Yes, non-Barbadian citizens can typically obtain financing from local banks or financial institutions to purchase property in Barbados. However, the terms and conditions may vary for non-residents.

There are no specific residency requirements for foreigners to buy property in Barbados. You can purchase property as a non-resident without needing to reside in the country.

Yes, non-Barbadian citizens can purchase property in Barbados without restrictions, the only requirement is that you must have a locally appointed attorney.

Costs typically include the property purchase price, legal fees, and the property tax is pro-rated according to the time of purchase. Additional costs may arise for property surveys, property valuation, and other related expenses.

The process involves finding a property, making an offer, signing a sale agreement, conducting due diligence, and completing the purchase with the assistance of a local attorney.

Yes, non-Barbadian citizens can sell property in Barbados without restrictions.

Costs typically include real estate agent commissions, legal fees, transfer tax & stamp duty is asset is being sold as outright real estate, and any outstanding property taxes or other dues associated with the property.

Sellers may be subject to property transfer taxes and stamp duty on the sale of real estate in Barbados. It’s advisable to consult with a local tax advisor or attorney for guidance.

The time it takes to sell a property in Barbados can vary depending on market conditions, the property’s location and condition, and other factors. On average, the process can take several months from listing to closing. Depending on whether a cash purchase or via financing, this process could take 3 – 8 months.

Popular areas for real estate investment in Barbados include the west coast (also known as the Platinum Coast), the south coast, and areas near Bridgetown and the international airport.

It is not mandatory for sellers to be physically present in Barbados to sell their property.

Foreigners can generally sell property in Barbados without restrictions. However, it’s essential to comply with all relevant laws and regulations governing real estate transactions in the country.

Factors such as location, property condition, market trends, amenities, proximity to the beach, and infrastructure developments can influence the resale value of real estate in Barbados.

Fees are usually charged at between 1.5% and 2.5% of the purchase price plus VAT (VAT is currently charged at the rate of 17.5%).

The standard charge is usually 4-5% of the sale price plus VAT.

10 percent and the balance is due on closing.

There is no stamp duty payable by the buyer. Stamp duty is, however, payable by the seller on a sale at the rate of 1% of the sale price plus VAT.

The amount will depend on the value of the property. Your local lawyer will be able to advise.

Property Land Tax in Barbados is payable by the seller on a sale of the property at the rate of 2.5% on any excess above BD $125,000 of the sale value. If it is land alone being sold it is payable at the rate of 2.5% of the whole sale price.

No.

On average it takes around 3 months and via financing can take up to 8 months on average or less. Neither the buyer nor the seller needs to remain on Barbados during the sale process.

This is generally charged at the rate of approximately 0.4% for residential property.

It is not uncommon for properties in Barbados to be held through a local or foreign company that is registered to do business on the island. Your lawyer will advise you on the pros and cons of buying in your own name or via a company.

Mortgages are usually available at up to 70% of the property value with a maximum term of 15 years. You would need to show that you can make the repayments from personal funds and would not be dependent on any rental income to service the mortgage. The process can be slow and foreign buyers are advised to have their financing pre-approved whether within or outside of Barbados) before making offers on properties.

Yes, any proposals to build a new property or conduct major alterations to an existing property are likely to require planning approvals. Approvals can take some time to obtain (around 6-8 months) and applications should be made as soon as possible.