If you’ve stepped foot on the serene shores of Barbados, seen a picture from a postcard or watched a clip of a friend frolicking happily across the small, but capable island then you already know it: Barbados is beautiful. But aside from its charm, there are several reasons – especially now – why Barbados is worthy of becoming your home away from home. Here are 5 reasons why Barbados might be the best investment you could make this winter season:
1. Ease of residency & investment
In 2020, the Barbados Government introduced its 12-month Barbados Welcome Stamp. The programme was and continues to be a huge success for the island, receiving approximately 3000 applications and generating over 8 million dollars in fees within its first year. Designed with remote workers in mind, many of those who stayed for their maximum allotted twelve months are now investigating purchasing a home in Barbados for a more long-term move.
Along with an uptick in property sales across the region, Barbados’ ability to adapt to the pandemic by introducing its Welcome Stamp now poses an opportunity for sellers and a mad rush for buyers. The island has such an attractive package, that the property sales market is busier than ever, and prospective buyers will need to invest now before it’s too late!
But Welcome Stampers aren’t the only visitors benefitting from the ease of residency in Barbados. 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.
Additionally, Barbados has little to no restrictions on foreign ownership, has an efficient fiscal environment including no inheritance tax or capital gains tax. This works in the favour of high-net-worth individuals making more than US$5 million, as they can also apply for SERPs, and benefit from the lack of restrictions. Wealthy individuals and their families receive stellar benefits that make owning a second home in Barbados just as idyllic as the postcard photos may have made it seem.
2. Excellent COVID-19 management
The pandemic has been an arduous experience for all, regardless of age, nationality, or location. Fortunately, Barbados’ comprehensive response to COVID-19 has been helpful in not only containing and managing the virus, but also in creating opportunities for tourism and investment.
As of October 24, 2021, fully vaccinated travellers to Barbados with a valid negative pre-flight COVID-19 PCR test result are not required to take a test or quarantine on arrival in the island. Furthermore, the Barbados Government is now developing “safe zones” for the hospitality sector, public health sector and other areas. Once implemented, these locations will require all staff and guests to be fully vaccinated or regularly tested to ensure a virus-free environment for all.
3. Financial wins for UK investors
As of December 15, the US dollar is sitting around 1.32 to one pound. With the pound strengthening against the US dollar, UK investors have a growing buyer’s advantage in Barbados. Why? The Barbadian dollar is pegged to the US dollar (US$1 : BBD$2).
Relative to 2020, this marks quite a win for UK investors, and it means that buyers will have improved purchasing power. Buyers can now get more for their money, just because the Barbadian currency is pegged to the US dollar. An improving UK economic outlook suggests that this winter season is the prime opportunity to get value for money if you’re a British buyer.
4. Rising tourist numbers
The tourism sector is on an upward trajectory, despite the ongoing pandemic. Tourist arrivals were high and rising ahead of the peak of the winter tourist season; a sign that the best is yet to come. During July 2021, Barbados welcomed 10,819 visitors. That represents a huge contrast from the corresponding period of July 2020, when the island welcomed 6,745 visitors.
With a thriving tourism industry, expect an increase in interest in the Barbados property market – including the Crane Private Residences. Further reason why buyers will need to lock in their investment sooner rather than later.
5. Excellent investment
Barbados is a country that delivers value. Aside from its pristine beaches, festive social scene, quality healthcare and solid infrastructure, Barbados provides excellence in property value relative to other locations in the region and across the world.
In the real estate market, the recession’s impact was relatively minimal. It mostly affected the number of sales, not the property prices. And today, prices are down – though not significantly – but enough that buying now would be a steal.
With prices starting from US$340,000, the one-, two- and three-bedroom residences of Phase 3 of The Crane Private Residences are moving quickly! At over 70% sold, your window of opportunity is closing, so act now to secure your second home or investment property in paradise. For more information on current availability, please email property@craneresorts.com or call +1 246 416 6560.