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There are no restrictions on the purchase of property in Barbados by persons who are non-nationals or permanent residents. Have a look at the process covered on our Buying Property page
Once you were born in Barbados you are considered Barbadian for the purposes of a property purchase. So while you may be able to secure a mortgage from the country where you currently reside, under special conditions you may also be eligible for a mortgage from a bank in Barbados.
In Barbados the principle type of ownership structure is freehold, however, fractional ownership and ownership of shares in a company are also structures available on the island.
There are no applicable taxes for the purchaser. However upon sale of a property, the vendor must pay a Property Transfer tax.
Yes, USD mortgages are available to non-nationals from some of the local banks. Click here to see the general terms and conditions for this.
In order to bring funds in to Barbados for purchasing property, these funds must be registered with the Central Bank of Barbados. This allows for easy repatriation of the funds upon future sale. Your attorney will take care of this.
The land tax rates on residential properties are scaled as follows based on improved value:
Property Tax is capped at a maximum of USD$30,000 on owner occupied residences.
It is advisable to retain an attorney before the payment of any funds to the vendor/agent, or getting into any contractual arrangements with the vendor/agent. See more info here.
Legal fees are typically between 1.5% and 2% of the transaction value plus VAT
We always advise our clients to make their highest and best offer.
This typically only applies to developments and varies from property to property. It depends on the particular amenities available. You can peruse the Condo Levy Chart published in The Red Book 2011 for an indication of fees and amenities at several developments across the island.
Barbados offers a diverse range of high quality residences across the island. This combined with the island’s size makes good amenities relatively easy to access. As a useful tool to aid your property search we have included a Google Map on every listing’s page of this website so that you can see the precise location of the property to the amenities that are important to you.
Generally a minimum of three months is what we typically see for the completion of sales.
The first thing you should consider is how much can you afford? Most people will need a mortgage to assist with buying a property. Speak to your bank/credit union/financial advisor to find out what size mortgage you would be eligible for. Once you have that information you will be better able to search for properties that meet your budget.
There are various procedures involved in securing a property – whether it is land or a house. Typically with developments, you need to pay a reservation deposit. This can be refundable or non-refundable and there is no set amount. With other properties there is no reservation deposit and you go straight to making a down payment (usually 10 percent) of the purchase price on the property. One of the advantages of having a reservation deposit, is the leeway it gives you to explore financing options in anticipation of making your 10 percent deposit and signing the sales agreement (the two normally go hand in hand). While reservation deposits can be refundable, generally your 10 percent deposit is not.
There are no applicable taxes for the purchaser. However upon sale of a property, the vendor must pay a Property Transfer tax. You can have a look at our Buying Property section of this website for more details.
The land tax rates on residential properties are scaled as follows based on improved value:
Property Tax is capped at a maximum of BBD$60,000 on owner occupied residences.
It is advisable to retain an attorney before the payment of any funds to the vendor/agent, or getting into any contractual arrangements with the vendor/agent.
Legal fees are typically between 1.5% and 2% of the transaction value plus VAT There is a list of fees and the transaction procedure on our Buying Property page
We always advise our clients to make their highest and best offer.
Generally a minimum of three months is what we typically see for the completion of sales.