Barbados Real Estate

Shopping for Real Estate in Barbados?

On Barbados, The Central Bank of Barbados must grant permission to any non-Barbados resident who wishes to buy property on the island. An off-shore bank can approve a mortgage for a property on Barbados, and it is best to have your financing secured before you enter into a binding agreement. The buyer must employ a licensed Barbados attorney to search the register of title to establish title to the property before the sale takes place. The buyer and seller sign a binding contract, and the seller's agent holds the 10% deposit until the sale is completed. When the transaction is complete, the balance of the purchase price is paid and the buyer takes title to the property.

Most non-Barbados residents purchase the property through a company that is must be registered to do business in Barbados, but can be incorporated outside Barbados. The seller pays the stamp tax and transfer tax. The buyer must pay his own legal fees, which range from 1.5% to 2%. The annual land tax ranges from 0.2% for properties under $350,000; to 0.7% for properties between $350,000 to $700,000, and 1% for properties over $850,000. Property owners who plan to rent their proporty must apply 7.5%VAT tax to the rent they collect.

The above was quoted from our feature article on Caribbean Real Estate.

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