Persons overseas, who own arable lands in Jamaica that are not in use, have an opportunity to earn an income from their property, says Jamaica Trade and Invest (JAMPRO), Jamaica’s investment promotion agency, as the country embarks on a drive to increase investment in the agricultural sector.
“We want to reposition and lease your lands for investment projects for agro-parks and greenhouse,” said Gabriel Heron, vice president of marketing at JAMPRO. He was speaking during a virtual panel discussion, organised by the Jamaican Consulate in Florida, in the United States recently; and moderated by Janice McIntosh, chief representative officer at the JN Bank Representative Office in Florida.
“In other words, we are trying to drive export expansion and improve security in agriculture; and in that way, drive the economy,” he revealed, pointing out that, pre-COVID-19 the country was experiencing an increase in agricultural production.
JAMPRO will assist landowners with leasing their lands to investors and farmers and incentives have also been included in the initiative, he stated.
“Under the Omnibus legislation, persons now can get tax incentives for greenhouse projects, for example,” he outlined that crops grown using greenhouse technology often maintain their consistency in quality, which will help the produce to be more attractive for export.
The state-owned media, the Jamaica Information Service (JIS), reported that JAMPRO also provides ‘hand-holding services’ through the Rural Agricultural Development Agency (RADA), for those seeking direct investment in their property.
To qualify for this assistance, landowners should own at least 100 acres, the JIS reported, and be seeking to transfer agricultural lands via lease or other tenure arrangements, to suitable investors or farmers.
Interested landowners can apply to the Agro Investment Corporation (AIC) by visiting their website at: www.agroinvest.gov.jm, to download and complete the application forms. Completed forms should be submitted along with the relevant supporting documents to info@agroinvest.gov.jm.
These documents include: a copy of the applicant’s photo identification and taxpayer registration number (TRN); Tax Compliance Certificate (if applicable); copy of the title or deed of the property; Articles of incorporation or organisational documents (for companies). In addition, the application will need: two referees with contact information, who should be either: a justice of the peace, credit union manager, bank manager, Member of Parliament, medical practitioner and or principal of a primary, secondary or tertiary educational institution.
An application fee of $5,000 should also be paid.
