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Guide To Owning Property In Barbados

There are no restrictions on the purchasing of property in Barbados by persons who are non-nationals or permanent residents. However, permission must first be obtained from the Central Bank of Barbados. This is a simple process which your legal representative will handle on your behalf.

As an owner of property in Barbados, you should be aware that there are various annual costs attached to owning property in Barbados. These include, land tax and property insurance.

In addition, there are monthly costs which can include basic utilities such as electricity, water, telephone and cable. There may also be, where applicable, condo fees. Pool and garden maintenance may also apply. Additionally, property management fees, if applicable, should also be considered.

Many property owners opt to rent their property. Some property managers securing long-term rentals charge a 10% commission while a 10% to 30% commission is payable on short-term rentals.

However you choose the ownership of your property, whether as an investment or a home, keeping these things in mind will allow you to be better prepared to enter the Barbados Real Estate market.

ANNUAL COSTS

Land Tax

Improved value - First US$95,000 – 0%. Greater than US$95,000 but not exceeding US$250,000 - 0.1%. Greater than US$250,000 but not exceeding US$625,000 – 0.45%. On the excess greater than US$625,000 – 0.75%.

Unimproved value – 0.6%.

Maximum Land Tax on residences -US$30,000.

Insurance: Property Insurance – US$2.50 to US$3.25 per US$500
Contents Insurance: US$3.00 to US$3.75 per US$500

MONTHLY COSTS TO CONSIDER
. Electricity
. Water
. Telephone
. Cable
. Condo fees (if applicable)
. Pool and garden maintenance (if applicable)

 

PROPERTY MANAGEMENT FEES (IF APPLICABLE)

. Generally, minimum of US$200.

LONG-TERM RENTALS (IF APPLICABLE)

. 1 month rent - (1st month, 1st year)
. 1/2 month rent – 2nd year
. ¼ month rent – 3rd year

SHORT-TERM RENTALS (IF APPLICABLE)

. 10% to 30% commission