BUYING PROPERTY IN BARBADOS
Maximum Success Marketing offers you the best in the Barbados Real Estate. If you interested in purchasing property in Barbados we will assist you with this venture. From studio apartments to luxury villas, magnificent plantation homes, golfing and polo estates we offer an array of real estate choices. We will ensure we find you the perfect property to meet your needs and personal taste. Whether your property interest is for investment purposes or to own your own personal dream vacation home, we are the experts to assist you with your acquisition. We invite you to view the many real estate options available to you or contact our experienced representatives today and make your dream a reality.
BARBADOSBUYERS GUIDE
How to buy property in Barbados: Any non-Barbadian wishing to purchase property on the island must initially get permission from the Central Bank of Barbados. This is a standard procedure under the Exchange Control Act. Mortgages to non-resident non-nationals can be approved through an offshore financial institution, such as First Caribbean International Bank (Offshore) Ltd or The Bank of Nova Scotia. Purchasers are strongly advised to ensure that all of the arrangements with respect to financing are in place prior to entering a binding agreement.
In Barbados, property passes conveyance of title, evidenced by the recording of the deeds and the certified survey plans at the registry of title. A purchaser will require a registered Barbadian attorney to search the register and establish title to the property prior to the completion of sale. The parties sign a binding contract and the vendor’s attorney holds the deposit until completion, at which time the balance of the price is paid. Purchasers should be aware that once an agreement has been made, and a 10% deposit of the agreed price paid, the deal must proceed or the deposit is forfeited.
The title may be taken in an individual’s name or through a corporate vehicle set up to own the property. It is usual in the case of non-residents of Barbados that they purchase property through a company, which may be incorporated outside Barbados but which must be registered in Barbados.
The vendor pays a property transfer tax of 10% and a government stamp duty of 1% and each party bears their own legal fees, which average between 1.5% to 2%. From the purchaser’s perspective, transfer costs are usually 2% or less.
All money brought into Barbados must be registered at the Central Bank which, in turn, then guarantees repatriation if the property is sold. The obvious importance of this procedure makes it essential to conduct any transaction through a reputable real estate agent and a local attorney-at-law.
Property Tax In Barbados: There is an annual property tax that is levied by the Government on the improved value of the property. The improved values are revised every 3 years by our Land Tax Valuation Department.
Improved Property Value:
Residences
Up to $350,000 0.1%
$350,000 - $850,000 0.65%
Over $850,000 0.75%
Commercial 0.65%
Unimproved Land 0.60%
Hotel 0.65%
Rebate of 50% on production of Certificate from the Barbados Tourism Authority
Villa 0.65%
Rebate of 25% on production of Certificate from the Barbados Tourism Authority for
villas on rental pool
