Home Buying In Barbados
WelcometoBarbados!Wearethrilledthat you are considering owning a piece of paradise.Whetheryouarelookingtobuya property as an investment, a second home,orbecauseyouarerelocatingtothe island, we understand that this is a big decision.
After all, you can buy property anywhere in the world, so why Barbados and why now? The next year promises to be one of unique challenges but exciting opportunities in the Barbados luxury real estatemarket.
LETTER FROM OUR CHAIRMAN
Consumersarelookingforinterestingproperties that enhance quality of life, promote wellness, incorporate sustainable design and construction, allow for working from home, and more. As consumers' wants and needs have changed, the concept of ‘luxury’ has also changed, and people are looking for properties thatreflectthatshift.
That’s where we come in. As a boutique agency, IslandVillasishyper-focusedonourpeople-we put your interests first Our portfolio offers a wide range of diverse properties and our expert team works with you to determine what property best suits your lifestyle, budget and otherrequirements.
The Island Villas team is here to help you at every stage of the buying process and beyond. Whetheryouwantinsightonyourpotentialnew neighbourhood and the best places to eat or shop,needworkdoneonyournewhomebefore moving in, or want an idea of potential rental revenueyoucangenerate,ourteamishere.
Again, we know that this is a big decision We can help Book an in-person or virtual consultation with a member of the Island Villas team. Let’s talk about how you can own a piece ofparadise!
Mr. Richard Eames, Chairman - Island Villas
01Preparation
4 KEY INSIGHTS
There are NO restrictions to non-nationals purchasing property in Barbados.
1. There are no special visas required and non-nationals are welcomed to make Barbados their home.
2. There is no Capital Gains Tax or Inheritance Tax in Barbados. 3. There are some simple procedures that involve Foreign currency being brought into Barbados by non-nationals which should be registered with the Central Bank of Barbados. 4.
6 TOP TIPS FOR BUYERS
Most important - purchase in the best location you can afford. 1. Look for timeless architecture. 2.
Pay attention to the buildable land area, this is what appreciates in the long term.
3. Floor plans and scale, check the height of ceilings and size of windows, light is important. 4. Consider stretching your budget to get what you want. 5. Find an agent that understands the market and area you want to buy in and that understands the benefits of buying in Barbados. 6.
ROYAL WESTMORELAND
ST. JAMES, BARBADOS
Royal Westmoreland offers an unparalleled experience when it comes to purchasing your Caribbean property. With over 250 beautiful homes, explore some of our featured listings for those who want the best in lifestyle, security and exclusivity
Cassia
Verbeia
APES HILL
ST. JAMES, BARBADOS
Apes Hill Barbados is one of the most remarkable high points in the Caribbean - a prestigious address, where modern architecture fuses with the timeless landscape of the island. Whether it’s building your own exquisite space from the ground up or finding an idyllic turnkey residence amongst their ultra luxurious collection of environmentally friendly designs, the options are endless.
Discover A Slice of Paradise: Owning Property in Barbados
More and more individuals are choosing to make Barbados their home away from home or as a sound property investment opportunity. In this article we explore what the island has to offer and how to make a property purchase as smooth as possible.
Mention Barbados, and for most, a luxurious Caribbean dream springs to mind. Glorious sunshine, warm smiles, crystal-clear seas lapping on white sandy beaches, a backdrop of lush tropical greenery, and a laid-back vibe There may be a rum punch in hand, with the sound of steel pans in the background travelling on a gentle breeze.
This dream is a reality for thousands of visitors each year They come for a variety of reasons, whether it's surfing on the East coast, indulging in water sports, playing golf or tennis, enjoying duty-free shopping, savouring delicious dining experiences, or simply basking in the island's beauty.
