Own a slice of paradise

If you've always wanted a second home in Jamaica, continue reading.

With the launch of the Timeshare Vacations Act, owning a second home in Jamaica is even closer than you think.

Here is how the Real Estate Board can help.

Since the operationalization of the Timeshare Vacations Act, 2014 on May 1, 2016, the Real Estate Board of Jamaica (REB) has assumed responsibility for timeshare registration on the island.

As Regulator or Registrar of Timeshare vacations in Jamaica, the Real Estate Board has responsibility for determining all applications for such licenses, monitoring compliance with the provisions of the Act, and providing the necessary regulatory guidance.

Timeshare in Jamaica

Timeshare, also called vacation ownership, is a unique real estate purchase where instead of one person purchasing an entire property, a group of people pays a share of the price for joint ownership.

Under this agreement, each owner is entitled to use the property for a certain period of time each year.

According to the American Resort Development Association (ARDA), the timeshare or vacation ownership concept originated in the French Alps in the 1960s, with the idea being to enable persons to purchase their future vacation at current prices.

The Act includes not only buildings or premises designed for overnight use but also land for a campsite and any caravan, vehicle, boat, or ship designed for occupancy by one or more individuals for at least one night.

How to register

In order to register a timeshare plan, applications with all required documents and fees must be submitted to the Real Estate Board by the owner.

Once an application is approved, they will issue a registration certificate to the property owner.

Once a certificate has been issued, the owner must submit the following to the timeshare registrar to prevent certification from becoming void:

Certificate of Completion of Construction (which is issued by the parish council).
Certificate of Occupancy indicating that the accommodation meets the standards and is ready for use as timeshare accommodation or facility.
Proof that arrangements have been put in place for public liability insurance.
Tourist Board Act License.

Among other requirements, companies and individuals wishing to register must be in good standing under the Companies Act.

A license is valid for one year from the date of issue and is renewable annually.

According to the chief executive officer of the REB, Sandra Watson, the entity is fully equipped for this responsibility.

“We have trained staff, a new manager with support staff is to come on board and we have been working very closely with the Ministry of Tourism and JAMPRO.

"We have also launched a new timeshare website with all the requisite forms for application and information for members of the public, so we are in a state of readiness, having anticipated its operationalization since the passage of the legislation in Parliament in 2014.”