Home Property in Barbados
How to buy a house in Barbados?
Here you will find the detailed information about real estate purchasing in Barbados:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Barbados;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Barbados and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Barbados.
Elegant detached houses from coral limestone, modern offices and hotels, villas, majestic temples and sugar cane plantations compose a visiting card of today's Barbados. Island real estate is acquired with great pleasure by bankers and Hollywood stars. Rent of numerous magnificent villas makes notable profit to their owners and real estate agencies.
The choice is quite wide. Cozy detached houses, penthouses, plantator’s houses in the Caribbean style, condominiums and apartments — all of the above is ready for the buyers and tenants.
Geographically the western and southern coasts of the island are the most popular places. At the same time quite good prospects for new construction and investments are opened in the east and the north of the island. A new recreation zone will be split into 110 sites with the cost of $3-5 million each.
Many of those who gets villas spend there only a few months per year, and the rest of the time the real estate is rented with the help of local real estate agencies, bringing considerable income to the owner.
The market of Barbados goes through unprecedented growth now. Limitation of the island area stimulates builders to reconstruct available objects. Curiously enough high prices of a second-hand real estate don't frighten off but attracts a great number of new owners. If earlier Barbados was a place for "plutocrats" (the British aristoi who made fabulous money on trade of raw sugar), today's structure of residents is much more eclectic — from businessmen and middle managers to stars of world cinema and TV.
Here is one of the examples. One of objects offered to sale —Sandy Cove possession — is in Saint-James's district on the western coast of the island. These places still carry the name of the Platinum coast. The territory of a housing estate is of 0,8 hectares on the seashore, surrounded by magnificent tropical gardens. Sandy Cove has only 12 enough extensive apartments (275–285 sq.m) with pools, a patio, a view on the sea. Each apartment includes an exclusive bedroom for owners and two guest’s bedrooms with separate bathrooms. At the top levels there are 3 magnificent penthouses (on 573 sq.m) in which all rooms pass into a patio and solar verandahs, giving the chance to breathe salty winds of all points! And fresh air in tropics is an essential thing though naturally all rooms are equipped with conditioners.
The housing estate is supplemented by two villas with an exclusive furniture and personal beaches. All buildings are built in a classical colonial style by Gillespie and Steel designers, and interiors are specially made of a rare coral tree. It is possible not to mention an engineering stuff at all because all latest labour-saving devices and communication tools are included in the price. Generally, all inclusive.
Such pleasure is not cheap. So, the apartments at the first level are on sale for $2,75-3 million (about 11 thousand for sq.m), penthouses — $5,75-7 million, and private country houses are offered for $14 million each ($25 thousand for sq.m).
The price of detached houses wobbles from $450 thousand to $8 million. The apartments are below. So the price of the apartment with 2 bedrooms in the condominium Schooner Bay is of $550 thousand, and in the condominium Suger Hill — from $300 thousand.
What the foreigner should know
Land and property are on sale without restrictions, but for acquisition of the real estate foreign nationals need to get permission from the Central Bank of Barbados. However, it is a formal procedure. The seller is responsible for the payment of sales tax of 10% of the property price. The sum has to be brought to Barbados (money transfer with registration in the Central Bank of Barbados).
Besides, it is necessary to employ a lawyer and a competent real estate agent for implementation of these procedures. Legal services go for about 2% of the price. The owner of the land pays annual land tax and an insurance.
The size of an insurance depends on a type of the real estate, its location and contract value and wobbles from 0,4% to 0,9%.
Five years passed since a 10% tax on the real estate transactions with participation of foreigners is cancelled, and each party of such transactions has the right to establish own penalties and percent for the commission, usually of 1,5–2%.
The majority of the land plots are got in property by quarterly (annual) payments and on mortgage loans. Credit term — till 15 years.
Visa and taxes
The nonresident has to get a working permit. It is granted generally to those who can make a powerful contribution to the economy of Barbados or if the applicant can prove that there is no rather qualified local expert for this working position. In the presence of a status of an emigrant or domiciling the working permit isn't required.
It is possible to become a constant resident after five years of inhabitancy. The tax resident needs to live on the island during 182 days within tax year or to have the permanent address having informed the authorities of intention to live on the island not less than 2 years. There is no tax on increase of capital market value and on inheritance. The tax on transfer of property as inheritance is paid only at the transactions made during lifetime of the owner.
Being the island state with steadily and dynamically developing economy, well-adjusted infrastructure, inhabited by unusually friendly people, Barbados is not only paradise for divers and windsurfers all over the world, but also an ideal place for acquisition of housing or the land. And if Russians consider Barbados as far exotic, many thousands of residents of the States, Canada and England relate to it as to quite habitual residence and work place.