Prior to the pandemic, Barbados witnessed a steady increase in visitor numbers Then the pandemic prompted a surge in applications for the 12-month Welcome Stamp visa, attracting remote workers seeking a change of scenery and lifestyle Many of these visitors ultimately become second homeowners, seeking high-quality apartments, villas or homes in upscale resorts or gated communities, whether beach fronted or further inland – especially with several new developments that emphasis sustainability and eco-credentials becoming available and offering furnishing packages
Investing from abroad
Foreign investors, primarily from the UK, USA, Canada, and Europe, flock to Barbados to purchase luxury properties on the West and Southern coasts. Many of these homes are rented out, providing extra income to cover expenses or serve as strategic investments. Owning property in Barbados offers not only a taste of paradise but also potential financial benefits
Barbados caters to the needs of foreigners through Special Entry Residents Permits (SERPs), offering extended stays or permanent residency for retirement, work, or tax efficiency, and the process of acquiring property is relatively straightforward – with no restrictions on foreign ownership However, foreigners need approval from the Exchange Control Authority and must register foreign currency funds with the Central Bank, typically handled by a local attorney representing the buyer
The Barbados dollar is aligned to the US dollar, and some banks even offer US dollar mortgages to foreigners, making the tax system a favourable one, with no inheritance or capital gains tax
To ensure a smooth property purchase in Barbados, potential buyers should have their finances in order and hire an attorney-at-law early in the process. The average time to buy a re-sale property is around three months, with a 10% deposit due on exchange and the remaining 90% paid on completion If you're considering making this Caribbean paradise your new home or investment, contact one of our agents at info@island-villas.com.
02 Purchasing
6 STAGES OF THE BUYING PROCESS
A verbal offer and acceptance is made. 1. Once your offer has been accepted, an Offer and Acceptance letter is signed by both the Vendor and Purchaser. 2. Appointment of an Attorney at Law 3 Exchange of Contracts for Sale and payment of a 10% deposit is made to the Vendor’s Attorney. 4. Conveyance and payment of 90% remaining balance. 5. The sale process in Barbados usually takes 12 weeks from offer and acceptance to closing.
TRANSACTION COSTS
Attorney fees are approximately 1% - 2.5% of the purchase price, plus 17 5% VAT Purchasers will be expected to pay the proportionate amount of Land Tax Buyers do not pay stamp duty or transfer tax. Forest Hills 2, Royal Westmoreland, Barbados
Howzat!
ROYAL WESTMORELAND
Howzat! is an immaculately maintained, executive 6 bedroom 6 bathroom residence, located within the desirable Ocean Drive avenue of the Royal Westmoreland Golf Resort in Barbados.
The main floor of this residence, offers two en suite twin bedrooms, a study and 2 sitting areas, both of which walk out onto the covered patio.
Just off the main sitting areas is a spacious fully equipped induction kitchen
On the upper level, the Master Suite and first guest en suite bedroom both enjoy views of sea and golf course, offering unobstructed views of the 13th fairway and out to the western coastline
Located just off the pool deck is the fully self contained detached guest cottage which houses the two remaining twin en suite bedrooms.
Mirador FITTS VILLAGE, ST. JAMES
Located on the prestigious West Coast of Barbados, this elegant, contemporary-style villa has been built to take advantage of the breathtaking sea views from every room.
Mirador is a 4-bedroom, newly constructed and well-maintained villa with state-of-the-art technology designed to envelop all of the west coasts’ natural beauty
All components of this home have been carefully selected for a maximum long lasting & low maintenance life while protecting against the elements that come with the luxury of beachfront living
Mirador comes complete with the latest designer furniture, smart home technology and entertainment systems that are above and beyond what is expected of a luxury villa
03
Legal Steps
PROPERTY PURCHASE GUIDELINES
Residents and non-residents are treated the same in Barbados with respect to the ability to purchase property There are no restrictions on foreign ownership
The two primary methods in which Barbados property is purchased are: (1) domestic conveyance; or (2) transfer of shares of an offshore company owning the Barbados property Many non-residents elect to own Barbados property through an offshore company.
