What are Transfer Tax and Stamp Duty?

Transfer Tax is a payment to the Commissioner of Stamp Duty at the rate of 5% of the sale price or value for which the property is transferred. Transfer Tax is borne by the vendor, but it is the purchaser who is required to pay over the Tax to the Commissioner, and recover the amount from the purchase price.
Stamp Duty is calculated at a rate of approximately 4% of the sale price for which the property is transferred. The purchaser and vendor usually share payment of Stamp Duty equally. Please not that a conveyance of land is required to be stamped within 30 days after it is signed to avoid penalty. The penalty for late stamping is quite substantial. If an Agreement for Sale is not stamped, it cannot be admitted in Court as evidence, in the event that either the vendor or the purchaser wishes to use it for the enforcement of the Agreement. You should contact the Commissioner of Stamp Duty, 111 Harbour Street, Kingston, or visit the Tax Administration Jamaica website for more detailed information.

Shop 37 Holiday Shopping Village
Montego Bay, Jamaica JMCJS12
JA (876) 953 9000
USA (302) 353-1350
UK (207)-993-0517
Fax (876) 953 9228

Email remaxjam@gmail.com

Our Mission

We believe real estate buyers and sellers everywhere deserve the world-class services of outstanding agents who are skilled, driven and focused on achieving outstanding results. Each RE/MAX Office is Independently Owned and Operated.

Scroll Up
Skip to toolbar