A Guide to Buying Property in Barbados for Foreign Buyers
With an unparalleled reputation for offering fine living in the Caribbean, Barbados is one of the most alluring destinations in the Caribbean.
If you are currently considering investing in real estate in Barbados but you are wondering “where are the best places to buy property in Barbados?” or “how do I go about owning property in Barbados as a foreign buyer” then this guide is for you.
Our guide takes you through the process of buying property in Barbados from beginning to end, including an introduction to the real estate market, the buying process and the taxes you will need to be aware of.
Contents
Overview – The Real Estate Market
Buying Process, Fees & Taxes
Search Real Estate Listings
Best Places to Buy
Residency & Citizenship
Mortgages
Sending Money
How to Get There
Overview – The Barbados Real Estate Market
With its rolling green hills, golf courses, polo fields and close historical and political links to the UK, Barbados is often referred to as Little England. As a Britain in miniature with the added benefits of a tropical climate and sun-soaked pristine white sand beaches, the Eastern Caribbean island has established itself as one of the region’s most alluring tourist destinations. In 2018, for example, Barbados welcomed 681,197 international stayover visitors. This represents a 2.7% increase on the previous year.
Many of the island’s visitors have fallen in love with the charms of the island and Barbados real estate has, therefore, become an extremely popular choice with property buyers, in particular, British and North American investors.
Having firmly established its luxury property market ahead of many Caribbean neighbours such as St Lucia and Grenada, Barbados has maintained its appeal to high net worth home buyers who continue to value the stability and strong fundamentals of the island.
Property on the market ranges from apartments in beach and golf resorts to luxury houses and graceful colonial-style plantations for sale in Barbados nestled on acres of grounds in more rural parishes.
Buying Property in Barbados
Can foreigners buy property in Barbados?
Yes, foreigners can buy property in Barbados and the Government of Barbados welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in Barbados and foreign buyers enjoy the same rights as Barbadian citizens, including the right to purchase beachfront land. However, non-resident buyers must obtain permission to purchase property from the Barbados Exchange Control Authority and funds transferred to Barbados for the purpose of purchasing property must be registered with the Central Bank of Barbados.
Property can be purchased by an individual or a company which can reduce costs.
Buying Process
Buying property in Barbados is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Once you have made an offer on a property and the offer has been accepted, you will need to engage a Barbadian attorney to conduct a title search.
- The seller’s attorney will prepare the contract.
- You will need to pay a 10% deposit to secure the property which will be held in escrow by the seller’s attorney until the sale is completed.
- All non-residents must obtain permission to purchase property from the Barbados Exchange Control Authority. This is essentially a logistical step as Barbados does not restrict foreign ownership of property.
- You will typically be required to make payment of the remaining 90% within 3 to 6 months upon conveyance of title of the property.
Transfer Tax & Stamp Duty
In Barbados the seller is required to pay a transfer tax of 2.5% and stamp duty of 1%.
Legal Fees
Both buyer and seller are responsible for their own legal fees which typically amount to approximately 1.5% to 2% of the sales price of the property.
Land Tax
There is also an annual Residential Land Tax which varies according to improved value up to 0.75%, but is capped at USD $30,0000.
Search Barbados Real Estate Listings
As specialists in luxury Caribbean property, we can introduce you to a wide selection of the finest residential property in Barbados.
Homes for Sale & Condos for Sale
Our website is the ultimate destination to discover a wide selection of villas, houses and homes for sale in Barbados, as well as apartments and condos for sale in Barbados.
Land for Sale
You can also browse undeveloped land. Purchasing a lot of land provides you with a blank canvas and the opportunity to build your dream home in Barbados.
Whether you are looking for beachfront land or a centrally located lot, we’re here to help you find the perfect lot of land for sale in Barbados.
For larger parcels of land for commercial development, please see our commercial real estate listings.
Hotels for Sale
Searching for hotels for sale in Barbados? Browse hotels, B&Bs and guests houses right here.
Finding the Perfect Property for Sale in Barbados
Discover the most sought after real estate investment opportunities and benefit from unrivaled insight into the market.
To find your perfect property in Barbados, search our Barbados real estate listings.
