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Discover Your Dream Home with Barbados Homes

Are you in the market for a new home? Barbados Homes is your ideal partner in this exciting venture. Our seasoned professionals are dedicated to providing unparalleled service in real estate. We recognise that purchasing a home is a significant step, and that's why we prioritise understanding your unique preferences and requirements. By leveraging our extensive network and in-depth local knowledge, we'll guide you in finding properties that perfectly match your criteria. Trust us to connect you with your dream home.

|BUYING PROCESS IN BARBADOS

Residents and non-residents are treated the same in Barbados regarding the purchase of property. There are no restrictions on foreign ownership.

Transaction Costs
  • Attorney Fees are approx. 1% – 2.5% plus 17.5% VAT.
  • You will be expected to pay the proportionate amount of Land Tax based on date of purchase.
Standard Purchase Procedures
  • Verbal offer and acceptance (in some cases a reservation agreement may apply)
  • Appointment of an attorney-at-law
  • Exchange of contracts for sale and payment of a 10% deposit to vendors attorney-at-law withing 2 to 4 weeks
  • Conveyance and payment of 90% remaining balance within 3 to 6 months (in the case of off-plan developments, stage payments based on construction progress apply
Mortgages/Finance

US Dollar Mortgage/Finance US Dollar mortgages are readily available to non-nationals and non-residents, from the offshore sector of the local banking industry.

Here is an overview of what can be expected, but we would advise you to contact these institutions for their exact terms and conditions:

  • Between 60%-70% Loan-To-Value (LTV) up to US$2.5 million
  • 50% LTV in excess of US$2.5 million
  • Minimum loan value of approx. US$250,000
  • Amortization ranging between 5-25 years
  • Rate LIBOR plus between 2.5%-4% (rate can change based on market forces)
  • Bank’s attorney fees are approx. 1%-2.5% plus 17.5% VAT
  • Administration/arrangement fees are generally 1%
Personal requirements include, but are not limited to:
  • Demonstrated foreign income stream must be provided to support repayment of mortgage (job letters/ Income Tax Returns)
  • Current valuation/appraisal on Barbados property
  • Current personal state of affairs. If a company, most banks will require audited financial statements from a reputable Chartered Accounting firm
  • Bank references
  • Total debt servicing ratio not to exceed 40%
  • Approval by The Central Bank of Barbados
  • Sales agreement and current valuation report on the Barbados property you intend to purchase
  • Two forms of Government-issued identification
The institutions that offer US Dollar Mortgages are:
  • The Royal Bank of Canada
  • Scotiabank
  • CIBC FirstCaribbean International Bank
Exchange Control Regulations
  • Non-nationals are required to obtain the approval of the Exchange Control Authority for purchasing property.
  • Approval is usually granted but is given at the discretion of the authority.
  • The monies for the purchase of the property in Barbados must be registered with The Central Bank of Barbados.
  • As part of the approval process, the purchaser should present proof of the remittance.
  • Should the purchaser decide to sell the whole or part of the property purchased, the sale will be subject to the permission of the Exchange Control Authority.

 

Valuable resources for buyers

Contact us to help you better understand the intricacies and processes required in Barbados

faq

Frequently Asked Questions

Non-Barbadian citizens are free to buy property in Barbados without any restrictions. The sole requirement is to appoint a local attorney.

Yes, non-Barbadian citizens are generally able to secure financing from local banks or financial institutions to buy property in Barbados. However, the terms and conditions for non-residents may differ.

Foreigners interested in purchasing property in Barbados face no specific residency requirements. Non-residents can buy property without the need to live in the country.

The expenses generally consist of the property purchase price and legal fees, with property taxes adjusted based on the purchase timing. There may also be extra costs for property surveys, valuations, and other related charges.

In Barbados, it’s quite typical for properties to be owned by either local or foreign companies that are registered to operate on the island. Your attorney can provide guidance on the advantages and disadvantages of purchasing property in your own name versus through a company.

The steps include identifying a property, placing an offer, entering into a sale contract, performing due diligence, and finalizing the purchase with guidance from a local attorney.

A deposit of 10 percent is required, with the remaining balance payable at closing.

Mortgages typically cover up to 70% of a property’s value, with a maximum term of 15 years. Applicants must demonstrate their ability to make repayments using personal funds, without relying on rental income. The process can be slow, so foreign buyers are encouraged to secure pre-approved financing, either in Barbados or abroad, before submitting property offers.

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