Fallen in Love with Barbados? Here is how to make it your second home. | Blog | Realtors Limited

Fallen in Love with Barbados? Here is how to make it your second home.

Fallen in Love with Barbados? Here is how to make it your second home.

There is so much to love about Barbados…

Barbados is so much more than year-round warmth and some of the best beaches in the Caribbean. The island has plenty to see and do from five-star dining and boutique shopping to activities like surfing and golf on world-class championship courses. What makes Barbados truly unique is the friendly and welcoming Bajan people. Whether visiting the island or relocating, you will be welcomed to Barbados with love.

Can Foreigner Buy Real Estate in Barbados?

Barbados welcomes investment from foreign buyers to its shores and has a fantastic framework in place to ensure investors will have the same access to property as Bajan’s, including the right to purchase beachfront land. Non-Residents must obtain permission to purchase from the Barbados Exchange Control Authority and funds must be transferred to Barbados and registered with the Central Bank of Barbados which allows for easy transfer of funds out of the country should you ever decide to sell your property.

 

What are the fees associated with purchasing property in Barbados?

  • The seller is required to pay 2.5% transfer tax and 1% stamp duty.
  • The buyer and the seller must both cover their personal legal fees which is usually 1.5-2% of the sales price.
  • The property owner must pay Residential Land Tax annually which varies according to property value it ranges from 0.7-1.0% up to a maximum of $50,000 USD. Land Tax is 1.0% on land over 4,000 sq. ft.

 

Where is the best place to buy in Barbados?

There are fabulous places to live island wide depending on your preferences and budget. Traditionally the ‘Platinum Coast’ (St. James and St. Peter) is the most sought after thanks to its calm Caribbean Sea andplethora of restaurants and amenities. Looking for luxury? Consider the world-famous Sandy Lane Estate with fabulous villas and private beach club access. Dreaming of a home with a dock for your boat? It doesn’t get better than Port Ferdinand or Port St. Charles.

Looking for a beach front condo? The Condominiums at Palm Beach or The Sands, both on the south coast are simply stunning! For resort style amenities we recommend The Residences at The Crane or if you are a golf lover check out Royal Westmorland or Apes Hill.

Relocating with your family? Consider living in a family friendly neighbourhood like Fort George Heights ‘Cloud 9’ or Davis Cottage in Castle Close. Buy brand new, in the lively ‘tourist belt’ at Harmony Hall Green or invest in a beachfront bar and 58 room hotel at Tropical Escapes.

Barbados has many spectacular land lots available. Put your heart into designing and building your dream home in Barbados. Beachfront lots include Seascape in Inch MarlowSandy Dot at Cattlewash and Harcliff in St. Lawrence Gap with over 33,000 sq ft of beautiful beachfront land – a fabulous investment opportunity.

Love the countries views, there are beautiful land lots at the new Vineyard neighbourhood in St. Philip or the peaceful Rolling Hills neighborhood in St.George. 

The Barbados real estate market truly offers something unique for everyone! Would you like to discover more of what Barbados has to offer? Reach out to our sales team at Realtors Limited by emailing info@realtorslimited.com. We would be happy to find the property ideal for you and discuss more on how we can help make purchasing a property in Barbados as easy (and exciting) as possible. 

 

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