How to Buy Property in Barbados
How to Buy Property in Barbados
Property rules and regulations in Barbados are very foreigner-friendly, making it the perfect place for expats and professionals to own their slice of island paradise.
Buying a house in Barbados is easy, but to make sure you’re fully informed, read on for the ins and outs of how to buy a property in Barbados.
Choosing your Barbados property
Choosing a property to buy in Barbados is the fun part – but it’s important you go into your search knowing exactly your needs, your wants and “like-to-haves”.
Firstly, what’s your budget? Property in Barbados ranges from luxury villa ownership to townhouses, flats, turnkey properties, homes with beachside views, resale villas and more – all coming in at different price points.
Once you’ve decided on your budget, you can then work out which features are most important to you.
Do you need:
• En-suite bathrooms?
• A private pool?
• Golf course views?
• Multiple bedrooms?
• Nearby beach access?
It helps to range these features in order of importance to you, but you can also filter these features when searching for any Royal Westmoreland property – making your search that much easier.
Choose a property type and start searching.
Due diligence before buying a property in Barbados
Regardless of where in Barbados you are looking for a property, or which type of property you prefer, you should make sure you do your due diligence before putting money down.
This means choosing a trusted home supplier or estate agent that has experience selling property to foreigners.
This is an area where we shine at Royal Westmoreland, ensuring documentation is sound and permissions are above-board when selling property to non-Barbadians.
Financing the purchase of a Barbados property
It is possible to finance the purchase of a Barbados property, with some local banks offering mortgages to non-residents, as well as some US and UK banks – but this is uncommon for UK banks.
However, unlike the UK housing market, deposits usually start at a higher rate – averaging between 30–40%.
As usual, you’ll need proof of income and creditworthiness to prove you can make finance payments, as well as legal representation or some form of mortgage advisor.
If the funds are coming from outside Barbados, exchange control approval will also be needed from the Central Bank.
Additional related fees to consider: *
• 2.5% property transfer tax (paid by the seller)
• 1% stamp duty (paid by the seller)
• 1–2.5% legal fees, plus VAT (paid by both seller and buyer).
*Information accurate as of time of writing.
Solicitors to purchase a Barbados property
When buying a house in Barbados, you must hire a solicitor – you cannot complete a property transaction without legal representation.
Only a licensed Barbadian attorney can register relevant legal documents, handle exchange control approval, receive Central Bank approval and perform legal due diligence on your behalf.
The good news is, it’s still easy to purchase a property in Barbados – your solicitor will do all this for you!
Barbados solicitors’ fees
As mentioned earlier, you can expect these legal fees to range between 1–2.5% of the final property sale price – depending on the solicitor you choose.
Feel free to get quotes from different Barbadian solicitors, but remember, it’s more important that your legal interests are represented well, rather than paid on the cheap.
Annual property costs in Barbados
There are a few annual property costs to consider in Barbados, none of which are too dissimilar to what you will be used to:
Land tax – an annual fee based on home value, ranging from:
| Property value (Barbadian Dollar) | Tax rate |
|---|---|
| 150,000 | 0% |
| 150,001 – 450,000 | 0.10% |
| 450,000 – 850,000 | 0.65% |
| 850,001+ | 1% |
Property insurance – highly recommended due to possible environmental damage and general upkeep, home insurance ranges depending on the provider and asset value.
Annual maintenance fees – for premium communities, maintenance fees may apply depending on the specific supplier.
Utility bills – as with anywhere else, you will pay utility fees based on usage. Expect to pay between 500–1,050 BBD, depending on the supplier, energy usage, water usage, television and wifi payments, and your reliance on AC.
Get in touch to buy a Property in Barbados
Talk to our friendly staff today and take the first step towards the dream of buying a property in Barbados.
Call: +44 (0)1524 917317
Email: property@royal-westmoreland.com
Buying a property in Barbados FAQs
Can foreigners buy property in Barbados?
Yes! Foreigners can buy property in Barbados. Barbados is an ideal location to relocate or buy additional property, either to live in or as an investment – including buy-to-let investments.
What is the rate of stamp duty in Barbados?
The Barbados stamp duty rate is 1%, with another 2.5% property transfer tax on properties over 50,000 BBD. However, these fees are paid by the seller.
How long is the process of buying a property in Barbados?
The process of buying a property in Barbados will vary in length depending on the seller, how quickly legal representation processes the fees and so on. Buying a property could be as quick as six weeks, and it is very unlikely to surpass six months (worst-case scenario).
Can you purchase a share of a property in Barbados?
Yes, shared ownership is a great way to dip your toes into the Barbados property market. For more information, read our guide on the benefits of fractional ownership vs a timeshare.
Is it easy to buy property in Barbados?
Yes! It is very easy to buy a house in Barbados. Simple by design, the Barbadian government encourages foreigners to buy property in Barbados by allowing foreign currency exchange and making it straightforward to seek Barbadian legal representation.
