JMMB

Who is JMMB?

Founded in 1992 by the late Joan Duncan, Jamaica Money Market Brokers Ltd. (JMMB) is the leading money management and financial planning company in Jamaica. Through expert financial advice and innovative products and services, we empower all our clients, both individual and institutional, to achieve financial success.

• JMMB is a licensed Securities Broker and Dealer, regulated by the Securities Commission of Jamaica and actively trades in bonds and other options.
• JMMB offers a wide range of financial services designed to meet the varying needs of our clients

• JMMB offers investments in J$, US$ and ₤Sterling currencies.

General

Is JMMB a Bank?

• No, we are not. JMMB differs from other financial institutions such as commercial banks, credit unions, and building societies in a number of ways. Some are listed below:

(a)JMMB acts as your agent.

(b)We invest on your behalf. All investments are done in your name.

(c)With a bank you are in fact lending your funds to that institution, and if the company should become insolvent, you stand to lose your funds.

Why should I invest in JMMB?

JMMB offers products and services that will assist each client to achieve his/her financial goals. In addition, JMMB is committed to maintaining high levels of service at all times and based on our expertise, we are able to invest your money at attractive rates of interest.

What products and services does JMMB provide?

• Money market instruments
• Bonds
• Equity (stocks)
• JMMB Select Index
• Financial Planning Services

• Foreign Exchange

Why does the interest rate on the Save Smart vary?

The Save Smart account holders invest in a pool of investments. Each investment may have a different interest rate and investment period. As each investment matures and is replaced by a new one (which may have a higher or lower rate), the average rate in the fund changes

Although I have requested that my Sure Investor investment be placed for a specific period e.g. 30, 90 or 180 days, sometimes the investment period is shorter or longer than that which I specified. Why is that?

The tenure on your investment may vary for 2 reasons:

(a)If the maturity date of your investment falls on a weekend or public holiday the tenure may be shortened or lengthened to ensure it matures on a business day.

(b)The borrower may need the funds for a period lesser or greater than the normal tenure.

Please note that in each case the specified rate quoted for the investment period will still apply. In addition you earn interest for everyday the investment is held.

What happens if I break my Sure Investor investment or other fixed income paper before maturity?

You will receive a lower rate than that which was agreed when the funds were invested.

Is there a limit on how much I can invest in a Tax Shelter account?

Yes. The Government of Jamaica (GOJ) stipulates that an investor may place no more than J$1million on this account in any year. There is however no limitations to the number of accounts you may have whether at JMMB or at another financial institution as long as the total investment does not exceed J$1 million per year.

What if I break the Tax Shelter investment before the five-year period?

If you choose to do an encashment from the principal or wish to access more than 75% of interest earned on your Tax Shelter account before the end of the five-year period, you will be required to pay the tax on all the interest you have earned to date. Eg. If you broke the investment in the fourth year, you would be required to pay taxes on the interest you earned for all 4 years.

Can I borrow against my Tax Shelter account?

No you cannot. The Government of Jamaica restricts the use of this account as security or collateral for debt.

If I make subsequent investments to my Tax Shelter account, would they be held for five years as well in order to receive the interest tax-free?

Yes, each investment incurs its own 5-year period e.g. if you invest $500,000 on May 31, 2003, then that investment matures on May 31, 2008. If you added $250,000 to this investment on August 18, 2003, this amount will mature August 18, 2008.

If I reside overseas and hold an investment with JMMB, can I benefit from a lower tax rate under the Double Taxation Treaty arrangement with Jamaica?

Yes, you may benefit from a reduced rate of taxation upon approval from the Taxpayer Audit and Assessment Department (TAAD) in Jamaica. The rate applied will be dependent on the double tax treaty existing between your country of residence and Jamaica. For more details see Tax Exemptions and Reduced Tax Rate

Is there any withholding tax exemption consideration for senior citizens/retirees?

Under the Jamaican Law, you may apply for exemption from withholding tax. This will be applied to your accounts, upon written authorization from the Tax Audit and Assessment Department (TAAD). For more details see Tax Exemptions and Reduced Tax Rates.

What is Moneyline?

The JMMB Moneyline is a service offered via the Internet that allows you to access detailed information on your JMMB investment accounts. Through Moneyline you may review account history, check balances and print statements.

How do I register on Moneyline?

Visit the Moneyline website at https://moneyline.jmmb.com