Best Places to Buy Property on the West Coast of Barbados
West Coast
Discover West Coast – Read our Guide to West Coast Real Estate.
Holetown
Discover Holetown – Read our Guide to Holetown Real Estate.
Paynes Bay
Discover Paynes Bay – Read our Guide to Paynes Bay Real Estate.
Sandy Lane
Discover Sandy Lane – Read our Guide to Sandy Lane Real Estate.
Speightstown
Discover Speightstown – Read our Guide to Speightstown Real Estate.
St James
Discover St James – Read our Guide to St James Real Estate.
St Michael
Discover St Michael – Read our Guide to St Michael Real Estate.
St Peter
Discover St Peter – Read our Guide to St Peter Real Estate.
Sugar Hill
Discover Sugar Hill – Read our Guide to Sugar Hill Real Estate.
Westmoreland
Discover Westmoreland – Read our Guide to Westmoreland Real Estate.
Best Places to Buy Property on the South Coast of Barbados
South Coast
Discover South Coast – Read our guide to buying property on the South Coast.
Christ Church
Discover Christ Church – Read our guide to buying property in Christ Church.
St Philip
Discover St Philip – Read our guide to buying property in St Philip.
Best Places to Buy Property on the East Coast of Barbados
East Coast
Discover East Coast – Read our guide to buying property on the East Coast.
St Andrew
Discover St Andrew – Read our guide to buying property in St Andrew.
St John
Discover St John – Read our guide to buying property in St John.
St Joseph
Discover St Joseph – Read our guide to buying property in St Joseph.
Areas – North Coast of Barbados
St Lucy
Discover St Lucy – Read our guide to buying property in St Lucy.
Areas – Central Barbados
St George
Discover St George – Read our guide to buying property in St George.
St Thomas
Discover St Thomas – Read our guide to buying property in St Thomas.
Barbados Residency & Citizenship
How long can a foreign citizen stay in Barbados?
Citizens of the USA, Canada, EU and UK may generally stay in Barbados on holiday for up to 3 months (90 days) without a visa.
Do I need a visa to live in Barbados?
Retirees who own property in Barbados or high net worth individuals with a minimum net worth of USD $5,000,000 can apply for a Special Entry Permit for Barbados, which allows successful applicants to live in Barbados and is typically granted for 10 years for those under 60 and indefinite duration for those over 60.
How do I become a resident of Barbados?
If you wish to live in Barbados and you are a financially self-sufficient retiree or entrepreneur, you can apply to the Immigration Department to be granted the status of immigrant under the Immigration Act of Barbados. If you have lived in Barbados for 5 years legally with the status of immigrant you can then apply to become a permanent resident.
How do I become a citizen of Barbados?
If you have lived in Barbados for 5 of the 7 years immediately before applying, lived in Barbados for the entire 12 months immediately prior to submitting an application, and intend to live in Barbados, you can apply for citizenship by naturalization of Barbados.
Mortgages in Barbados
Looking for financing to fund the purchase of property in the Caribbean?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Barbados real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in Barbados.
For more information, see our page on: Caribbean mortgages.
Sending Money to Barbados
You could save money when investing in Barbados real estate by using a foreign exchange expert to get the best rate for your property purchase. We have partnered with Halo Financial, a specialist in foreign exchange, to help you get the best exchange rates when making one-off or regular international payments for a property purchase in Barbados. To see how you could save money, read more: Foreign Exchange.
How to Get to Barbados
There are direct international flights to beautiful Barbados from various cities in the United States, Canada and the UK.
International flights arrive at Grantley Adams International Airport located on the South Coast of Barbados.
From the USA, there are regular flights from Charlotte, Miami, New York, Philadelphia and San Juan to Barbados.
From Canada, fly with Air Canada from Montreal or Toronto.
From the UK, BA and Virgin Atlantic operate regular flights from London to Barbados.
Antigua to Barbados: 1 hour 05 mins
London to Barbados: 8 hours 25 mins
Miami to Barbados: 3 hours 50 mins
Montreal to Barbados: 5 hours 25 mins
New York to Barbados: 5 hours 00 mins
Toronto to Barbados: 5 hours 15 mins
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