Estate Barbados Style
"Your Piece Of The Island"
So you want to do real estate Barbados
style! Maybe you want
to find your family a Barbados property so that you can enjoy
annual Barbados vacation or you are just looking to invest in a nice
piece of Caribbean real estate.
Over the last few years the
Barbados real estate industry has experienced a huge boom due to the
islands ever growing tourist industry. This has led to
lucrative opportunities and an influx in foreign
If you have visited this website
before I don't need to tell
you why Barbados is such a desirable Caribbean island to invest
in.....ok I will tell you anyway!
Our beautiful climate, our
lovely beaches and our spectacular ocean views : ) .
What You Need To Know Before Buying
Real Estate in Barbados
All though there are no restrictions
to foreigners purchasing
real state Barbados does have a few things interested investors and
property owners need to know and do before this purchase can take place.
Permission To Purchase Real Estate in Barbados
you will have to acquire permission from the Central Bank of Barbados
to purchase real estate in Barbados. This however is simply
formality and will be of no hindrance to the buying process.
Your Barbados Property Purchase
you must pay for the property without financial assistance. This is due
to the fact that financial support is not available to
non-citizens of the island.
will need to bring the entire purchasing amount into the island.
If you are outside of the country you
can transfer the funds to Barbados through the Central Bank of
you are in Barbados you can obtain these funds through an offshore
loan. This can be done through an offshore company that has been
incorporated outside of the island but is registered to do business in
these funds must be registered with the Central Bank of Barbados which
guarantees you repatriation should you choose to sell the property at a
• Paying The
Property Transfer Tax and Annual Barbados Land Tax
estate Barbados purchases also carry a Property Transfer Tax which you
will be required to pay. This tax will be 10% of the price of
real estate property you choose to buy.
you take ownership of the property, every year you will be required to
pay land tax based on the value of your property as determined by the
Barbados Land Tax Valuation Department. Every
three years your Barbados property will undergo property valuations and
your property value and land tax will be adjusted accordingly.
the first BDS$150,000 of your property cost you will not be required to
pay any land tax. Barbados land tax is then 0.1% of the
value up to BDS $400,000, 0.45% on the remaining value up to BDS
$1,000,000 and 0.75% on the excess of the value above BDS
The maximum amount of tax payable on a
real estate Barbados property is BDS$60,000.
Why You Should Hire A Barbados
Attorney At Law
is a very good idea to hire an attorney-at-law when purchasing real
estate in Barbados in order to assure that your real estate Barbados
purchase is a smooth process. This way you will be guided through the
entire sale with your attorney handling the agreement for sale, closing
sale of the
property and all necessary taxes and fees.
An attorney is
also required to investigate the seller's legal title to the
property before the sale of the property is complete.
Most real estate Barbados attorneys
charge a percentage of the property's purchase price, typically 2%.
What Type of Barbados Real Estate is
Available For Purchase?
If you are interested in buying real
estate in Barbados, there are a variety of real estate
options for you to choose from.
An option that has
become popular over the last few years are Barbados Oceanfront Condominiums.
Not only does this type of real estate in Barbados provide you with
your own beautiful beach front Caribbean vacation property but also
includes many amenities such as a swimming pool and fitness gym.
Barbados condos also make for very attractive rental units to other
visitors to the island while you aren't vacationing in Barbados. What
does this mean? Well you can enjoy a flow of passive income by renting
out your real estate Barbados property.
can either purchase one of the many Barbados vacation villas.
These range from ultra luxurious beach front villas along the
west coast of the island to more affordable countryside Barbados
villas. This will give you a beautiful villa to spend your
vacations in Barbados with your own personal bedrooms, bathrooms,
kitchen and living space for your entire family.
buy a luxury villa they are usually equipped with a full staff of
cooks, security guards, butlers and house keeping to serve your every
• Private Barbados Luxury
The real estate Barbados has to
offer also includes luxurious homes in private communities.
to name a few, these include the luxurious Port St. Charles, the
island's exclusive residential marina, The Royal Westmoreland, a
community of luxurious Caribbean colonial style villas, and The Private
Residences of The Crane Barbados.
• Purchasing Land
Many of these luxury residences are also available as time share units
as well as short term and long term rentals.
you have always dreamed of building your dream home in the Caribbean
then instead of purchasing a prebuilt Barbados home you can choose to
When buying land in Barbados that you wish to
build on you will need to obtain permission from the Barbados Town and
Country Planning Office before you beginning building. In
to do this you will need to have the land surveyed and have an
architect draw up plans of your future Barbados home.
How Much Will It Cost You To Invest
in Barbados Real Estate?
the island's flourishing tourism industry and increasing number of
foreign investors land and property values in Barbados are continuing
to rise. This has led to the prices of the real
Barbados has to offer to vary
drastically from USD
$300,000 - USD$850,000 for a 3 bedroom villa to
USD$15,000,000 for a beachfront luxury Barbados villa on the
island's Platinum west coast.
does not mean that you won't be able to find the right place
you at the right price, it just means that you will need to take your
time to search through the properties and Barbados real estate for sale
on the island.
The more properties you find that meet your criteria and
fit your budget the more likely you are to find your dream Barbados
The easiest way to achieve this is by finding as
many Barbados real estate agents as possible and browsing through their
Barbados real estate listings.
Who Will Look After Your Property
While You Are Not On The Island?
While you aren't spending time
enjoying a vacation on the island at
your Barbados property you will need someone to maintain your
estate. The best thing to do is to hire one of the local real
estate Barbados property management companies to take care of
These property management companies
will ensure that your place is well kept from landscaping to house
is also wise to have a real estate Barbados agent look after
renting your property out to other vacationers to the island while you