QUICK GUIDE TO BUYING PROPERTY IN BARBADOS FOR FOREIGN BUYERS
Barbados is a small island country in the Caribbean. Its west part is facing the calm waters of the Caribbean Sea while the east part faces the raging waves of the Atlantic Ocean. Surrounded by these two water bodies create different coastal beaches for you, whatever swimming ability you have. And with fine white sands that surround the island, plenty of sun-filled beaches will surely catch your eye and make that investment flourish.
As you continue to browse this page, you will be introduced to a wide selection of properties in Barbados’ real estate market. This page also includes a guide in buying your property of choice, which includes the steps and the needed documents in the buying process and the taxes involved. We simply summarized it down for you here.
SHORT BACKGROUND OF THE BARBADOS REAL ESTATE MARKET
Barbados real estate market has flourished as more cruise ships bring day-tourists and long vacationers alike in this country island, not to mention the international airport that caters direct flight from the US, Europe and other countries in Latin America. The country is relatively small, which is an advantage that travelling from one gorgeous beach to another is easy. The beaches are practically just walking distance from each other. Aside from that, these beaches are open to the public. No wonder more people are coming to Barbados, and this flood of tourists demands places to stay, which keeps the real estate market peaking than ever before.
As Barbados was colonized by Portugal and Britain, this country is so colorful in ethnicity. However, it is the latter that influenced this country so much. Little England that is what it is called as observed in its rolling green hills, golf courses and polo fields and even more evident in its cultural, political, and religious history. This advantage adds enticement to this warm tropical paradise adorned with white sand beaches that flows through the shimmering blue waters as struck by the glaring heat of the sun. Tourists never want to miss sulking on these lovely beaches and get that perfect sun-kissed skin.
It is never a wonder why there are so many properties popping in Barbados. In fact, investors from North America, Europe and the United States are just some of the many who got their pieces of land to develop. The real estate market has never been soaring as more luxury home investors believe in the economic stability of the country much more than its neighbors; St Lucia and Grenada. And here in this page, we present to you our widest selection of investment opportunities-from beach apartments, golf resorts, luxury houses and even graceful colonial-style plantations nestled on acres of grounds in more rural parishes. These properties and more can be yours just read our guide in buying properties in Barbados or contact us for more details.
PURCHASING REAL PROPERTY IN BARBADOS
FOREIGNERS CAN BUY PROPERTY IN BARBADOS
Contrary to popular misconception, foreigners are allowed to buy property in Barbados. In fact, the Government of Barbados is very welcoming to overseas investors. Interestingly, foreign buyers are afforded the same rights and privileges as Barbadian citizens. Overseas buyers can actually purchase a beachfront property. If you are not residing in Barbados, however, permission must first be sought from the Barbados Exchange Control Authority. In addition, the purchase price transferred to Barbados should be registered with the Central Bank of Barbados.
To reduce purchasing costs, any individual or company can buy real property in Barbados.
THE PROCESS OF BUYING REAL PROPERTY
It takes a simple process to buy property in Barbados. Just follow these steps:
- Start searching for a property to buy.
- Choose the property you like and make an offer to buy it.
- Once the offer is made and accepted by the seller, hire the services of a Barbadian attorney to perform a title search.
- The attorney of the seller will prepare the sale contract.
- To secure the purchase of the property, you have to deposit the amount equivalent to 10% of the total purchase price to be held in escrow by the attorney of the seller until such time that the sale contract is completed.
- All buyers who do not reside in Barbados must first secure permission to buy property from the Barbados Exchange Control Authority. This is in keeping with the policy of the Government of Barbados of not restricting foreign ownership of property.
- The remaining 90% as a balance of the purchase price must be paid within a period of 3 to 6 months upon transfer of the title of the property.
PAYMENT OF TRANSFER TAX AND STAMP DUTY
The seller of the property is obliged to pay the amounts equivalent to 2.5% of the total purchase price as transfer tax and 1% as stamp duty.
PAYMENT OF LEGAL FEES
The buyer and seller must separately pay their corresponding legal fees, the amount of which ranges from more or less 1.5% to 2% of the total selling price of the property.
PAYMENT OF LAND TAX
The buyer must pay Residential Land Tax annually in addition to the fees mentioned above. The amount varies depending on the value of the improvement introduced to the property, which may be up to 0.75%, but is fixed at USD 30,0000.
LOOK FOR BARBADOS REAL ESTATE LISTINGS
As the leading specialist in luxury Caribbean property, Caribbean Escape has a variety of different properties that are for sale in Barbados. Check out the properties below.
HOMES FOR SALE & CONDOS FOR SALE IN BARBADOS
Our website is the perfect source to discover a wide selection of villas, houses and homes, and also apartments and condos for sale in Barbados. Click the links, and you might find the property you have been looking for in the Caribbean!
LAND FOR SALE IN BARBADOS
Undeveloped land can also be browsed on our website. Purchasing an empty lot provides you with a blank canvass and allows you to build whatever you want to stand in it. It could be your home, a condo-hotel or an apartment. For sometimes, it is easier to start from scratch than having to renovate or worse, destroy and develop a new one. So check these lands for sale in Barbados now. For sure, there will be that perfect land for you to build your dream property.
