Foreigners in BARBADOS: Barbados is one of the most attractive destinations in the Caribbean, with a unique reputation for living in the Caribbean.
If you are currently considering investing in real estate in Barbados, but are wondering where are the best places to buy property in Barbados? or
The process of buying a property in Barbados is an introduction to the real estate market from beginning to end, about the buying process and the taxes you need to know.
Request to invest in BARBADOS
- Well-established real estate sector with a long track record of attracting home buyers abroad.
- Currently, a buyer’s market provides very good value to property investors.
- Direct flights to Barbados from the United States, Canada, Britain, as well as the Caribbean, Central America, and South America – augmented with enhanced aircraft.
- Ability to generate high rental income due to the growing tourism sector.
- Amazing sensational beaches in the Caribbean.
- Tax incentive limit for high net worth investors.
- Home to some if not the highest quality, luxury hotels, restaurants, and golf courses in the world.
Barbados Real Estate Market
Among its solid history, golf courses, polo fields, and rolling green hills, and administrative links to the UK, Barbados is usually attached to Little England. In Britain’s small form, the East Caribbean island has established itself as one of the region’s most attractive tourist destinations with the added benefits of a tropical climate and sun-drenched beaches.
For example, in 2018, Barbados welcomed 681,197 international migrants. This represents a 2.7% increase from the previous year.
Many visitors to the island have fallen in love with the island’s attractions and Barbados real estate, so the property has become a popular choice with buyers, especially for British and North American investors.
Having firmly established its luxury property market ahead of many Caribbean neighbors such as St. Lucia and Grenada, Barbados has had its request of high net worth for homebuyers who value the island’s security and solid fundamentals.
Market properties range from apartments to beaches and golf resorts to luxury homes and colonial-style gardens for sale in Barbados and more acres of land in the countryside.
Can Foreigners in Barbados buy property?
Yes, foreigners can buy property in Barbados and the Government of Barbados welcomes investment from foreign buyers. However, non-resident buyers must seek permission to purchase the property from the Barbados Exchange Control Authority, and funds transferred to Barbados to purchase the property must be registered with the Central Bank of Barbados.
Estate can be acquired by an individual or a company which can decrease prices.
The buying process in Barbados
Buying a property in Barbados is a relatively simple process, which usually involves the following steps:
- Start your property search.
- Find your perfect property and make an offer.
- Once you make an offer on a property and the offer is accepted, you will have to engage the Barbadian Attorney to do the title search.
- The seller’s attorney will prepare the contract.
- You must pay a 10% deposit to secure the property held in escrow by the seller’s attorney until the sale is complete.
- Immigrants must take permission to purchase the property from the Barbados Exchange Control Authority. This is quite a logical step because Barbados does not ban foreign ownership of property.
- You will usually have to pay the outstanding 90% of the title of the property within 3 to 6 months.
Transfer Tax
In Barbados, the seller has to pay a transfer tax of 2.5% and a stamp duty of 1%.
Legal fees
The buyer and seller are both responsible for their legal fees, which typically account for about 1.5% to 2% of the property’s sale price.
Land tax
There is also an annual residential land tax that varies from the better value to 0.75% but capped at USD 30,0000.
Barbados Residency and CITIZENSHIP
Citizens of the United States, Canada, the European Union, and the UK can generally stay in Barbados for 3 months (90 days) without a visa.
Do I need a visa to stay in Barbados?
Individuals with assets in Barbados or high net worth individuals with a minimum net worth of US $ 5,000 million can apply for a special entry permit for Barbados, which allows successful applicants to remain in Barbados and is typically 60 and uncertain. The period is given for 10 years. For those over 60.
How can I become a representative of Barbados?
If you want to live in Barbados and you are an economically self-sufficient retired or entrepreneur, you can apply to the Immigration Department to be granted immigrant status under the Immigration Act of Barbados. If you live in Barbados for 5 years with legal immigrant status, you can apply to become a permanent resident.
How can I get a person from Barbados?
If you live in Barbados for 7 years immediately before you apply, you stay in Barbados for 12 months immediately before you apply, and intend to stay in Barbados, you can go to citizenship by naturalization of Barbados.
Looking for financing to buy property in the Caribbean?
Opposite to popular mistakes, it is possible for foreign nationals wanting to invest in Barbados real estate to apply for a mortgage.
Our partner – a very well-respected international financial organization – offers mortgages to qualify non-residents to buy, construct or improve a second home in Barbados.
