Jamaica has strong potential as an international financial centre, according to Eric Crawford, chairman of the Jamaican International Financial Services Authority.

“It’s a very high value-added industry everywhere it exists,” he said at the Diaspora Convention in Ocho Rios this week. “The wealthiest countries in the world are international financial centers, and Jamaica has a very good shot at making a success of an international financial centre.”

Crawford said the annual registration fees required to establish companies and other entities are significant, and would mean additional taxes for the government. He pointed to several wealthy countries, like Bermuda, which has the highest per-capita income in the world.

“This financial centre will be targeted at international markets — it will not be targeted at Jamaicans or Jamaican businesses,” he said.

–Jamaica Information Service