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Owning Property in Barbados

Annual Costs:

  • Property insurance can vary between US $2.50 to US $3.25 per US $500
  • Contents insurance is recommended and this will range between US $3.00 to US $3.75 per US $500
  • Land Tax:
    • Un-improved Residential Land – Site value – 0.6%
    • Improved Value – Residential
      • First US$95,000 – exempt
      • On the excess greater than US$95,000 but not exceeding US$250,000 – 0.1%
      • On the excess greater than US$250,000 but not exceeding US$625,000 – 0.45%
      • On the excess greater than US$625,000 – 0.75%
    • Improved Value for all other property - 0.5%
    • Land Tax is capped at a maximum of US$30,000 on residences
    Agricultural, Pensioner and Hotels will be calculated on 50% of the tax demanded and not on the site or improved values. Villas rented to the tourist market; and registered with the BTA – Barbados Tourism Authority will be calculated on 75% of the tax demanded.

Monthly Costs can be expected as:

  • Electricity – Barbados Light & Power
  • Water – Barbados Water Authority
  • Telephone land line – C&W LIME or TeleBarbados
  • Cable TV – MCTV by CBC or Direct TV
  • Condo fees, if applicable (see some listed fees for developments on the South and West Coast – link to section)
  • Pool and garden maintenance, if applicable

Property Management:

Property management services are readily available on the island and are generally based on the size and complexity of the property. The minimum charge generally starts at US $200. For more information on the property management services provided by Terra Caribbean please click here.

Long-Term Rentals:

For those interested in owning an income property and opting for a long-term tenant, we would be happy to assist with listing your property. Please fill-out the form here and we will have an agent contact you as soon as possible. Below is the breakdown on fees as it relates to long-term rentals:

  • 1-month rent for the 1st year
  • 0.5-month rent for the 2nd year
  • 0.25-month rent for the 3rd year

Short-Term Rentals:

An owner may prefer to look at the Holiday rental market as it provides more flexibility and personal use of the property by the landlord throughout the year. In this model the fees are between 10% to 30% of the rental income (commission); dependant on the source of business.