Barbados Real Estate Laws You Should Know
There’s nothing better than the beautiful sunshine, clear waters, and warm breeze of the Caribbean; living here is a dream for many people. Whether you choose to live here full time or only have a vacation property, you’ll have to know a few significant things about buying and selling processes. Before buying property in the Caribbean, exploring these Barbados real estate laws you should know is the best way to prepare for the process.
There Aren’t Restrictions for Nonresidents
Many countries around the world have real estate restrictions when it comes to buying property. Interestingly, however, that’s not the case for Barbados. This island doesn’t have restrictions for nonresidents buying property, and you don’t have to have Barbadian citizenship or a visa to buy a beautiful home on the beach. Nonresidents will have to seek approval from the exchange control authority when it comes to the exchange of funds, but other approvals aren’t necessary.
Expect Annual Property Taxes
You should expect annual property taxes. The Barbadian government issues bills every year in October, and you may be eligible for a percent discount on your taxes if you pay them within 60 days. With that said, you can expect penalties or extra costs if you don’t pay your property taxes before March of the financial year.
You Can Rent Out Your Property
Because many people purchase homes in the Caribbean for vacation properties, they don’t use them year round. This could be a financial strain in many cases, but you can rent your Barbados home out while you aren’t using it. Barbados is a popular destination for tourists and vacationers, making it a huge advantage to own a rental property there. If your home is on a resort, the resort may even manage lettings for you.
After learning more about Barbados real estate laws you should know, you can look for homes for sale in Barbadosto find your dream home. Having a vacation home in the Caribbean is an incredible opportunity, and buying the property doesn’t have to be complicated.