It is everybody’s dream to own a home in the Caribbean. All Caribbean islands, including Barbados, are synonymous with luxury and a great life. Living in the Caribbean, whether as a tourist or on a more permanent basis, as a homeowner is for many the ultimate fantasy.
A property in the Caribbean is the ultimate lifestyle statement you can make. A home in Barbados, in one of the best neighborhoods in the island, is a sign that you have arrived, because some of the richest people in the world own vacation homes here.
What’s not to like about Barbados? Like every other Caribbean island, it is blessed with an exquisitely lovely landscape, perfect weather, a comfortable lifestyle and surprisingly affordable living. The government of Barbados is highly business friendly, and encourages foreign investors to buy property here by offering several wonderful incentives, tax breaks and so on.
English is, of course, the main language in Barbados, so nothing much is lost in translation if you are coming from an English speaking country. The infrastructure is first rate, and if you’re an avid golfer, there are several first rate golf courses here.
For a property investor who is more into making profits on a property rather than on the lifestyle part of it, Barbados offers an excellent opportunity as well. Properties in Barbados fetch amazing rental income, although the year, as the climate is perfect the whole year in Barbados. So, every season in Barbados is tourist season – which means, a consistently high rental income on a property all through the year.
We have seen several new resorts and property developments come up in Barbados, offering a variety of residences to home buyers, ranging from apartments, townhouses, studios, condos. Buying property in Barbados is the safest investment one can make.
There is no restriction whatsoever on foreign ownership of property in Barbados, but certain permissions have to be sought initially, before making a purchase. Foreigners must get permission from the Barbados Central Bank if interested in buying property in the country. Getting this permission is an absolute must, otherwise the purchase of the property is declared null and void.
In order to ensure that the money used in a property transaction is perfectly legitimate the Barbados Central Bank would require any money brought into the country to be registered with it.
Hiring a solicitor is very important. You should hire one who comes with a good reputation and is well aware of the intricacies of the local real estate rules and regulations.
Once a price has been decided, a contract is prepared by the property seller’s lawyer and an initial deposit of 10% of the property price is paid. The contract is legally binding between both the buyer and the seller and the balance of payment should be paid by a pre-decided date.
Before the final payment is made, your solicitor will investigate the paperwork provided by the seller and find out if there are any encumbrances, charges, encroachments, or any possible impediments to the sale. The whole process takes 2 to 3 months.
Finally, if fully satisfied, the remaining payments are made, the property is registered at the Land Registry office, the property transfer tax and the stamp duty are paid, and the transfer of ownership is now official. If you want to buy an overseas property contact us today.