Country overview

This is general info about crypto regulation in Jamaica. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Jamaica (1) is an island state located in the Caribbean Sea. It has a population of 3 million people and is located on an island area of 11,000 km2. Citizens of many countries need a tourist visa to visit Jamaica (2). However, residents of EU, US, Carribean and most Latin America countries don't need a visa to Jamaica. It is issued for a period of up to 3 months. There is no digital nomad visa available in Jamaica.

It's possible to apply for residence permit (3) in Jamaica on the following basis:

Employment - working in Jamaica for three years or more.

Marriage - being married to a Jamaican national.

Retirement - persons who no longer work in their home country and are desirous of living in Jamaica.

Jamaican citizenship (4) can be obtained by persons born on the territory of the country, as well as by marriage to a Jamaican citizen or through naturalization (five years).

Jamaica has a very high danger security level, according to our research. It has 31,9 points (from 100) for safety inNumbeo crime rating (5). The homicide level (6) is 53,3 per 100,000 a year. Level of firearm-related death (7) is 44,21 per 100,000 a year.

According to Bank of Jamaica (8) cryptocurrencies are not legal means of payment in the country, that’s why we qualify that there is no regulation for them in the country.

No regulation.

As mentioned above Bank of Jamaica has published in July 2021 a statement about the potential risks of using or investing in cryptocurrencies.The Bank of Jamaica does not regulate them and is reminded about potential risks of cryptocurrency usage such as high volatility, risk of cyber-fraud, and criminal activity involving cryptocurrencies.

In December 2023 local Finance Minister Dr. Nigel Clarke has claimed (9), that Jamaica is going to provide crypto regulations in the near future.

There is no regulation for crypto taxation. However, it may be taxable by the standard PIT rate (10) of 23-30%. The headline CIT rate (11) is 25% – 33⅓%. No capital gain tax regime. Transfer tax at 2% on transfers of Jamaican real estate and securities.

1)👉🏻Jamaica. Wikipedia

2)👉🏻Visa for Jamaica

3)👉🏻Residence permit Jamaica

4)👉🏻Conditions for obtaining Jamaican citizenship

5)👉🏻Crime Index by Country 2023 Mid-Year Numbeo

6)👉🏻List of countries by intentional homicide rate Wikipedia

7)👉🏻List of countries by firearm-related death rate Wikipedia

8)👉🏻Bank of Jamaica Reminder Caution on Cryptocurrencies

9)👉🏻Jamaica Must Keep Pace in Regulating Digital Currencies – Clarke Nationwideradiojm

10)👉🏻Jamaica Coincub

11)👉🏻Jamaica PWC Tax Summaries