Barbados residency changes and tax efficient environment creates a spike in sales
Changed residency rules, a new tax credit on foreign income and the introduction of austerity-driven property taxes in Europe have led to some high net worth individuals (HNWI’s) reviewing their investments from a tax perspective and boosted interest for properties in Barbados.
In their 2013 Caribbean Insight Report, Knight Frank reports a spike in enquiries for Barbados property with online searches 57 per cent higher than a year earlier.
The Barbados Government – keen to attract further investment – has adjusted residency rules to allow HNWI’s with assets of US$5m or more to gain an “indefinite special residency permit.” This measure, plus a tax credit on foreign income, now make it simple and tax efficient for HNWI’s to purchase in Barbados.
John Morphet, the British-owner of Royal Westmoreland, says: “Typically our owners are looking to buy for lifestyle reasons but they also like the fact that Barbados offers a tax-efficient environment and is politically stable. The new residency rules will be particularly attractive for those purchasers with a primary residence in a high tax region.
“Royal Westmoreland is a mature gated community, different to many other developments on island, and prices have continued to rise despite worldwide financial prudence. Prices elsewhere on the island have stabilised and are even starting to grow again. The recession wiped out more speculative developments that were poorly funded, and the ones left such as Royal Westmoreland are attracting a lot of interest.”
Discover Buying in Barbados and What to Consider Next
With changing residency options and growing interest from international buyers, it’s worth taking a structured approach to understanding the practicalities of purchasing, alongside exploring the lifestyle benefits that make Barbados so appealing. If you’re researching next steps, these resources will help.
Read our Barbados Property Law Guide to understand the buying process, ownership structure, and key legal considerations.
Explore 10 Reasons to Invest in Property in Barbados for a broader view of the island’s long-term appeal, from lifestyle to market fundamentals.
If residency and nationality are part of your planning, see our guide on Dual Citizenship in Barbados for Brits.
Browse our Barbados Villas for Sale to explore current ownership opportunities across the island, including gated communities such as Royal Westmoreland.
Explore our Luxury Barbados Holidays to experience the West Coast lifestyle first-hand and visit the areas you’re considering before you buy.
Speak to Our Team
If you’d like to discuss available properties, arrange viewings, or plan a visit to Barbados, our team is here to help. Contact us to request further information or book a consultation.