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Investing in Jamaica’s tourism sector remains a feasible and attractive opportunity based on the island’s swift and strong recovery to date. Globally acknowledged for its high volume of stopover arrivals and cruises, diverse travellers continually opt for the tropical island’s world-renowned attractions.  

The country’s tourism Minister, Hon. Edmund Bartlett recently announced in Parliament that 1.2 million visitors flocked to the island within the first quarter of this year which drove US$1.27 billion in earnings.   

“We are the only country in the region that has fully recovered and is thriving. Our investors continue to show the strongest of confidence in destination Jamaica, so much so that we didn’t lose a single investor who had been on the cards or in the pipeline before COVID-19,” he said during a recent post-Cabinet press briefing.  

The Minister said new investors continue to express their interest within the island, while some existing investors expanded the scope of their investments. The sector is targeting an investment of 20,000 new rooms within the next ten to fifteen years, of which 2000 will be opened in the short term.  

“Investment for us now, is going to be tied to environment, social and governance (ESG). All new investors for us will be required to subscribe to those critical elements of ESG arrangements so that we’re not only investing in building hotel rooms but a tourism ecosystem,” the Minister said. 

Jamaica is one of the most connected destinations in the Caribbean, with further build-out of airlift travel options being sought to strengthen its tourism ecosystem.  

“We’re working on that now. These airlifts include LATAM, AVIANCA and so forth. So South American airlift arrangements are in hand, and we are expecting to start with LATAM, later this year,” the Minister said.  

Currently, over 60 airlines fly directly to the country, while citizens from 96 countries can access the island visa-free.  

Jamaica, during its 2023/24 fiscal year, noted gross earnings of US$4.38 billion (a 9.6% increase for the same period over the same period the previous year). This number accounted for 2.96 million stopover arrivals (a 9.4% increase over the previous year) and 1.34 million cruise visitors, (an increase of 9% over the previous year).” Statistics coming out of the Ministry show that the average visitor stay is approximately eight days.  

Investors can access the Government’s Omnibus Incentive framework for several benefits including employment tax credit (up to a maximum of 30% of the statutory payments) and a reduced GCT rate of 10% for the tourism enterprise. Additional benefits include capital allowances for hotels, duty-free imports for a list of eligible products needed in the construction phase and income tax relief according to specified requirements.  

The Jamaica Promotions Corporation (JAMPRO) is the island’s premier Government agency which facilitates investment projects in the country. The agency’s investment team helps investors navigate the regulatory environment in Jamaica, to obtain permits, licenses, approvals and other regulatory requirements.  

For more information, visit www.dobusinessjamaica.com or contact info@dobusinessjamaica.com.