Once the purchase price is agreed upon, the parties sign a Sale and Purchase Agreement (usually reviewed and approved by legal counsel) and ten percent (10%) of the purchase price is paid and held in trust until completion The balance of the purchase price is paid at completion In the interim, the purchaser’s attorney verifies free and clear title to the property and ensures that there are no other impediments to the sale If the transaction involves an offshore company, purchaser’s counsel conducts a complete corporate search of the offshore entity Upon a domestic completion, there will be a conveyance of title to the purchaser which is evidenced by the recording of title deeds at the Barbados Land Registry In the case of an offshore company, the shares of that company are transferred to the purchaser or purchaser’s designee
The most popular justifications for the use of an offshore holding company are the circumvention of the payment of property transfer taxes and stamp duty as well as Barbados exchange control regulations which allows for future sales of the property to be in United States dollars or other currencies
Bananaquit
SUGARHILL, ST. JAMES
Bananaquit is an immaculately maintained villa located in the exclusive Sugar Hill Estate. Blessed with superb sea views from the entire first floor, this villa enjoys a prime position at the end of Plantation Drive, therefore increasing the privacy of the villa The main house accommodates three bedrooms with the remaining two being in the detached cottage.
This prime property sits on 29,000 sq ft of beautifully landscaped gardens.
Ideal for entertaining, this home flows from resplendent indoor rooms to a wonderful large outdoor terrace with sea views
An elegant staircase gracefully rises up to the first floor terrace and down to ground floor bedrooms
04 Should I Rent Our New Home?
Villa Azure, Apes Hill, Barbados
$6,750,000 USD
As a new home owner in Barbados you might be weighing the pros and cons of renting your home while you are off island. Consult property management professionals or real estate advisors for personalized advice and to help you understand the rental market Let’s take a look at the key factors to consider before making this decision:
THE PRO’S
If your property is in a popular tourist area, there will be a high demand for short term rentals
1. Renting your home can lead to tax benefits. Expenses related to your rental property maintenance may be deductible. 2. Making your property a source of income is a great long term investment 3 There are substantial financial rewards and at the very least your rentals can cover your annual expenses 4.
THE CON’S
Renting your property does involve risks such as property damage An experienced Property Management company will know how to navigate this 1 Managing tenants and maintaining the property for rental use takes a significant amount of time & energy and you may want to consider a Property Management company. 2. Your property could be vacant for weeks leading to inconsistent rental income 3
Four Winds
THE GARDEN, ST. JAMES
Poised majestically along one of the most sought-after west coast beaches in Barbados lies Four Winds. A Palladian-style estate designed by renowned architect Larry Warren. Four Winds stands on an impressive 380 sq ft of beach frontage
Splendidly situated across 17,684 sq. ft, Four Winds main house showcases an impressive array of 6 uniquely styled ensuite bedrooms, each a sanctuary of refined comfort.
The charming cottage on 4,603 sq. ft, offers an additional 4 exquisitely appointed ensuites, each thoughtfully designed to capture the mesmerizing interplay of the pool’s glistening allure and the everentrancing sea views.
The property provides an unparalleled connection to the Caribbean’s azure waters, where the sands meet the sea in perfect harmony
Land Area: 1.34 Acres
05 Property Management
PROPERTY MANAGEMENT WHAT YOU CAN EXPECT
With over 25 years of Property Management experience we will oversee the management and maintenance of your villa, providing on island support that you can trust
AdedicatedPropertyManagerwillbeassigned toyourpropertyandwilloverseeallofthe managementandmaintenance Ourservicesincludebutarenotlimitedto:
Openbookpropertyaccounting
Managementofthird-partymaintenance services
Householdstaffing–including housekeeping,landscaping,security& othersasrequired
EstateManagementCompanyAccounting
SupplierTendering
ProjectManagement
OtherServicesOffered:
CorportationTaxReturns
PreparationofAnnualAccounts
The Beach Hut
PROSPECT, ST. JAMES
The Beach Hut is an elegant, 6,500 sq ft, split level beachfront property which was carefully designed to take advantage of the breathtaking views of the Caribbean Sea
Immaculately maintained 6 bedroom home with two of the bedroom suites opening directly out to the swimming pool.
