VMBS forum highlights pathways for investment
Encouraging greater personal investment in Jamaica among the Diaspora, the community showed up in droves for the recent public forum “Jamaica…The Place of Choice to Live, Work, Raise Families and Do Business by 2030: an economic & social perspective.” Hosted by the Victoria Mutual Building Society (VMBS), the forum highlighted numerous investment opportunities, particularly in real estate.
In an interview with National Weekly, VMBS President/CEO Courtney Campbell assured the Jamaican Diaspora of several current incentives.
“VMBS provides for an excellent opportunity for Jamaicans in the Diaspora to save, especially as interest rates in Jamaica are much more attractive in the U.S.” said Campbell. “And moreover, these are interest rates on a secure institution.”
Although plans are on stream to comprehensively grow the Jamaican economy by 2030, Jamaica’s current financial sector “is strong, growing, well capitalized and well supervised.”
The current positive interest rate and the strength of the Jamaican business sector also provide dual incentives for the Diaspora to invest in Jamaica, says Campbell. Interest payments “are offered in both Jamaican and U.S. dollars, [and] are very competitive,” which makes conditions ideal for the Diaspora to purchase real estate.
Addressing concerns by many contemplating saving their funds in Jamaica, Campbell gave assurance that the principal amount and the related interest “can be withdrawn at any time without penalty.” In addition, provisions have been made to protect these investors from the frequently devalued Jamaican currency.
Such protections are also included for investors here in the U.S., says Suzette Rochester, the manager of the VMBS Representative office in South Florida.
Thanks to the bank’s VM iGain More program, investors can be protected from the devaluation of the Jamaican dollar. The program offers two high yield incentives denominated in both $US and $J currencies attracting competitive interest rates of 3 percent and 6.25 percent respectively, based on the opening balances on both accounts.
