Buying Property In Barbados
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Barbados has long been considered a leader in the Caribbean both for the Tourism market and as a preferred destination for International Businesses. The marrying of these two sectors has created an extremely lucrative Property segment for the local economy including Sales, Long and Short Term Rentals and Property Management. The island has been gifted with a fantastic warm climate, stunning beaches and crystal clear sea; but the greatest gift this island has to offer is the friendly smile and charming personality of the Barbadian people. These factors combined have for many years made Barbados the first choice of discerning travelers from all over the world. The tradition of social and political stability as well as the excellent infrastructure have influenced purchasers to see the island as a great investment.
Barbados Property Sales
The trend in Barbados Property speaks for itself – over the last three decades values have continued to rise steadily and this movement is expected to continue well into the future.
The Barbados Property product is wide and varied – probably the most sought after spots are beachfront locations on the Platinum Coast (the West Coast) of the island. Property values on the West Coast of Barbados have soared recently due to the completion of the fantastic Sandy Lane Hotel; the development of such projects as Villas On The Beach, Schooner Bay and The Sands; and the truly spectacular villas on the coast. It is definitely the place to be and to be seen.
Resort developments on the island have become an increasingly popular option for purchase – they offer gated communities, varied communal facilities (swimming pool, gym, bars, restaurants and marinas), as well as unique investment opportunities. Developments such as Royal Westmoreland with its Robert Trent Jones Jr. championship golf course; the Tennis Village located at Sugar Hill, a David Lloyd Resort Community; and Port St. Charles with its spectacular residential marina development, are but a few examples of the high quality communities available on the island.
Many purchasers have begun to turn towards the Barbadian countryside. With limited land available for purchase on the seaside, traditional Barbadian plantation houses and country villas have become increasingly sought after.
If you are considering the purchase of a Barbados property, not only can you look forward to appreciating values, you can also put your property onto the short-term rental market to be let to holiday-makers when you are not in residence.
There is no restriction preventing non-nationals to purchase Barbados property, however, here are a few guidelines for potential purchasers:
• As a formality, a non-national must acquire permission from the Central Bank of Barbados.
• The Barbados property vendor is liable to pay a Property Transfer Tax of 2.5% of the purchase price.
• Although funding can be secured in Barbados through an Offshore Loan, it is advisable for non-national purchasers to obtain funding externally as rates will be more attractive.
• Funds brought into the island must be registered with the Central Bank in order to guarantee the repatriation should you decided to sell your investment.
• It is advisable to employ the services of an attorney-at-law and a reputable Barbados property agent to handle these transactions. Legal fees are approximately 2% of the purchase price.
• The Land Tax Valuation Department revises improved property valuations every three years and Land Tax is payable every year based upon this value.
Barbados Property Management
Most foreign owners of Barbados property have local managing agents to handle the day-to-day running and up keep of the villas, the management of the staff, and for the payment of all relevant government taxes etc. They ensure that the villa is run smoothly and is always ready for the arrival of guests or owners.