The Insider's Guide to Buying Property in Barbados
Overview - The Barbados Real Estate Market
Barbados Unveiled: An Idyllic Caribbean Haven with a Distinctive Flair
Welcome to Barbados, an island sanctuary where the mesmerizing beauty of its landscapes and the effervescence of its culture coalesce to create a setting that captivates the soul. This small yet enchanting paradise, covering a mere 166 square miles, is home to approximately 287,000 warm-hearted people, who delight in sharing their rich heritage and island charm with visitors. As you explore the island’s luxurious beachfront villas, serene countryside retreats, and contemporary apartments, you’ll begin to understand the irresistible magnetism that makes Barbados truly one of a kind.
A Symphony of Seascapes and Natural Wonders
The island’s 80 pristine beaches are nothing short of a testament to its natural allure. The alluring turquoise waters and powdery white sands of the Platinum Coast invite you to bask in a world of unrivaled opulence. The dramatic east coast offers an entirely different experience, with rugged cliffs and powerful Atlantic waves painting a landscape that’s both peaceful and thrilling. As you move south, the lively South Coast beckons, boasting an intoxicating mix of azure waters, lively nightlife, and a pulsating energy that makes it impossible not to be swept away by its infectious vibe.
Unveiling Barbados’ Real Estate Marvels
Barbados’ thriving property market offers an enchanting mix of options for discerning buyers. Those seeking a luxury retreat will find no shortage of ultra-luxe beachfront villas dotting the island’s coveted Platinum Coast. Here, you’ll discover opulent residences that embody the essence of refined island living while offering every imaginable modern amenity.
If your heart desires a more tranquil setting, the lush rolling hills of the countryside hold the key to serenity. Here, private estates and elegant plantation homes offer a picturesque backdrop for a life steeped in history and natural beauty.
For those seeking a harmonious blend of modern luxury and island charm, a selection of new developments offers chic apartments, townhouses, and condos near the bustling South Coast. These properties artfully combine contemporary amenities and design with easy access to the vibrant nightlife, restaurants, and leisure activities that make this region so enticing. Experience the best of both worlds as you enjoy the excitement of the South Coast while retreating to the serenity of your stylish island home.
Embracing the Bajan Lifestyle: A Cultural and Recreational Haven
Barbados is an island that has long captivated the hearts of affluent second-home buyers seeking a slice of Caribbean paradise. With its rich cultural heritage, diverse culinary scene, and a host of recreational activities, the island provides an idyllic playground for all who venture here.
Golf enthusiasts will be delighted to find some of the Caribbean’s most highly acclaimed golf courses, such as those at Sandy Lane, Royal Westmoreland and Apes Hill, nestled within the island’s lush landscapes. Polo, another beloved pastime, has taken root in Barbados, with world-class facilities like the Barbados Polo Club and Holders Hill catering to the sport’s passionate followers.
Epicureans will find themselves in a gastronomic paradise as Barbados boasts an exceptional culinary scene, ranging from casual beachside eateries to sophisticated fine dining establishments. The island’s vibrant culture comes alive through its diverse cuisine, a fusion of international and local flavors that tantalize the taste buds.
Barbados: A Caribbean Dream Come True
As you embark on your journey to uncover the treasures of Barbados, you’ll discover a destination that offers more than just an idyllic island escape. With its distinctive qualities and a diverse real estate market, Barbados caters to the desires of property buyers from around the globe. This enchanting island, with its vibrant culture, unparalleled natural beauty, and exceptional amenities, stands as a shining beacon of Caribbean allure, beckoning you to join the ranks of those fortunate enough to call it home.
Come, experience the magic of Barbados firsthand, and let the island’s charm sweep you off your feet. With its captivating blend of opulent real estate, unmatched natural landscapes, and a pulsating cultural scene, it’s no wonder that Barbados has earned its well-deserved status as a preferred destination for discerning property buyers. So, whether you’re seeking a palatial beachfront estate or a cozy coastal hideaway, Barbados promises an unparalleled lifestyle that will leave an indelible impression on your heart. Embrace the Bajan way of life and make your Caribbean dream a reality in this beautiful island paradise.
“Barbados is an island that has long captivated the hearts of affluent second-home buyers seeking a slice of Caribbean paradise”
Well-established real estate sector with a long track record of attracting affluent overseas home buyers.
Currently a buyer’s market, offering great value to property investors.
Non-stop direct flights to Barbados from the USA, Canada, the UK, as well as the Caribbean, Central America and South America – boosted by increased airlift.
High rental income generating potential due to growing tourism sector.
Some of the most spectacular beaches in the Caribbean.
Range of tax incentives on offer to high net worth investors.
Home to some of the most high quality, luxury hotels, restaurants and golf courses in the region, if not the world.
Buying Process, Fees & Taxes
- 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.
- Fees & taxes
Transfer Tax & Stamp Duty
In Barbados the seller is required to pay a transfer tax of 2.5% and stamp duty of 1%.
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.
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.
Latest Real Estate Listings in 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.
- How do you become a resident of 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.
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 you 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.
How to Get There
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.
- New York to Barbados 5h
- Toronto to Barbados 5h 15m
- Miami to Barbados 3h 50m
- Antigua to Barbados 1h 05m
- London to Barbados 8h 25m
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