Why not live where you vacation? Barbados checks all the boxes for those who are looking for a change of pace and place – perennial sunshine, world-famous beaches, sound infrastructure and a stable, welcoming society. If you are considering purchasing real estate in Barbados as a non-national, here are 3 things you need to know:
- All are welcomed
Unlike some other Caribbean islands, Barbados does not require a permit or license to purchase real estate. In fact, there are no restrictions to non-nationals purchasing real estate in Barbados! There are also no capital gains or inheritance taxes.
- Easy Purchase Process
Buying real estate in Barbados is a relatively simple process. Once you’ve selected your perfect Barbados home or investment property, you must appoint a local attorney-at-law who will check the property’s title and work with the seller’s attorneys to draw up the agreements. Buyers typically must make a 10% deposit, held in escrow until the buying process is complete. The remaining 90% is payable at the time of conveyance, usually a 3 to 6-month process.
There are some exceptions to this, in the instance of off-plan developments like The Crane Private Residences where payments are in stages based on the progress of the construction.
Pro-tip: Ownership in The Crane Private Residences is a Leasehold Agreement held in trust by First National Trustee Company (FNTC) until the year 3,000. Ownership can be willed, transferred, or sold at any time and the Trustee ensures there is no debt, prior ownership, or lien on the property. Our Trust structure also affords the benefit of same-day closing as well as no closing costs, sales taxes, or legal fees.
- Organising Your Finances
Non-nationals can obtain mortgages of 5 – 25 years in Barbados depending on financial status. As is customary with all mortgages, a deposit is required which is usually between 30% – 50% of the purchase price. In addition, you will need to provide financial guarantees such as proof of employment, tax returns etc. as well as government-issued identification.
Pro-tip: The Crane Private Residences offers developer financing on the latter 50% of the purchase price. Approval is instant and there are no penalties for early repayment.
There are exchange control regulations in Barbados. This means that foreign currency brought into the island must be registered with the Central Bank of Barbados. While this is a formality that will be done by your local attorney, it is a necessary step as it will enable you in the event of a sale, to remove the funds from Barbados.
Pro-tip: The Crane Private Residences’ trust structure avoids the need to register foreign currency.
For more information on purchasing Barbados real estate and The Crane Private Residences, contact firstname.lastname@example.org or +1 246 416 6560.