Your Barbados

Barbados Buying Guide

There  are no restrictions to owning property on Barbados.

Initially any non-Barbadian must get permission from the Central bank of Barbados – but this is merely a formality.
All monies brought into the island must be registered at the Central Bank in order that repatriation can be  guaranteed when the property is sold.

All property passes conveyance of title, evidenced by the recording of deeds and the certified survey plans at the registry  of title. A purchaser will need a registered Barbadian attorney to search the register and establish title to the property prior to completion of the sale.

The title may be taken in an individuals name or through a corporate concern set up to own the property.It is usual in the case of non-residents of Barbados that they purchase through a company which may be incorporated outside Barbados but which must be registered in Barbados.
 
Purchasers should be aware that once an agreement has been made , and a 10% deposit of the agreed purchase price has been paid, the sale must proceed .Alternatively , the deposit will be forfeited ( U.K operates the same system )
 
The period between payment of the deposit and completion can be up to 3 months but this depends on the type and circumstances of property purchased..

It is the Vendors responsibility to pay the transfer tax of 7.5 % of the purchase price and a government stamp duty of 1%. There is no property transfer tax payable by the buyer for existing buildings ; however, there is a Property transfer tax of 7.5% payable by anyone buying land. Each party bears their own legal fees which average about 1.5% of the purchase price. Legal fees are subject to 15 % VAT
 
Financing is available for individuals or corporations who are non- resident under Barbados Exchange control regulations, subject to being able to prove adequate income stream in dollars or other hard currency to service the mortgage.

An annual tax is levied on the property . The assessment is made on the improved value ,or if undeveloped on the site value. These Government valuations are reviewed every three years .
 
Please see guide below

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