The climate in the Barbados is tropical with temperatures ranging from 25 – 30 degrees Celsius/77 to 90 degrees Fahrenheit. In the islands there are two seasons: Wet and Dry.
The wet season is from June through November, and the dry season is from December through May.
Brief heavy showers are common throughout the year. We call that Liquid Sunshine.
What time zone is Barbados in?
Barbados is GMT-4 – Eastern Time. The island does NOT change time. As such, it is either five (summer time) or four hours (winter time) behind the UK. It is also either the same time or ahead one hour of Eastern Time.
How long can I stay in Barbados?
Citizens of the USA, Canada, EU and UK may generally stay in Barbados on holiday for up to three months (90 days) without a visa although you can apply for an extension to stay longer (fee applicable).
What services does Residence Barbados offer buyers?
Residence Barbados offers comprehensive services to guide you through your property purchase. This includes:
Property Search: Identifying properties that match your criteria, including exclusive listings.
Market Insights: Providing current market data and trends.
Viewings: Arranging and accompanying you on property viewings.
Negotiation: Assisting with offer preparation and negotiation.
Professional Network: Connecting you with trusted local attorneys, valuers, and financial institutions.
Guidance: Walking you through each step of the purchase process from initial interest to closing.
Can non-nationals buy property in Barbados?
Yes, there are no restrictions on non-nationals purchasing property in Barbados. Both residents and non-residents have the same rights to property ownership.
What is the process for a non-national to buy property in Barbados?
If you are a non-national buying property in your individual name, you will need Exchange Control approval from the Central Bank of Barbados. Your attorney will handle this application for you. If you bring foreign currency into Barbados for your purchase, it must be registered with the Central Bank to ensure you can repatriate funds when you sell the property in the future. Many non-residents also opt to purchase property through an offshore company for potential benefits, which your attorney can explain.
What is the property buying process?
Buying property in Barbados is a relatively simple process:
Begin your property search with Residence Barbados.
Find your perfect property and either make an offer to the owner or the Residence Barbados team will negotiate on your behalf with the community developer (if it’s a new build property).
Once you have made an offer on a property and the offer has been accepted, you may need to engage a Barbadian attorney to conduct a title search. Again, the Residence Barbados team will advice if and when this is necessary.
The seller’s attorney will prepare the contract.
You will need to pay a deposit (typically 10 per cent) to secure the property which will be held in escrow by the seller’s attorney until the sale is completed. For new build properties the deposit process may be different.
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 balance within three to six months upon conveyance of title of the property or immmediately if no conveyancing is required.
What types of properties are available in Barbados?
Barbados offers a diverse range of property types to suit various preferences and budgets, including:
Villas and Houses: From luxurious beachfront estates to charming family homes in residential neighbourhoods.
Apartments and Condominiums: Often found in resort communities or along the coast, offering convenient living with shared amenities.
Townhouses: Modern units often in gated communities, popular for their manageable size and community feel.
Land Lots: Opportunities to purchase undeveloped land to build a custom home.
Plantation Homes: Historic properties offering unique character and expansive grounds.
If I purchase a property do I have to become a resident of Barbados?
No. Non-nationals are welcome to make Barbados their home and there are no restrictions to non-nationals purchasing real estate in Barbados. There are also no capital gains or inheritance taxes in Barbados.
Non-nationals, who wish to stay in the island for period longer than six (6) months continuously, may require a Special Entry & Reside Permit.
What are the benefits of owning property in Barbados?
Owning property in Barbados offers numerous benefits, including:
Lifestyle: Access to a high quality of life with a pleasant climate, stunning scenery, and diverse activities.
Investment Potential: A stable real estate market with a strong currency and a track record of value appreciation.
Residency Options: Property ownership can support applications for long-term residency.
No Capital Gains Tax or Inheritance Tax: Barbados generally does not impose these taxes on property.
Can I arrange a mortgage for my purchase?
Yes, it is possible for foreign nationals looking to invest in Barbados real estate to apply for a mortgage. Mortgages are usually available at around 50 per cent to 70 per cent of the property value with a maximum term of 15-20 years. You would need to show that you can make the repayments from personal funds and would not be dependent on any rental income to service the mortgage. The process can be slow and foreign buyers are advised to line up funding (whether within or outside of Barbados) before making offers on properties.
The Residence Barbados team works with local mortgage provider to offer mortgages for qualifying non-residents buying, building or improving a second home in Barbados.
Must I maintain a certain amount of money in a Barbados bank account?
No. Barbados does not require you to maintain an amount of money in your Barbados bank account. Each bank has its own requirements, so shop around or take advice for the best banking provider for your needs.
At what point should I retain an attorney during the purchase?
It is not always necessary to retain the services of an attorney-at-law. It depends on the property you are purchasing and where.
For example ownership of The Crane Private Residences is a Right to Use held in trust by First National Trustee Company (FNTC) in the Isle of Man, until the year 3000. As such as attorney is not required.
The property can be willed, transferred or sold at any time. The Trustee ensures that there is no debt, prior ownership or lien on the property.
Should you still wish to have an attorney-at-law review the Purchase Application, we will be happy to refer you to a local law office.
For other properites, an attorney is recommended and we will advise you of this during the sales process.
Do I need a surveyor to confirm property boundaries?
It is good practice, especially for properties not in a gated community, and often recommended by your attorney, to have the boundary marks of the property pointed out to the buyer according to the certified survey plan before completion of the sale. This ensures clarity on the exact dimensions of your purchase.
Are there any fees or taxes?
In Barbados the seller is required to pay a transfer tax of 2.5 per cent and stamp duty of 1 per cent.
Both buyer and seller are responsible for their own legal fees which typically amount to approximately 1.5 per cent to 2 per cent 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 per cent, but is capped at USD $30,0000.
In addition, there are community and membership fees if you are purchasing on a community. These cover different items such as insurance, security, maintenance etc and are different for each resort. Residence Barbados can advise you accordingly.
Is Capial Gains Tax charged?
No, there is no Capital Gains Tax payable in Barbados.
The property I am buying is held by a company, is this usual?
Properties in Barbados are often held through a local or foreign company that is registered to do business on the island. Your lawyer will advise you on the pros and cons of buying in your own name or via a company.
I'd like to know more about Barbados. Do you have more information?
