Real Estate

Advice on buying Real Estate Barbados Property

You have found a property you wish to purchase in Barbados what next?

Buying Property in Barbados - Costs of Purchasing Property

Barbados Property Buyer's Guide explains the legal fees, legal procedures, real estate purchase taxes and mortgage procedure.

Barbados has long been considered a leader in the Caribbean both for the Tourism market and as a preferred destination for international businesses.

The marrying of these two sectors has created an extremely lucrative real estate segment for the local economy including sales, short and long term rentals and property management.

Barbados Property Sales:

The trend in Barbados real estate speaks for itself - over the last three decades values have continued to rise steadily and this movement is expected to continue well into the future.

If you are considering the purchase of a property in Barbados, not only can you look forward to appreciating values, you can also put your property onto the short-term rental market to be let to holiday-makers when you are not in residence.

There is no restriction preventing non-nationals to purchase property in Barbados, however, here are a few guidelines for potential purchasers:

.As a formality, a non-national must acquire permission from the Central Bank of Barbados.

.The property vendor is liable to pay a Property Transfer Tax of 7% of the purchase price.

.Although funding can be secured in Barbados through an Offshore Loan, it is advisable for non-national purchasers to obtain funding externally as rates will be more attractive.

.Funds brought into the island must be registered with the Central Bank in order to guarantee the repatriation should you decided to sell your investment.

.It is advisable to employ the services of an attorney-at-law and a reputable real estate agent to handle these transactions. Legal fees are approximately 2% of the purchase price.

.The Land Tax Valuation Department revises improved property valuations every three years and Land Tax is payable every year based upon this value.

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These guidelines are meant for guidance only and describe a straightforward purchase scenario. However this information is not meant to replace proper legal advice, which we always insist you take.

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