tax, such as farming supplies.
•
Exemption from the payment of import duty on equipment,
machinery and materials for the building of studios or for use in
motion picture production.
UK CO-PRODUCTION TREATY
Signed between the Governments of Jamaica and the United
Kingdom in November 2007, the treaty enables films that are granted
Approved Co-production status by the relevant competent authority
to be treated as national films of each signatory country. Benefits
include: duty free import or export of equipment, access to UK film tax
incentives, granting of work permits in accordance with immigration
legislation to Jamaican crew members, access to exotic locations and
skilled labour.
Types of Co-Production include:
Finance-Only Contributions:
This type of co-production should include one or more co-producers
who solely contribute financially no less than 10% and no more than
25% and, financial contributions should not be less than 20% but no
more than 25% of total production cost.
No Finance-Only Contributions:
There is also an exemption or significant reduction of import duties on This type of contribution should include at least one UK Co-Producer
certain items that are listed under the Provisional Collector of Tax Act. and at least one Jamaican Co-Producer. There can, however, be a
Approved Farmer Status
This is applicable primarily to the livestock, dairy and poultry industries. maximum of four Co-Producers. All Co-Producers must have entered
Approved Farmer status guarantees the farmer income tax and import
into a contract reflecting their respective responsibilities as Coduty concessions for up to ten years, after which the status may be Creative industries: FILM
Producers and must directly negotiate the contract, and pay for rights,
renewed. Farmers engaging in the production of the following qualify for
goods and services. Any film-making contribution benefiting a country
“approved farmer” status and the ensuing benefits:
Motion Picture Encouragement Act
shall be broadly proportionate to the financial contribution of the Co• Food crops grown and produced in Jamaica
The requirement for eligibility is that a company must be incorporated Party and Co-producer (or Co-producers) established in that country.
• Egg production/hatching
or registered under the Companies Act.
• Seed growing
A “recognized film producer” is entitled to:
Creative industries: MUSIC
• Timber production
• Relief from income tax for a period not exceeding nine years from
TOOLS OF TRADE - WAIVER OF DUTY
• Tobacco production
the date of the first release of the motion picture.
This incentive offers local and international artistes bringing in
• Horticulture
• An investment allowance of 70% of the expenditure on the
equipment, instruments and other tools of the music trade a waiver
• Aquaculture
facilities, which may be carried forward beyond the initial nine year on applicable importation duties. To access this incentive, applicants
• Livestock cultivation: Cattle farmers have to assure the Tax
period, is also granted for income tax purposes.
must submit the following prior to the arrival of the items.
Agriculture Incentives
38
•
•
•
•
•
•
A letter of request to the Film, Music & Entertainment Commission/
Creative Industries Unit, requesting assistance under the interim
Tools of Trade Facility re: importation of music equipment/instruments.
A proforma invoice with a detailed list of items being imported. This
should include serial numbers and the cost of each item.
Company Profile.
A copy of the Certificate of Incorporation and current tax compliance
certificate for companies registered in Jamaica.
Jamaican applicants must be registered members of the Jamaica
Federation of Musicians (JFM) or the Recording Industry of Jamaica
(RIAJAM)
Upon receipt of the above listed items, Jamaica Trade and Invest
(JAMPRO) will submit the documents to the Ministry of Finance for
approval. This process will take approximately ten working days.
MANUFACTURING INCENTIVES
Jamaica Export Free Zone Act
Before a manufacturer can take advantage of the concessions made
available by this Act, their company must be incorporated or registered
under the Companies Act. A company can operate within the designated
Free Zone area or outside as a single entity in the customs territory. In
order for firms outside the Free Zone complex to benefit under the single
entity free-zone status, the company must:
• Be registered according to the provisions of the Companies Act.
• Export at least 85% of its production.
The “free-zone” status enables manufacturers and service providers (in
the case of informatics free zones) to benefit from the exemption from
income tax on profits in perpetuity, as well as import duties and licensing.
Furthermore, there exists a special provision under this Act, which permits
the repatriation of foreign exchange by overseas investors to its parent
company without any form of recourse on the part of the Government.
businesses, at least 20% of its gross income must be derived from petroleum products duty free. Furthermore, the manufacturer
exports. Upon qualification, a certified business is granted a special is exempt from paying income tax, or tax on dividends paid to
allowance of capital expenditure for:
shareholders, for a period of up to seven years after which he has six
years to carry forward net losses incurred during that period.
