A mature island democracy and economy, with easy and transparent property buying and foreign ownership laws and processes.
The Island is well known for its rigorous and ‘conservative’ banking and financial sector. Political and economic stability has delivered excellent capital growth and rental yields for residential property over many years.
Buying Property in Barbados
There is no restriction on nationals or non-nationals purchasing land or property in Barbados.
Barbados has a fixed exchange rate (BD$/US$) and foreign buyers are subject to “exchange-control approval”, ie: -
1. The buyer’s solicitor registers the foreign currency brought to the island to purchase a property with the Central Bank of Barbados.
2. Central bank approves the purchase
3. When the buyer sells; he/she is allowed to take out the money brought in – plus any profit.
A solicitor is required to complete a sale and fees range from 1.25% to 2% percent of the purchase price.
Buyers do not pay transfer taxes or stamp duty – the seller pays 2.5% transfer tax and 1% stamp duty.
The seller also pays the real estate agent a commission for the marketing/sale of the property.
If required, purchase finance (mortgage) of approximately 60% is typically available.