You’ve visited this beautiful island before…you felt the sand in your toes, the sun rays touching your skin, and the laughter of your family when you visited Barbados, the “Gem of the Caribbean Sea”. This tropical beauty has captured your heart and has you thinking, why not make it a home away from home?
Barbados has so much to offer for returning travellers or persons looking to purchase a vacation home or even a permanent one, aside from the pristine beaches, adventure activities, and warm climate year-round. Let’s discuss why you should invest in Barbados… not just for the winter season but for whenever you truly desire.
Barbados Welcome Stamp
In 2020, the Barbados Government introduced its 12-month Barbados Welcome Stamp – a programme with remote workers in mind. The programme allows those living in Barbados to enjoy tax breaks and access to duty-free shopping. It is an ideal location for tech professionals who want to explore the Caribbean while still having access to high-speed internet, modern amenities, and a high quality of life.
The programme continues to be a huge success for the island, with property sales and rentals increasing since its inception. While this special visa is one option for you, living and investing in paradise is also made easy with Barbados’ Special Entry and Reside Permits (SERPs). Non-residents who gain access to these permits can gain residency for five years in return for a US$2m property investment.
Barbados’ Special Entry and Reside Permits (SERP’s)
Barbados’ Special Entry and Reside Permits are for those looking to stay in Barbados for a longer duration of time. These permits are often used by business entrepreneurs or professionals who wish to establish their own businesses but also require residency. The Special Entry and Residence Permit is divided into two categories – the Temporary Special Entry and Residence Permit and the Permanent Special Entry and Residence Permit. The Temporary Special Entry and Residence Permit is issued for a period of up to one year, while the Permanent Special Entry and Residence Permit can be renewed annually.
To apply for either permit, applicants must provide proof that they have sufficient finances to support their stay in Barbados, valid medical insurance coverage, as well as evidence of a valid return ticket for travel back to their country of origin. Applicants must also have a clean criminal record, be in good health and be prepared to take up employment or business activity within the county.
As of 2022, the cost for the Special Entry and Residence Permit is $450 USD. This fee is non-refundable, so applicants must be sure that they can meet all the requirements before applying. There is also an additional processing fee of $100 USD and a biometric enrollment fee of $50 USD.
Once the application has been approved, applicants will receive their Special Entry and Residence Permit within two weeks. This permit allows foreign residents to live in Barbados for up to one year, with the possibility of renewing their permit annually.
With a Special Entry and Residence Permit, foreign nationals are also eligible to apply for Barbadian citizenship after five years of continuous residency in the country. This will allow them to take full advantage of all the benefits that come with living in Barbados.
Owning a Property in Barbados
Barbados has few restrictions on foreign ownership. When purchasing a property, there is no property tax required to pay. However, international buyers do have the necessary funds transferred to the Central Bank of Barbados. Mortgages are also available to non-nationals from some Barbados banks.
Additionally, Barbados has a wide range of real estate opportunities with options for any budget. If you are looking for affordable options, you might be able to find some cheap houses for sale in Barbados, but of course, with some limitations. On the other hand, there are several attractive options included in gated neighbourhoods with a range of amenities like the villas at Royal Westmoreland, The Crane Residences and Apes Hill, or purchasing land to build your dream home.
There are also a variety of options in the type of ownership, including fractional or shared ownership. Read our blog on fractional ownership here to learn more.
Interested in finding out more about how to make Barbados a home away from home, give the Residence Barbados team a call today at +1 246 230 4982 or email at contact@residencebarbados.com.
Content Disclaimer
The information above about choosing a real estate agent in Barbados is provided only for information purposes. The amenities listed may or may not be available at any time. The contents of this blog post are not intended to amount to advice, and you should not rely on any of the contents of this post. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of this post. Residence Barbados disclaims all liability and responsibility arising from any reliance placed on any of the contents of this newsletter.
Top Image: 13 Prior Park Crescent