This beautiful beachfront home features electric gates and a double car garage with electric doors.
A path gently leads from the property down to the stretch of beautiful white sand beach below
Villa Ibiza
WATERHALL POLO RIDGE, ST. JAMES
Villa Ibiza by Grove Group is a highly anticipated project that showcases a captivating blend of architectural magnificence and the island’s unique essence
It’s commanding position and meticulous design create an aura of grandeur, while the breathtaking Polo Ridge and Western rooftop sea views serve as a constant reminder of the beauty and nature
Villa Ibiza is a modern masterpiece filled with natural light throughout, located in an ideal setting surrounded by nature and a few minutes from the most famous restaurants, beach clubs and attractions of West Coast Barbados.
Villa Ibiza offers the added benefit of membership to Grove Group Resorts.
SPECIAL ENTRY PERMITS
MOVING TO BARBADOS
If you plan to move to Barbados for an extended duration, you will need to apply for a Special Entry & Reside Permit The Barbados Immigration Department charges fees for Special Entry and Reside Permits, which are valid for 5 years. Below are some general eligibility and cost guidelines. For more information, contact the Barbados Immigration Department.
ELIGIBILITY
Non-nationals who are either:
High Net Worth Individuals: Owning assets of US$5 million or more, Owners of property not subject to mortgage, or investments purchased in Barbados valued at US$2 million or more with funds originating outside of Barbados
Fees for Retired Persons
Retired persons over 60 years: US$5,000
Retired persons under 60 years: US$3,500
Fees for Employed Persons Over 60 years
Special Entry Permit: US$5,000; plus
Indefinite work permit: US$15,000; or
Annual work permit: US$1,500
Fees for Employed Persons Under 60 Years
Option 1:
Special Entry Permit: US$5,000; plus • Indefinite work permit: US$20,000
Option 2:
Special Entry Permit: US$3,500; plus • Annual work permit: US$1,500
Fees for Non-Executive Directors
Special Entry Permit: US$5,000; plus US$500 annually
Fees for Dependents
US$150 per dependent
RICHARD EAMES, CHAIRMAN
An experienced professional and avid sailor, Richard has navigated the real estate industry and successfully established Island Villas Ltd as one of the leading property sales, management, and luxury villa rental companies in Barbados and across the region since we first opened doors in 2000 He aims to position Island Villas as the premier boutique real estate agency in the Caribbean, offering an unrivaled level of service and an innovative range of services.
MARIA KUBLALSINGH, HEAD OF SALES
you are a buyer or seller, looking for an investment or a home, Maria supports you out the entire process, providing expert knowledge and candid advice With an extensive und in property management, Maria also brings a unique and valuable perspective to she can help clients identify renovation opportunities, maintenance requirements and y property information essential to all homeowners
TONYA HUNTE, HEAD OF RESERVATIONS & CONCIERGE
With years of property management experience under her belt, Tonya brings a wealth of knowledge and a sunny disposition to the team As the Head of Reservations & Concierge, she’s passionate about creating unforgettable guest experiences and thrives on turning requests into delightful surprises In her free time, you can find her exploring new restaurants or sharing travel tips with friends
246 231 4670 tonyah@island-villas.com
ATTICUS DESCARIES NARAIN, SALES NEGOTIATOR
S A L E S T E
Atticus is a dedicated real estate professional known for his passion for exploring new opportunities and seeking adventure both in his personal and professional life An avid road biker, he applies the same drive and determination to his work in finding the perfect properties for his clients With a philosophical approach to his business, Atticus combines his love for adventure with a commitment to helping others fulfill their real estate dreams
A M
NICOLA MACGEOCH, SALES NEGOTIATOR
Nicola is a dual-specialized real estate agent and interior designer dedicated to crafting seamless transitions between homes and lifestyles. With a keen eye for design details and trends, and a deep understanding of the local real estate market, Nicola offers a unique blend of expertise to help clients find their ideal Barbados home