Life-Long (Tax Free) Savings Account
This product operates as a long-term savings account and is classified as a tax shelter account. This investment must be invested for a minimum of five (5) years in order for the investor to enjoy the benefit. A maximum of $1M can be invested per calendar year, up to a maximum of $5M for the five (5) year period. Interest is paid on a quarterly basis, and members are allowed to withdraw up to 75% of the interest.
25% of the interest earned must remain on the account to be reinvested for the five (5) year period. In the event the principal is encashed prior to the five (5) years period, the investor will lose the tax free status. All investments are backed by Government of Jamaica Securities.