Expat Advice: Financial Issues in Negril, Jamaica

What is the name of the city or town that you are reporting on?

Negril

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

I chose the Jamaican National Builders Society and opened a savings account where I can transfer money from the States over the phone or internet. I have a debit card and the savings account gives me access to homes for sale and loans processed through the Builders Society.

Allianz Care
Get Quote

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.

Allianz Care

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.
Get Quote

What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Commercial Banks in Jamaica require you to have letters of recommendation from public officials like police officers and clergyuman who can claimn they have known you 6 months or more. You will also need a letter of recommendation from a current account holder before you can gain an account. For new or first time visitors it becomes nearly impossible so I went with the Builders Society because they do not have the same requirements.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

Business in this country is so backwards it takes months to do anything. It has been 90days now to register my Florida Corporation as an Overseas Company. Investing here is more difficult unless you have big money and can afford to hire help navigating the business environment here.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Pay for everything locally in Jamaican cash or it will cost you more.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

No taxes at thispoit but I willmost likely hire help here in jamaica to report any earnings locally.

What advice could you offer others about doing your taxes as an expat?

Don't do them yourself