Guide To Retiring to Barbados

Have you ever dreamed of spending your retirement years in peaceful, sunny harmony?

Well, retiring to Barbados is a dream for many, but it might be an easier reality than you think. In fact, it could be a legitimate path to a happy, healthy retirement! Read our guide below to find out more.

Things to consider when retiring to Barbados

Retiring to Barbados is an exciting prospect for a number of reasons – for one, there’s a large, well-established expat population, which includes a significant portion of retirees. There are at least 27,000 British immigrants living in Barbados, with around 4,000–5,000 of those thought to be retired.

Like any country, however, you must take Barbados’ specific facets into account – such as the cost of living, culture and climate. Before looking at Barbados specifically, take a look at GOV.UK’s guide to retiring abroad and familiarise yourself with the options available to you.

Obtaining a Barbados retirement visa

If you are approaching retirement age and considering making the switch to Barbados, there are a number of options available to you.

Immigrant status
Foreigners over 60 are eligible to apply for Immigrant Status, which entitles you to live on the island. After five years, however, you may apply for Permanent Residence.

Special Entry and Reside Permit (SERP)
The SERP is aimed at high-net-worth individuals and property owners, allowing indefinite residency without the right to work locally. To be eligible for this option, you must either own property in Barbados worth at least US$150,000 and have assets of over US$5 million, or invest at least US$2 million into the local economy. The permit fee for those aged 60 and over is a one-time payment of US$5,000.

If you’re unsure about your options, head over to the Barbados Immigration Department website for more information.

Should I retire full-time or part-time in Barbados?

Well, that’s rather up to you and your circumstances. If you’re not 100% sure about loving the Caribbean lifestyle, perhaps part-time retirement here is a safer starting point.

Provided you are eligible for the right visa, spending 3-6 months of the year here might help you stay more closely connected to the UK, while deciding if you’d like to live in Barbados more permanently.

Consider a holiday first

We always recommend those considering retirement in Barbados make sure they’re personally familiar with the island before setting the wheels in motion.

You might have read about Barbados or watched videos and created your own idea of what the island and Barbadian culture might be like – but we always strongly suggest that there’s no substitute for real, lived experience!

In Barbados, we’re lucky enough to be blessed with some of the world’s finest vistas and year-round sun, but moving here from the UK can be a big change – so we always recommend a holiday first! Be sure to enjoy some time here yourself first before retiring to the island.

Even if you’ve visited Barbados earlier in your life, visit again! Take a look at the island through the eyes of a resident to get a better feel of what post-retirement life in Barbados might feel like.

Retirement properties in Barbados

You can also rest assured that Barbados has a large number of turnkey properties, townhouses and architecturally designed villas available, so you can spend your retirement years in unparalleled comfort.

With numerous plots of land available, we also offer the ability to build your own dream property, working with our team of architects and builders to specify your exact feature list and curate your lifestyle in Barbados.

We recommend setting a budget before determining which factors are essential to you, which are desirable, and which are deal-breakers. For example, how important is a pool? Do you need extra bedrooms to host visiting family? How close to the beach do you wish to be?

We also offer fractional ownership opportunities for people looking to retire part-time in Barbados. Just contact our team to chat through your needs today.

Healthcare in Barbados

Healthcare is another key consideration for retirees, whether you plan to settle in the UK or abroad. Barbados offers universal public healthcare, free at the point of delivery for all citizens.

However, unless you plan to become a Barbadian citizen, you will not have access to this. Private healthcare via on-island clinics is therefore an expense that you will have to consider when thinking about making the move.

Expect to pay £150-300 per month on decent expat private insurance.

You should also be aware that, in the instance of highly specialised surgeries or life-threatening injuries or trauma, medical evacuation may be required to Miami, where facilities are more in-depth.

Barbados and your pension

The good news for British expats to Barbados is that the country is non-frozen with regards to your pension. This means that your state pension will continue to be uprated every April in line with the UK Triple Lock.

Without this service, your state pension would stay the exact same as it was when you left the UK, gradually losing purchasing power over time.

This is thanks to Barbados’ bilaterial social security agreement with the UK, which makes Barbados one of the best places to retire in the Caribbean and beyond.

Which Caribbean islands are pension ‘frozen’?

If you are looking to retire to the Caribbean, be aware that the following islands are pension-frozen, meaning that your UK state pension will not increase in value in line with inflation:

• Antigua and Barbuda
• British Virgin Islands
• Dominica
• Grenada
• Montserrat
• St Kitts and Nevis
• St Lucia
• St Vincent and the Grenadines
• Trinidad and Tobago.

So, if you want to ensure your pension goes further in retirement, opt for Barbados, Jamaica or Bermuda – pensions are non-frozen here.

Find out which countries have reciprocal agreement with the UK.

Embrace Barbadian culture

For retirees looking for a slower pace of life, Barbados might just be the ideal place. Barbadian life tends to be more leisurely and laid-back compared to the cities of Europe and America, which could suit your retirement plans perfectly.

Community is a huge part of life here on the island – whether you’re throwing yourself into Barbadian traditions, food and culture or meeting other members of the expat community.

So, sit back and kick your feet up!

Barbadian weather

Of course, it can get very hot and stay hot year-round! If you like the tropical climate that we enjoy here in Barbados, you’ll surely enjoy living on the island.

It means you’ll only need clothes for one season – hot! – but you’ll need plenty of sunscreen. You’ll also want to invest in air conditioning as standard for your home, if you haven’t already!

Retiring to Barbados FAQs

What is the average age to retire to Barbados?

Many people looking to retire to Barbados will be doing so on an Immigrant Status visa, which is open only to foreigners over 60. Expect most fellow retirees to be in the 60-65 age range, as there are numerous logistics to organise before moving – even if you obtain the visa aged 60.

How much does it cost per month to retire to Barbados?

This depends entirely on your personal circumstances and how much you wish to spend. People coming from the UK must be aware, however, that consumer goods are typically more expensive in Barbados due to high import taxes and the fact that we’re an island.

Do I have to pay tax to retire to Barbados?

There are a number of factors at play when it comes to paying tax when retiring in Barbados – and it’s nearly always worth opting for a specialist tax advisor that’s familiar with both UK and Barbadian tax law.

One of the dependent factors is whether you choose to retire to Barbados full-time or part-time. If you are semi-retired and still have some form of income, while spending more than half the year in Barbados, you may find that Barbados taxes your income.