The current pandemic has affected everyone and every business around the globe but at the same time we have found out the best solution for your investment needs. Now, you can purchase luxury homes, real estate and condos online through videos. Yes! You have heard it right. Maisha and Alicia have made sales in 2020 and it was a pleasant step towards the future of real estate business.
A GUIDE TO BUYING PROPERTY IN BARBADOS FOR FOREIGN BUYERS
No doubt that there are rules and regulations regarding the purchase of properties, but we have made it easy for you. Now you do not have to travel all the way to Barbados to buy your luxury home rather you can do so from the comfort of your home! The rest is taken care of for you.
We offer and to do video walk-throughs once you have finalized your property so that there is not even a speck of doubt left regarding your dream home.
Do you wish to invest in real estate and are you actively looking? Then this is the perfect guide for you! Barbados welcomes you with open arms with unparalleled fine living that the Caribbean has to offer.
Real estate investment has always been a lucrative business but considering the current pandemic situation, some people think that it will see its downfall. However, that is not true, as the digitalization of material grows the same works for real estate.
At inspired by the Caribbean we make sure that you get to see the actual property once you have narrowed your options through walk-throughs via video call sessions. Our guide takes you through the process of buying property in Barbados from beginning to end, including an introduction to the real estate market, the buying process and the taxes you will need to be aware of.
Fascinating Facts About Housing Data
- 50% of buyers find their home on the internet.
- 34 million existing homes were sold in 2019.
- The US housing market was worth $33.3 trillion in 2018.
- Sales of existing homes will fall 1.8% from 2019.
- The cost of renting has gone up by 66%.
- 6% of younger millennials were first-time home buyers.
WHY INVEST IN BARBADOS?
- Well-set up land area with a long history of drawing in prosperous abroad home purchasers.
- Currently a fast-moving business sector, offering incredible incentive to property financial backers.
- Non-stop trips to Barbados from the USA, Canada, the UK, just as the Caribbean, Central America and South America – helped by increased airlift.
- High rental earning potential for those looking for property investment.
- Some of the most fantastic beaches in the Caribbean.
- Range of tax incentives on offer to high-net-worth investors.
- Home to probably the best, lavish lodgings, eateries and fairways in the area, if not the world.
With the world’s most spectacular views of the beach you can start your investment from as low as US$ 350,000 and up.
We provide you with the running costs and rental income data as well.
CAN FOREIGNERS BUY PROPERTY IN BARBADOS?
Yes, foreigners can buy property in Barbados and the Government of Barbados welcomes investment from overseas buyers. There are no limitations on foreign buyers obtaining real estate in Barbados.
Buying property in Barbados is a relatively simple process, which typically involves the following steps, but can vary depending on the property set up.
- Contact us as your preferred agent to assess your goals and send suitable options. If you have any properties in mind that you like, just email us and we will confirm if it is still available, confirm the price, and other pertinent information.
- We go through the list of properties and narrow which ones you are keen on and set up viewings/ send videos.
- Here we can make an offer on a property and see whether the owner will accept!
- Once you have made an offer on a property and the offer has been accepted, you will need to engage a Barbadian attorney to conduct a title search. We can connect you with an attorney as well.
- The seller’s attorney will prepare the contract.
- You will need to pay a 10% non-refundable deposit to secure the property which will be held in escrow by the seller’s attorney until the sale is completed.
- All non-residents must obtain permission to purchase property from the Barbados Exchange Control Authority. This is essentially a logistical step as Barbados does not restrict foreign ownership of property. Your attorney will handle all the details.
- You will typically be required to make payment of the remaining 90% within 3 months upon conveyance of title of the property.
- You now own a home in Barbados!
Both buyer and seller are responsible for their own legal fees which typically amount to approximately 1.5% to 2% of the sales price of the property.
There is also an annual Residential Land Tax which varies according to improved value up to 0.75% but is capped at USD $30,0000.
Regular direct flights to Barbados further ease the process if you plan or wish to visit personally:
- London to Barbados: 8 hours 25 mins
- Miami to Barbados: 3 hours 50 mins
- Montreal to Barbados: 5 hours 25 mins
- New York to Barbados: 5 hours 00 mins
- Toronto to Barbados: 5 hours 15 mins
Be sure to let us know when you are visiting. We can also assist with your quarantine approved property and depending on the property you are interested; you may be able to stay there or something similar!
In addition to this, we can arrange your car rental, groceries, fast track at the airport, private chef and butler and more.
Feel free to contact us and let us get the conversation started.