Kingston, Jamaica — A new United States excise tax on remittances has come into effect, placing a one per cent charge on money sent from the US to overseas recipients. For Jamaica, where remittances are a major pillar of household income and economic stability, the policy raises immediate questions about affordability, family support, and the downstream impact on housing and property decisions.
From this week, Jamaicans living in the United States who send money home will see a small but notable deduction on every transfer. While one per cent may appear marginal, the cumulative effect across frequent transactions — weekly grocery money, school support, mortgage help, or contributions toward land purchases — is far from insignificant in a country where remittances underpin daily life and long-term planning.
Why remittances matter to Jamaican real estate
Remittances are not just about consumption. In Jamaica, they quietly finance land purchases, house construction, renovations, mortgage re…
