Barbados, in the eastern Caribbean, is an independent island nation within the British Commonwealth. Bridgetown, the capital, is a cruise-ship stop with shopping, colonial buildings and one of the Western Hemisphere’s oldest synagogues.
Barbadian traditions range from afternoon tea and cricket (the national sport) to pursuits such as scuba diving at Dottins Reef and golfing on designer oceanside courses.
The climate in Barbados tends to be nice year-round: in January, the average daily high temperature is 28°C (83°F), while the low average is 21°C (70°F). In July, the average daily high is 30°C (86°F), while the average low is 23°C (74°F).
April averages only seven days of rain, while July is the wettest month, with some 18 days of rain. The tourist high season runs from mid-December through mid-April. June through October is the hurricane season – although many years see none.
Land and property are available without restrictions to non-nationals.
A non-Barbadian buyer must first get permission from the Central Bank of Barbados. This step is merely a formality.
The first thing you need to do is to instruct a registered local lawyer who will do everything that is required to enable you to complete a purchase. The lawyer's fees will be between 1.5-2% of the sale price and are subject to 15% VAT. Both the buyer and seller are responsible for their own legal fees. The process of purchasing a property in Barbados takes about 3 months.
Property changes hands by conveyance of title, evidence by the recording of the deeds and certified survey plans at the Land Registry. This is all handled by your lawyer, who will check the Purchase Agreement as drawn up by the vendor's lawyer before you sign and put down the 10% deposit. The vendor then signs this agreement and his solicitor holds the deposit in escrow. If you drop out of the purchase at this stage or after, you will forfeit the deposit.
Your lawyer searches the register to establish title and that the property or land is free from any charges or encumbrances. The vendor's lawyer draws up the conveyance, which is checked by your lawyer before you sign it and pay the balance of the funds. The conveyance then goes back to the vendor's lawyer where it is signed by the vendor and the sale is completed. In the case of some new builds after the 10% reservation deposit there will be a series of stage payments made through the construction period typically amounting to 85%, with 5% retention for completion of the property.
Property ownership can be in an individual's name, through a local or foreign company, a trust or other entity. In the case of a non-Barbadian it is common practice to make a purchase through a newly-formed offshore company outside Barbados that is registered to do business on the island.
Your lawyer and banker should be instructed to register any funds brought in from overseas to be registered with the Exchange Control Division of the Central Bank of Barbados to facilitate repatriation of these funds at a later date, should you sell the property or land. If the property is owned by an offshore company, then this is not relevant as all transferring of funds is done overseas.
information from http://www.caribbeanproperty.co.uk/
Legal fees are approximately 2% of the purchase price.
Vendors are liable for the property transfer tax which is charged at the rate of 10% of the purchase price.
Long term Barbados property rentals are generally contracted for a period of one year, although in some instances owners may be happy to rent a long term rental property for a minimum of 6 months. Contact real estate agents and owners directly from each listing for more information, pricing and viewings.
Long-term rentals can often be found furnished or unfurnished. Unfurnished properties are usually slightly less expensive than furnished property rentals.
Agents generally charge equal to one months rent to the Tenant