ADVISORY COLUMN: Transferring NHT benefits to family
QUESTION: I contributed to NHT for years when I worked in Jamaica. I am now living in the United States. Can the money be refunded to my children, who are still living in Jamaica to contribute to the purchase of a home? I am not interested in a loan.
— Alanna FINANCIAL ADVISER: Only current contributors to the National Housing Trust qualify for benefits from it, which means that you are not now in a position to extend your benefit to your children by co-applying with them, but that could change.
If you are not able to derive a benefit from the NHT, in any form, you will not lose your contributions as, like other contributors, you are eligible for a refund of your contributions in the eighth year after you have made your contributions.
NHT contributors who migrate may make NHT contributions as voluntary contributors. A voluntary contributor is a person who is not required by Jamaican law to contribute to the NHT and who does not earn an income in Jamaica, but wishes to make contributions anyway.
To become a voluntary contributor, an individual must first register with the NHT by completing the ‘voluntary contributor’s questionnaire’ and ‘declaration of income form’. There is a form for overseas contributors but also one for local contributors
The applicant will need to register with the Tax Registration Centre to obtain a TRN because this will be needed for the registration process. The applicant will be required to do an interview upon completing the questionnaire and the form.
NON-RESIDENTS
For the non-resident – who must be a citizen or permanent resident of a foreign country – the form should be signed, stamped and dated by a notary public and by a justice of the peace if the applicant is a local resident.
These forms should be submitted to an office of the NHT along with several other documents, including a TRN card, NIS card — which can be obtained by applying to the National Insurance Scheme office — evidence of income, such as an employment letter or the last two payslips, an amount equal to the first month’s contribution, valid identification, birth certificate, and passport-sized photograph.
An individual acting as the representative of the applicant should present a letter of authorisation signed by a justice of the peace or notary public.
Individuals who have never contributed to the NHT are required to wait two years to access a benefit upon registering, but monthly contributions must be made on time for the 12 months immediately preceding the date of the loan application.
Previous contributors who desire to résumé making contributions to the trust must do so to allow enough time to meet the minimum waiting period to qualify for a benefit and should bear in mind that contributions are made up to age 65. They are required to wait one year to qualify for a benefit and must pay their monthly contributions on time for the 12 months immediately preceding the loan application. Payments must be made before