Barbados Property Guide

Buying property

  • No restrictions to non-nationals purchasing property in Barbados.
  • Nil Capital Gains Tax
  • Nil Inheritance Tax

 

Transaction Costs:

  •  Attorney Fees are 1% – 2% plus 17.5% VAT

 

  Purchase Procedure:

  • Verbal offer and acceptance
  • Appointment of an attorney-at-law
  • Exchange of contracts for sale and payment of a 10% deposit to the vendor’s attorney-at-law. The remaining 90% of the balance due is paid at time of conveyance.
  • Conveyance time is approximately three months

The freehold title may be in an individual’s name or through a corporate vehicle set up to own the property. Non-residents of Barbados tend to purchase property through a company which may be incorporated outside of Barbados.

Overseas purchasers can secure a 50% to 65% mortgage through a bank in Barbados.

Selling Property

  • Nil Capital Gains Tax
  • Nil Inheritance Tax
  • Stamp Duty is 1% (nil if owned by offshore company)
  • Property transfer tax is 2.5% (nil if owned by offshore company)
  • Attorney Fees are 1% – 2% plus 17.5% VAT
  • Real Estate agent’s fees are 4% to 5% plus 17.5% VAT

 

Selling Procedure:

  • Verbal offer and acceptance
  • Appointment of an Attorney-at-law
  • Exchange of contracts for sale and payment of a 10% deposit to the attorney-at-law. The remaining 90% of the balance is paid at time of conveyance.