• 50% of the full cost of any new machinery in the year of purchase
Waiver of duty on raw material
• A further 50% in the second year
Agro-industries are granted an exemption from payment of the
Export Industry Encouragement Act
Common External Tariff (CET) and also the additional stamp duty on
To qualify for incentives under this Act the manufacturer must be an their raw material imports.
exporter of manufactured products. In the case of a full exporter (i.e
100% of the goods manufactured are exported), the business must Sugar
be designed to export manufactured products in exchange for hard Since 1997 there has been an increase in the cost of imported
currency (non-CARICOM markets). In the case of a partial exporter, refined sugar due to an imposition of an additional stamp duty and
producers must export a threshold of 5% of their production to non- the Common External Tariff (CET). As a result, manufacturers using
CARICOM markets.
refined sugar as a “raw material” have been granted stamp duty
Having fulfilled these requirements, the manufacturer is eligible to waivers under the raw material schedule.
receive concessions on income tax for ten years as well as exemption
from import duties on raw materials and machinery.
The decision was also taken that if manufacturers use traders to
The income tax rebate is granted according to the percentage of export import sugar on their behalf, these manufacturers should also be
profits and total profits. For new exporters, the rebate is calculated based eligible for the waiver of additional stamp duty.
on the percentage of export sales to total sales, while for the already To gain access to this incentive Agro-Industries/Manufacturers must:
existing exporter, the rebate is calculated based on incremental export • Apply in writing to the Ministry of Agriculture making the request.
sales over a base year.
• Define item(s) clearly.
The Act has been amended to provide benefits where incremental •
State the quantity in exact weight in either kilograms or metric
exports to non-CARICOM countries are in excess of 5% of total exports. tonnes.
• Declare that the item is to be used as a raw material.
Bauxite and Alumina
TOURISM INCENTIVES
Industries Encouragement Act
Under this Act, if a business is engaged in the mining of bauxite or the
production of alumina in Jamaica, they are automatically qualified for
import duty concessions on capital goods, lubricating oils, grease and
other chemicals.
Petroleum Refinery
Encouragement Act
Special Capital Allowance
Qualified businesses must be certified by the Ministry of Industry, A registered oil refinery may import articles for the construction and
Commerce and Technology. For data processing/system development operation of the refinery as well as for the purpose of manufacturing
Accelerated Depreciation
Hotel Incentives Act
For a hotel to benefit from this Act, it must contain ten or more
bedrooms as well as facilities for meals and the accommodation of
transient guests, including tourists. The Act offers income tax relief
and duty concessions for up to 15 years for convention-type hotels
(hotels with at least 350 bedrooms), and ten years for regular hotels.
39
DOING BUSINESS IN JAMAICA: INCENTIVES
Resort Cottages Act
License and TPDCo Inspection Report (where necessary), as well
as a Certificate of Registration of Business name is required for sole
The resort cottage must contain at least two furnished bedrooms with
traders.
kitchen, living room and bathroom facilities, used for the accommodation
of transient guests including tourists, in order to quality for reward. In this • Copy of Certificate of Title (where necessary).
case, the business receives income tax relief for up to seven years, while a • List of items and quantities to be purchased certified by TPDCo (for
those entities undertaking refurbishing that does not involve any
group of cottages containing ten or more bedrooms is eligible to receive
construction e.g. refurbishing and reequipping).
similar income tax relief and duty free importation of building materials
and furnishings.
INFORMATION TECHNOLOGY INCENTIVES
Attractions incentive
The Government of Jamaica recognizes that the attractions sub-sector is
an integral part of their efforts to achieve an efficient and internationally
competitive tourism product.
The attractions sub-sector can generate significant sustainable investment,
foreign exchange and employment; in this regard, the Government of
Jamaica is pursuing an integrated tourism development programme, in
which attractions play a key role. It brings diversity to Jamaica’s tourism
product, broadening the range of visitor experience by offering more than
the sea, sun and sand for which we are popular. However, there was a need
to stimulate growth and facilitate those wishing to invest in this sub-sector
& as a result the Attractions Incentive Package was introduced.
The incentive offers a five year exemption from corporate taxes for
investors in attractions as well as an exemption from General Consumption
Tax (GCT) and Customs Duty on items imported for five years.
The submitted application to the Ministry of Tourism must include the
following:
• A copy of Balance Sheet for last year of operation (if applicable), a
business plan, Photograph of facility (8”x10”) and a brochure.
• Copy of approved building plan and drawing designating the
precinct of the existing structure and proposed extension (where
construction will be undertaken).
• Quantity surveyor’s report (for those facilities undergoing major
refurbishing or upgrading)
• Copies of Certificate of Incorporation, Memorandum and Articles of
Association (if a company makes application).
• Copy of Tax Compliance Certificate (where necessary), a copy of JTB
40
HEART TRUST/NATIONAL TRAINING AGENCY
The HEART Trust/National Training Agency provides technical support
and financing for a wide variety of employment training programmes
through its islandwide network of institutions, on-the-job training and
partnerships with community organizations.
