Buying property in Barbados

There are no restrictions on non-Barbadians buying and owning real estate on the island and there is no capital gains tax on the sale of real estate or estate duty. However, you must go through the formality of obtaining permission from the Central Bank.

Transaction Costs

The developer is responsible for sales commissions and Property Transfer Tax. Each party bears their own legal fees which are based on a scale ranging from 1.5% to 2.0% plus VAT at 15%. The developer can put you in touch with an on island attorney if required.

Interest to be Acquired

The purchaser will acquire a condominium interest governed by the Barbados Condominium Act comprising the apartment/penthouse, together with a share of the structure and common parts in proportion to the floor area of the apartment/penthouse, in perpetuity.

Purchase Options

You can buy the property either outright or on a fractional freehold basis, whereby you can own a quarter share (three months of the year).

General Property Management

The development is run by an owners' management committee elected year to year by the owners. The committee is responsible for appointing a managing agent to look after the main structure and all common areas. Owners can of course appoint their own manager to look after the interior of their apartment.

The service charge is in the region of US$7.50 per square foot per annum.

The service charge is collected monthly and includes the costs of management, security, insurance, maintenance of the building exterior and interior common areas, including the gardens and forecourt, lighting and water for the common areas and any other relevant expenses.

The service charge is allocated to each property in proportion to the occupied floor area and a schedule of allocations can be obtained from the developer or the appointed managing agents.