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We provide our clients with all the information and assistance necessary for purchasing a property on the island of Barbados. There are currently no restrictions on buying property, however here are a few guidelines:

When purchasing property in Barbados, the exchange rate offered will affect the cost of your property in a foreign currency. Property in Barbados is quoted in US dollars, so don’t always assume that your bank will provide the best rates for large currency transactions.

There is no stamp duty for purchasers. For re-sales the vendor must pay 1% stamp duty when selling a property.

Financing is available for non-residents of Barbados through the Barbados Exchange Control regulations. However, it is advised to obtain funding externally as the rates will be more competitive.

Legal fees can be around 2% to 3% of the purchase price.

Purchasers are required to pay on day 1 a £1000 holding deposit, the contracts of build will then be issued. On day 14 a 10% deposit is then required until day 45 when a final deposit is required of 20% and then nothing is paid until completion.

Annual property tax is charged on property, this is calculated on the improved value of the property and is reviewed every three years by the government.

If you are planning on using your Barbados property as your main home and you do not decide on renting the property out, then you can become a tax resident on the island.

Barbados Property Brochure Request