The agency has partnered with numerous startup investors over
the years to promote the training and certification of workers and
is particularly interested in high-skill/high-wage jobs, in which the
training provided leads to NCTVET (National Council for Technical and
Vocational Education and Training) certification. The Agency provides
financial assistance, usually in partnership with firms, to fashion onthe-job and in-plant training programmes for firms creating new jobs.
Projects developed have been of various designs, customised to the
employment situation, however funding is limited in this category and
demand is high. The Agency also provides assistance with recruitment
and screening of applicants as well as with assessment and certification
of the on-the-job learners.
Limited financial support is also offered to firms who wish to pursue
accreditation as a training organization.
Jamaica Export Free Zone Act
Before a manufacturer can take advantage of the concessions made
available by this Act, the company must be incorporated or registered
under the Companies Act. A company can operate within the
designated Free Zone area or outside as a single entity in the customs
territory. In order for firms outside the Free Zone complex to benefit
under the single entity free-zone status, the company must:
• Be registered according to the provisions of the Companies Act.
• Export at least 85% of its production.
The “free-zone” status enables manufacturers and service providers
(in the case of informatics free zones) to benefit from the exemption
from income tax on profits in perpetuity, as well as import duties and
licensing. Furthermore, there exists a special provision under this
Act, which permits the repatriation of foreign exchange by overseas
investors to its parent company without any form of recourse on the
part of the Government.
Accelerated Depreciation/
Special Capital Allowance
Qualified businesses must be certified by the Ministry of Industry,
Commerce and Technology. For data processing/system development
businesses, at least 20% of its gross income must be derived from
exports. Upon qualification, a certified business is granted a special
allowance of capital expenditure for:
• 50% of the full cost of any new machinery in the year of purchase.
• A further 50% in the second year.
FACILITATING INVESTMENT IN JAMAICA
Jamaica is the place to do business on a global scale, and JAMPRO – the national investment and export promotion agency - is the gateway that connects the world to Jamaica.
In extending Jamaica’s image beyond that of a tourist destination, the agency works
closely with entrepreneurs from around the globe to enable them to tap into the wealth
of investment and trade opportunities available in the country.
Operating under the direction of the Ministry of Industry, Investment and Commerce
(MIIC), JAMPRO promotes investments in a number of targeted sectors, which include
the creative industries (film, music and entertainment), manufacturing, tourism, agribusiness, information and communication technology, mining and professional services.
In facilitating both local and foreign direct investment, JAMPRO guides investors through
the necessary processes to ensure expedient and successful start-up. The agency also
offers development support services after an investment project becomes operational.
This serves to encourage continued growth and maximise the contribution of the investment to the national economy.
In order to ensure the smooth implementation of investment projects, JAMPRO offers a
suite of services in partnership with key government agencies and ministries. These services include securing work permits, non-tourist visas, duty waiver concessions, incentives, appropriate permits/licences, customs clearances, fiscal incentives, and building
and development approvals. In this regard, JAMPRO collaborates with the National Environment and Planning Agency (NEPA), Jamaica Customs Department, the ministries of
Industry, Investment & Commerce, Finance, Labour and Tourism, and the various Parish
Councils. These entities are guided by the mandate to simplify and harmonise the processes, procedures and documentation related to getting an investment off the ground.
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The agency’s cadre of knowledgeable and professional business facilitators
stands at the ready to assist all potential investors, who can also access pertinent information on Jamaica and investment prospects through JAMPRO’s
web site at www.tradeandinvest.org. As part of its ongoing efforts to appropriately use technology to efficiently accommodate the information needs of potential investors, the agency launched the web-based JAMPRO Interactive Investment Map. This resource provides a pictorial view and related data on key
infrastructure and institutions, investment projects, lands for development,
film locations, natural resources and other related information that will assist
them in making investment decisions. The Investment Map, which runs on the
Google Maps platform, can be accessed from the home page of JAMPRO’s web
site at www.tradeandinvestjamaica.org.
JAMPRO remains committed to improving promoting, stimulating and facilitating the development of industry and trade, improving the nation’s business
climate, and fostering economic relationships with key players in international
markets.
We are Your
Facilitators
Sancia Bennett Templer
President, JAMPRO
876-978-7755 Ext. 2101
[email protected]
Claude Duncan
Vice President, Investment Promotion
876-978-7755 Ext. 2201
[email protected]
Carol Straw
Manager, Investment Support Services
876-978-7755 Ext. 2225
[email protected]
Laurence Jones
Manager, European Regional Office
London
44-20-584-8894
[email protected]
Robert Kerr
Manager, North American Regional Office
Toronto
416-932-2200 (direct)
416-598-3008 Ext. 239
[email protected]
Mark Thomas
Manager, Corporate Communications
876-978-7755 Ext. 2284
[email protected]
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