Mortgage FAQs


Yes, accountholders are allowed to access our JN Term Share Loans by utilizing his/her JN PRIME USA Savings Account (subject to the Society’s prevailing Term Share Loan policies and guidelines).

This special high-yielding savings instrument is intended for new funds/deposits only to the Society. Therefore, transfer of funds from an existing JNBS savings account will not be accommodated. Note though that transfer of funds from the Society’s investment subsidiary, JN Fund Managers Ltd., will be accommodated. Where a member intends to genuinely withdraw his/her funds for deposit to another institution and/or as a ‘rate-shopper’, the location Team Leader/Manager may use his/her learned selling skills to retain the funds.

Interest is payable every 6 months on this special account type on the original deposit amount during the agreed savings term of 1 year, 1 ½ years, 2years or 3 years. However, interest earned is not compounded as it is transferrable to another existing JNBS Savings Account provided by the accountholder. As an added benefit to accountholders, interest earned on this special JN PRIME USA Savings Account is NOT subject to the standard prevailing Government of Jamaica’s 25% withholding tax.

Interest is FIXED the benefit of which is, should interest rates fall in the market subsequent to the opening of this account, account holders will benefit from the fixed, higher interest earnings. Accountholders have the added advantage of benefitting from earning a bonus by simply maintaining the account for the agreed savings term.

Regrettably, no additional deposits can be made to the account during its tenure. However, we would recommend that, where account holders have additional funds for deposit, consideration can be given to depositing those funds in other relatively high interest bearing savings instruments with the Building Society (such as the JN Direct Gain term deposit contractual certificate of deposit savings account or Tax-Free 5-Year Instrument Long Term Savings Account, or any other similar special savings account that the Society may offer from time to time). Other option includes referral to the JN Group’s investment subsidiary – JN Fund Managers Limited – but this option is recommended when all viable options have been exhausted within the Building Society.

Yes, each member can elect to open more than one (1) savings account under this special savings offer and each will represent a mutually exclusive interest rate subject to the savings instrument selected by the prospect/member. Applicants can therefore have different savings terms per savings account as part of his/her personal money management strategy.

All prospects can visit or contact any JNBS USA Representative Office (or locally any JNBS Branch or Money Shop and place an offer to open an account for this special offer. Staff within each location will carefully profile the prospect or member to determine qualification to participate in this product offer prior to being given permission to proceed with the establishment of the account(s) per applicant. (The prospect will observe all KYC / new account and compliance requirements in establishing the new account)

This new product is open to anyone who is a USA resident with new funds for deposit valued at USD$5,000 or more.
Only new deposits will be accepted for deposit to this special high-interest-bearing fixed deposit account. Therefore, transfers from existing JNBS savings accounts are not generally allowed.

Details for this promotion can be accessed several ways through:
-but primarily through our authorized JN Overseas USA Representative Office
-our JNBS Branches and Money Shops locally;
-our JNBS website www.jnbs.com
-our JNBS Member Care Centre using the various local and overseas Toll Free Numbers;
-direct email to select prospects and JN Members

This product is now part of the JN suite of savings/fixed deposit products. There is therefore no end date.

JNBS wishes to continue building and preserving the wealth of our valued members (savers) and prospective members locally and in the Diaspora. Valuable especially to the Building Society’s savings business, we found it necessary to offer an attractive set of incentives to our members and prospective members who are seeking higher than normal returns on their funds yet choose to deposit and maintain such deposits with the Building Society over a short to medium term [1 year to 3 years and, eventually, longer].

A fixed high-yielding tiered savings rate ranging from 1.00% to 2.00%p.a. (with the added benefit of earning bonus of 0.10%-0.50%) is offered to these savers who will maintain their savings in a special type of non-traditional short-term Contractual foreign currency (USD$) Fixed Deposit Savings Account (branded JN PRIME USA Savings Account). Savers therefore have the option of earning up to 2.50% tax-free.
This new product has been added to the Society’s savings product line as of Monday July 7, 2014, and is geared towards growing and maintaining the Society’s savings portfolio.

The decision to renounce your citizenship should be carefully discussed with your legal and/or tax advisor. While we are not in a position to advise you on this decision, we believe that you should consider the following:

  • In the process of renunciation, you may be required to declare your tax status for the five years preceding your renunciation;
  • Renunciation may give rise to issues related to inheritance of property where your spouse and heirs are concerned.

