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The Government is moving speedily to put in place legislation to facilitate Jamaica's entry into the tourism time-share market.
This disclosure was made on Wednesday (July 1) by Minister of Tourism, Edmund Bartlett, at the weekly Post Cabinet press briefing at Jamaica House, Kingston.
A timeshare arrangement is a form of joint ownership, or right to the use of a property.
Timeshare properties are typically resort condominium units, which multiple parties hold rights to use the property. Each sharer is allotted a period of time, typically one week and usually the same time every year.
Mr. Bartlett said the initiative is part of continued efforts to bolster foreign exchange earnings, adding that the venture will be regulated by vacation ownership legislation that will speak directly to fractional ownership of property in resort areas.
"Investors can come in now and invest in time-share, they can buy time and the time becomes an asset and they share in the ownership of the rooms in those facilities. It's a very powerful programme that has brought thousands of visitors into countries and has brought huge investments," he said.
He also noted that the Government is moving to address issues that may arise with fractional ownership and existing real estate laws.
"We have a problem with the real estate board on that issue right now and, in fact, the Prime Minister, only two weeks ago, amended the Real Estate Act to provide for these strata arrangements to be effective. So that has been a nice plus for us in terms of our quest to get through to the fractional market," he said.
In an effort to allay fears of the industry being preyed upon by money launderers, the Minister said rigid regulations for time-shares should minimise the incidence of such illegal activities.
http://www.jis.gov.jm/indus_tourism/...ARE_MARKET.asp
This disclosure was made on Wednesday (July 1) by Minister of Tourism, Edmund Bartlett, at the weekly Post Cabinet press briefing at Jamaica House, Kingston.
A timeshare arrangement is a form of joint ownership, or right to the use of a property.
Timeshare properties are typically resort condominium units, which multiple parties hold rights to use the property. Each sharer is allotted a period of time, typically one week and usually the same time every year.
Mr. Bartlett said the initiative is part of continued efforts to bolster foreign exchange earnings, adding that the venture will be regulated by vacation ownership legislation that will speak directly to fractional ownership of property in resort areas.
"Investors can come in now and invest in time-share, they can buy time and the time becomes an asset and they share in the ownership of the rooms in those facilities. It's a very powerful programme that has brought thousands of visitors into countries and has brought huge investments," he said.
He also noted that the Government is moving to address issues that may arise with fractional ownership and existing real estate laws.
"We have a problem with the real estate board on that issue right now and, in fact, the Prime Minister, only two weeks ago, amended the Real Estate Act to provide for these strata arrangements to be effective. So that has been a nice plus for us in terms of our quest to get through to the fractional market," he said.
In an effort to allay fears of the industry being preyed upon by money launderers, the Minister said rigid regulations for time-shares should minimise the incidence of such illegal activities.
http://www.jis.gov.jm/indus_tourism/...ARE_MARKET.asp