And for those who want larger parcels of land for commercial development, please see our commercial real estate listings.
HOTELS FOR SALE IN BARBADOS
Are you an investor who doesn’t want to wait for a long time to develop a property and return of investment, then these hotels for sale in Barbados are for you. You can also browse B&Bs and guests houses right here.
DISCOVERING THE PERFECT PROPERTY FOR SALE IN BARBADOS
Finding the perfect property in Barbados might be difficult when you are a foreign citizen, but with our easy access-have-it-all website, surely that dream property is just a few clicks away. Browse and search in our Barbados real estate listings and find that property now!
Wherever it is in Barbados, there will always be that perfect location for your dream investment. We are here to give you the most comprehensive list of the available properties for sale. Just click the link of your best location to get all the properties available in the area.
BEST LOCATIONS TO PURCHASE PROPERTY ON THE WEST COAST OF BARBADOS
Explore West Coast – Check our West Coast Real Estate.
HOLETOWN real estate
PAYNES BAY real estate
SANDY LANE real estate
SPEIGHTSTOWN real estate
ST JAMES real estate
ST MICHAEL real estate
ST PETER real estate
SUGAR HILL real estate
WESTMORELAND real estate
BEST LOCATIONS TO PURCHASE PROPERTY ON THE SOUTH COAST OF BARBADOS
CONTACT US FOR SOUTH COAST REAL ESTATE
CHRIST CHURCH real estate
ST PHILIP real estate
BEST LOCATIONS TO PURCHASE PROPERTY ON THE EAST COAST OF BARBADOS
CONTACT US FOR EAST COAST REAL ESTATE
ST ANDREW real estate
ST JOHN real estate
ST JOSEPH real estate
BEST LOCATIONS TO PURCHASE ON THE NORTH COAST OF BARBADOS
ST LUCY real estate
BEST LOCATIONS TO PURCHASE PROPERTY IN CENTRAL BARBADOS
ST GEORGE real estate
ST THOMAS real estate
RESIDENCY & CITIZENSHIP REQUIREMENTS IN BARBADOS
Wondering what the requirements to qualify as resident and citizen in Barbados are? We have discussed hereunder the important details.
DURATION OF STAY OF A FOREIGN CITIZEN IN BARBADOS?
The citizens of the USA, Canada, EU and UK may generally stay in Barbados on holiday for up to 3 months or 90 days without a visa.
VISA REQUIREMENTS TO LIVE IN BARBADOS
Retirees who own a property in Barbados or high net worth individuals with a minimum net worth of USD 5,000,000 can apply for a Special Entry Permit, which allows successful applicants to live in Barbados for 10 years if you are under 60 years of age and indefinite duration for those who are over 60 years of age.
BECOMING A RESIDENT OF BARBADOS?
If you wish to live in Barbados and you are a financially self-sufficient retiree or entrepreneur, you can apply to the Immigration Department to be granted the status of immigrant under the Immigration Act of Barbados. If you have lived in Barbados for 5 years legally with the status of an immigrant, you can then apply to become a permanent resident through naturalization.
BECOMING A CITIZEN OF BARBADOS?
You can be a citizen of Barbados by one of the following: descent, marriage or naturalization. Just complete the appropriate application forms and requirements in the Barbados Immigration Department and pay the necessary fees.
After seven (7) years of legal stay in Barbados, you can apply for citizenship of the country through naturalization.
REAL ESTATE MORTGAGES IN BARBADOS
Do you need help from financing institutions to fund the purchase of the property of your choice in the Caribbean?
If you think that foreign buyers who wish to invest in Barbados are restricted from applying for a mortgage loan, then you are mistaken.
We have a partner, a reputable international financial organization, who can offer mortgages for qualified non-residents who intend to buy, build or improve another home in Barbados.
For additional details, you may check our page on Caribbean mortgages.
HOW TO SEND MONEY TO BARBADOS
If you want to save money when you invest in the real estate business in Barbados, all you need to do is to hire a foreign exchange expert who will give you the best rate when you buy a property. Our partner Halo Financial, specializing in foreign exchange, is always ready, able and willing to assist you in getting the best exchange rate in paying, whether one-time, staggered or international payment, for a property in Barbados. To know more about saving money, check Foreign Exchange.
GETTING TO BARBADOS
Grantley Adams International Airport located on the South Coast of Barbados serves as the only airport in this beautiful country. With so many direct flights from the various cities in the United States, Canada and the UK, this paradise is only a booking away.
If you are from the USA, you can take the regular flights from Charlotte, Miami, New York, Philadelphia and San Juan to Barbados.
Air Canada also has regular flights to Barbados from Montreal or Toronto.
If you are from the United Kingdom, BA and Virgin Atlantic operate regular flights from London to Barbados.
Here are some flight durations from your nearest cities:
1 hour 05 mins from Antigua to Barbados
8 hours 25 mins from London to Barbados
3 hours 50 mins from Miami to Barbados
5 hours 25 mins from Montreal to Barbados
5 hours 00 mins from New York to Barbados
5 hours 15 mins from Toronto to Barbados
Book your flight now and get that ecstatic experience only in Barbados! Who knows you might find that dream property of yours right, your very eyes.
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