Product Overview
An Asset Account, also referred to as an ‘A’ account is a share or deposit account available only to non-residents of Jamaica. The account is offered in multiple currencies and deposits must originate from overseas in foreign currency.
Accounts may be joint; however joint account holders with Jamaican addresses are not permitted.
Product Details
Debit Card Issue: No
Target Groups
- Age range: 18 – 64 years
- Gender: No restriction to gender
- Characteristics:
- Individuals living abroad wishing to retain savings in Jamaica
- Persons wishing to gain tax advantages from holding funds in Jamaica
- Individuals saving towards business or property investments in Jamaica
- Overseas residents funding projects in Jamaica
- Income level: None defined
Features
- Balances are maintained in foreign currency of choice
- A minimum of 10 units of foreign currency is required to open these accounts
- Withholding tax is not deducted from the interest earned
- Savers may opt for a regular Statement Account or Fixed Term Certificate Account
- Interest rates are paid based on the applicable rates for the period
- Also offered as a Share Account, except in the UK where the offering is a Deposit Account.
Selling Points
- Tax advantages for saving in Jamaica
- Safe way to maintain funds in Jamaica
- Ability to open and maintain accounts in the currency of choice
- Safe option to fund projects in Jamaica
- Benefit from currency conversions when completing transactions for projects in Jamaica
