Real 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 an 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 investment. 

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.

• Getting Permission To Purchase Real Estate in Barbados

Firstly you will have to acquire permission from the Central Bank of Barbados to purchase real estate in Barbados.   This however is simply a formality and will be of no hindrance to the buying process.

• Funding Your Barbados Property Purchase

Secondly 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.  

Therefore you 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 Barbados.  

If 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 Barbados.

Regardless these funds must be registered with the Central Bank of Barbados which guarantees you repatriation should you choose to sell the property at a future time.

• Paying The Property Transfer Tax and Annual Barbados Land Tax

Real 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 the real estate property you choose to buy.

Once 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.

On 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 property 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 $1,000,000. 

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

 

It 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.

• Beachfront Barbados Condominiums

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.

These 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.

• Barbados Villas

You 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.  

If you choose to buy a luxury villa they are usually equipped with a full staff of cooks, security guards, butlers and house keeping to serve your every need.

• Private Barbados Luxury Residences

The real estate Barbados has to offer also includes luxurious homes in private communities.  

Just 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.


Many of these luxury residences are also available as time share units as well as short term and long term rentals.

How Much Will It Cost You To Invest in Barbados Real Estate?

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 real estate.  The best thing to do is to hire one of the local real estate Barbados property management companies to take care of your real estate.  

These property management companies will ensure that your place is well kept from landscaping to house keeping. 

It is also wise to have a real estate Barbados agent look after renting your property out to other vacationers to the island while you aren't here.