Asset Account (‘A’ Account)

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
  • 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

Asset Account (‘A’ Account)

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