On December 31, 2025, a 1% tax will be imposed on remittances sent by Caribbean nationals to Jamaica, the Dominican Republic, Haiti, and other Caribbean countries. This tax is part of the "One Big Beautiful Bill Act," recently signed into law. Originally intended to be a 5% increase, it was negotiated down to 1%. Cash transfers will be affected, while bank wire and digital services are exempt. Green card holders and visa holders will be primarily impacted, with financial experts expressing concerns over financial inclusion and the burden on low-income families reliant on remittances.
"Over time, this could dampen people's ability to send money back home, affecting families' access to essential resources and services. It places a heavier burden on those already struggling financially."
"The tax will primarily affect cash-based transfers, impacting green card holders, permanent residents, and visa holders, while US citizens remain exempt from the new fee."
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