Even during times of economic recession, Barbados has traditionally retained the intrinsic value of its many favourable assets, including easy international access, sound infrastructure, modern telecommunications, good healthcare, financial security, adherence to a robust legal system, social stability, friendly people, world-class recreational facilities, beautiful natural environment and an enjoyable lifestyle.
Today, that attractive Barbados package has been substantially reinforced by the government’s implementation of new measures to provide investors with a well-regulated, well-managed, business friendly economy, underpinned by a competitive low tax regime.
For each of the last five years, Barbados has benefitted from record tourism arrivals, and during that period the number of rooms available for visitors has doubled, mainly due to an increase in rental villas and condominiums, which now exceed hotel rooms. The growth of the villa sector can partly be explained by the modern tendency for consumers to look for a particular product that best matches their specific needs and then book direct via online giants such as Airbnb, VRBO, Owner Expedia, Booking.com and Trip Advisor. This of course is good news for developers planning to build these kind of units and for purchasers looking to buy them, as there is increased capacity for generating rental income to offset expenses.
Current indicators suggest that Barbados is well-positioned to enter a new and exciting phase of development.
At-a-Glance Facts for Overseas Purchasers
• There are no restrictions on foreign ownership of property in Barbados.
• Non-residents must ensure that all funds for the purchase are available from external sources.
• US Dollar mortgages are available to non-residents from the offshore sector of local banks.
• All money brought into Barbados should be registered at the Central Bank to facilitate repatriation if the property is sold.
• The permission of the Exchange Control Authority must be obtained for the sale or purchase of property by a non-resident.
• There is no Capital Gains Tax in Barbados.
• Property must pass conveyance of title, executed by a registered Barbadian attorney.
• Transaction costs include real estate agent’s fee, attorney fees, stamp duty, transfer tax, land tax - Please seek professional guidance for up to date information and rates.
Typical Purchase Process
• Ensure you have the requisite funds available.
• Identify the property you wish to purchase.
• Make a verbal offer and get acceptance.
• Appoint a registered Barbadian attorney.
• Exchange of contracts.
• Pay 10% deposit.
• Conveyance completed.
• Pay 90% balance.