Purchasing a property as a Non-National in Barbados…
Barbados Villa Sales is a boutique company who will work one-on-one with you from the start to completion of your property purchase process. If you are a non-national and looking to purchase your first property in Barbados, there’s a few things to take note of:
Non-Nationals are encouraged to purchase property in Barbados so there are no restrictions for you.
Non-Nationals do not need a visa to purchase a holiday home in Barbados.
Non-Nationals can get a local mortgage if they do not wish to do a cash purchase.
Non-National Cash Buyers will have to go through the Central Bank of Barbados.
Should your property appreciate in value, you won’t be charged Capital Gains Tax when you sell.
Some things to note on the costs that come with purchasing a property in Barbados are:
Local attorney fees which range between 1%-2.5% (+VAT of 17.5%)
There are NO commission costs as a purchaser of a property so it is highly encouraged to use a local real estate agent to help guide you through your purchase process.
Land Tax is sometimes another costs if not paid for the year already.
Now the Purchase Procedure can seem daunting, but your Real Estate Agent will help you during this process which is as follows:
If you aren’t familiar with different areas, your real estate agent will guide you in viewing potential properties & getting all the backgrounf information on each property.
You make your offer (through your chosen real estate agent) & from there the offer is either rejected or accepted. Should the offer be accepted subject to formal contract the next step is..
Choose your local attorney-at-law. It helps to again ask your real estate agent for their feedback on who to use to ensure the purchase process is as seamless & timely as desired.
The exchange of contracts for sale is then made between the attorneys of both purchaser & seller.
The purchaser pays the 10% deposit to their local attorney which is then send to seller’s attorney within approximately 2-4 weeks.
Conveyance & Payment of the remainder 90% is usually settled between 3-6 months. This can happen in less time depending on how quick you and/or the seller wish the sale to occur.
If you’re looking to purchase property in Barbados be sure to reach out to Emilee at emilee@barbadosvillaservices.com