The US “Heart” Act of 2008 subjects American citizens who renounce their citizenship to an “exit tax”. The provisions of the tax apply to a “covered expatriate” who has a net worth that is at least $2 million (Net Worth test); whose average tax liability for the 5 years prior to his/her expatriation is over $145,000 (Income Tax test), and who does not certify that he/she met all U.S. tax obligations for the five years before expatriation (compliance test).

Being a “covered expatriate” has implication, including attracting a tax on gifts to US citizens. For example, If you renounce citizenship, then as a non-resident non-U.S. citizen, while you should still be able to transfer property free of U.S. estate taxes upon death to your U.S.- citizen spouse, your spouse will have to pay a 35% tax on everything received from you above the gift exemption limit (currently $13,000) because you renounced U.S. citizenship.

If you and your spouse were to both renounce U.S. citizenship, then you would be able to pass him/her unlimited non-U.S. assets at any time free of all U.S. taxes. If you give your U.S.-assets to anyone other than a U.S.-citizen spouse, then he/she will face the U.S. estate tax.

At this time, no financial institution in Jamaica can hand over your information to the US without your consent. However with the Model 1 IGA, consent by a US status person or recalcitrant account holder may not be required since the data will be passed to the Jamaican authority tasked with FATCA. That authority will then pass the data on to the Treasury. The US law also requires all financial institutions to withhold a 30% tax on accounts, where a person refuses to provide information to allow the institution to determine whether or not they are a “US Person.”

An Intergovernmental Agreement (IGA) is a bilateral agreement between a country’s tax authority and the U.S. government which facilitates compliance with FATCA. The model agreements enable FFIs in the designated jurisdictions to comply with FATCA, especially where privacy laws exist. There are currently two types of IGAs, Model I and Model II.

A Model I agreement allows FFIs within the country to report to the local country authority, which will then provide the information to the IRS. Each country’s tax authority has a separate Model I Agreement with the IRS, which includes country-specific provisions in addition to simplified due diligence and withholding requirements. Under a Model II agreement, the FFI would directly report information to the IRS.

There are severe restrictions on Financial Institutions who opt out of complying with the FATCA Regulations and we have decided that the Jamaica National Building Society (JNBS) and its affiliated companies will be fully compliant. This will allow us to continue to serve not only all our US members but also all our non US members who need to send money to or from US banks.

FATCA compliance requires FFIs in Jamaica and around the world to take steps to:

  • Enter into an FFI agreement with the IRS that states its intent to comply with FATCA
  • Conduct due diligence for new and existing accounts to classify account holders or investors as either U.S. or non-U.S.
  • Report account information directly to the IRS or indirectly through their national government, which have signed Intergovernmental Agreements (IGA)

JNBS is proactively implementing changes to its current business practices in order to comply with FATCA, while best serving its clients and counterparties. We have taken steps to identify members that are likely to be affected by FATCA and are ensuring that all our members are adequately informed about the US law and its requirements. We have also trained our customer facing staff on the FATCA requirements, so that our customer service standards are maintained at a high level.

The simple transfer of money from someone in the US to someone in Jamaica, or any other foreign country, will not be impacted by FATCA withholding. However, money and income earned that is transferred into a US account will be subject to the FATCA reporting requirements.

Globally, the types of Financial Institutions which are likely to be affected by FATCA include: Commercial Banks, Building Societies, Insurance Companies with cash value contracts or annuities, Hedge Funds and Mutual Funds.

If you are a “US person” and you have US$50,000 or more in savings or investment in Cayman, or any other non-US territory, you are likely to be affected by FATCA and may be required to provide additional information to facilitate an assessment of whether a reporting obligation arises in relation to your account.

You are deemed a “US Person” if you fall into any of the following categories:

  • You are a dual citizen, one of which is US citizenship
  • You are a US citizen residing outside the US
  • You are a US passport holder
  • You were born in the US
  • You are a ‘Green Card’ holder
  • You are a non-US citizen who has substantial presence in the US, for at least 183 days (6 months)

FATCA requires all Foreign Financial Institutions (FFI) worldwide, to sign an agreement with the US Internal Revenue Service (IRS) to identify and report account information for US Persons, including:

  • Taxpayer Information Number (TIN);
  • Account Number
  • Account balances, value, gross receipts and gross withdrawals or payments from the account
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