How to Retire in Barbados – The Ultimate Guide
Are you approaching retirement and dreaming about moving to the Caribbean to enjoy a laid back lifestyle in idyllic surroundings? Wondering which destination might suit you and how you can relocate? Famed for its exceptional beaches and high standard of living, the Eastern Caribbean island of Barbados is a popular destination with retirees from the USA, Canada and Europe. If you are interested in discovering more about how to retire in Barbados, then this guide is for you.
Our guide covers all aspects of retiring on this breathtakingly beautiful island, from how you can enjoy residency as a retiree to how you can find homes for sale in Barbados and condos for sale in Barbados which might be suitable for your retirement.
Barbados has long been a popular retirement destination for affluent retirees from overseas. Why? There are all kinds of advantages to living on this beautiful island, but here are some of the typical reasons people choose to retire in Barbados.
High Standard of Living in a Breathtaking Surroundings
From its outstanding, powder soft white sand beaches to its calm turquoise waters, Barbados is renowned for its postcard perfect coastline.
The dreamy landscape is complimented by a superb range of amenities including world-class golf courses at Sandy Lane and Royal Westmoreland, superb marinas at Port St Charles and Port Ferdinand, a wide variety of excellent restaurants and bars serving both local and international cuisine, celebrated hotels and spas and all kinds of land and water sports such as tennis, polo, snorkeling, diving, surfing, jet skiing and fishing to name a few.
This extensive variety of entertainment options combined with a quintessentially Caribbean landscape combines to create a destination offering a very high standard of living.
Straightforward Pathways to Residency
Barbados welcomes foreign investment and the island has long been a destination of choice for international retirees. The island offers various pathways to residency which allow the dream of retiring in Barbados to become reality. Individuals who own property in Barbados and High Net Worth Individuals who make a significant investment in the country can apply for a Special Entry & Reside Permit (SERP) which offers qualifying applicants the opportunity to move to Barbados.
Proximity to the USA
Planning on traveling frequently to and from the island? Located just a 3 house and 40 minute flight from Miami to Grantley Adams International Airport, Barbados is easy to get to via dozens of direct flights from countries including the USA, Canada, the UK and many other locations.
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Find out more about: Investing in Barbados
Like several other countries in the region, Barbados offers various pathways to residency for individuals who would like to retire in Barbados.
To qualify you will need to meet the below requirements in order to apply for a Special Entry and Reside Permit (SERP):
- Requirement: Must own property in Barbados with a value of at least US $300,000.
- Fee: US $5,000 per adult for a 5 year period.
High Net Worth Individuals
- Requirement: Must make an investment of at least US $2 million in Barbados and have net assets of at least US $5 million.
- Fee: Ranges from US $3,500 to US $5,000 for an initial permit plus US $5,000 for an indefinite permit which lasts a lifetime upon turning 60 years of age.
After 5 years of living in Barbados, a financially-secure individual can apply for permanent residency in Barbados.
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Find out more about: Moving to Barbados
Where are the best places to retire in Barbados? Well, that very much depends on your personal preferences.
There are so many wonderful places which you could choose to make home.
Beach lovers will adore the island’s West Coast. Known as the Platinum Coast, Barbados’s West Coast is famed for quintessentially Caribbean white sand beaches and calm turquoise waters.
A little in land, investors will find elegant homes overlooking some of the region’s best golf courses in areas such as Sandy Lane and Royal Westmoreland.
If you like the sound of resort living, be sure to take a look at some of the resort developments on the lively south coast, most notably The Crane, which offers one of the most comprehensive suite of amenities available.
If you’re looking to truly get away from it all, explore investment options along the quieter East Coast of the island. Long known as the getaway destination of choice for affluent Barbadians and a prime surfing destination, the East Coast offers charming beach houses with views of the untamed beaches and the powerful waves of the Atlantic Ocean pounding the shore.
While the cost of living in Barbados can be higher than other destinations in the Caribbean, the island compares favorably with the USA, Canada and Europe.
Imported goods are often relatively costly but the overall cost of living is reasonable.
For those looking at moving to Barbados for retirement or relocation, property prices are generally higher than nearby islands such as St Lucia and Grenada as the real estate market is more mature.
Would you like to find out more about retiring in Barbados or perhaps you would you like to browse property for sale which could be suitable for your retirement?
We would be delighted to help. We can introduce you to a wide selection of property for sale in Barbados from apartments and villas overlooking the island’s world-class golf courses to luxury beach houses footsteps from the pristine beaches of the celebrated west coast.
You can explore the full range of Barbados real estate on our website or contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to begin your property search and to discuss your options in more detail.