Purchasing Your Home
When buying property in Barbados, the following information is a guide and we strongly suggest that you consult an Attorney.
If you are not a Barbadian citizen or resident, you can live in Barbados as long as you own property and can supply information indicating that your income will come from abroad.
Buying is easy, there are no restrictions on foreign ownership except for one formality: Non-residents must obtain permission from Barbados Central Bank if they want to buy property.
This is pro forma, but failing to do so will void your purchase. This is a standard procedure under the Exchange Control Act.
Your Attorney will guide you through this simple process. When you decide to go ahead a 10% deposit will be required to secure the unit of your choice, at the price offered on that day. You will require the services of a registered local Attorney who will have to search the register and establish title to the property
prior to the completion of sale.
We can give you advice on choosing a Attorney. Your Attorney in Barbados will write to confirm receipt and send you form (F1) for registering the money with the Barbados Central Bank. They will register your deposit and return the ratified form to you. Property passes by conveyance of title, evidenced by the recording of the deeds and certified survey plans at the registry of title. The contract for purchase will then be prepared and sent to you or your lawyer in Barbados. The sellers attorney holds the deposit.
Attorney’s fees are approximately 1.5% – 2% of the sale price. Attorney fees are subject to 15% VAT. Both buyer and seller are responsible for their own Attorney fees. Please consult with your Attorney with regards to their fees.
Further payment for your house will be required in stages as the building progresses so that you can plan the financing of your home.
Pearl Gardens Development Acting Attorney:
Mr. Jomo Hope – Attorney At Law
Bridgetown, Barbados
Telephone: + 246-436 5005
Fax:
Email: Jomo.hope@artemislaw.org
Holiday home:
If you are purchasing your holiday home, our local property management company can arrange rental of your property when you are not occupying it. Due to the modern building practices used, easy maintenances and the location of these stylish properties, they will be very popular to rent providing an immediate financial return on your investment, with excellent long-term capital growth and capital appreciation.
Property prices in Barbados are stable and generally show a steady increase in value between 7.5% – 15% per year.
Spacious 2 bedroom luxury Semi Detached Villas, located within a short walking distance of the beautiful white sands of Miami Enterprise Beach, Luxury Cotton Bay Close development and the prestigious Atlantic Shores development and Oistins Fishing Village on the south coast.
