Yes, non-Barbadian citizens can purchase property in Barbados without restrictions. The only requirement is that you must have a locally appointed attorney.

Yes, non-Barbadian citizens can typically obtain financing from local banks or financial institutions to purchase property in Barbados. However, the terms and conditions may vary for non-residents.

There are no specific residency requirements for foreigners to buy property in Barbados. You can purchase property as a non-resident without needing to reside in the country.

The process involves finding a property, making an offer, signing a sale agreement, conducting due diligence, and completing the purchase with the assistance of a local attorney.

Costs typically include the property purchase price, legal fees, and the property tax is pro-rated according to the time of purchase. Additional costs may arise for property surveys, property valuation, and other related expenses.

Fees are usually charged at between 1.5% and 2.5% of the purchase price plus VAT (VAT is currently charged at the rate of 17.5%).

The amount will depend on the value of the property. Your local lawyer will be able to advise on the specific rates applicable to your purchase.

There is no stamp duty payable by the buyer. Stamp duty is, however, payable by the seller on a sale at the rate of 1% of the sale price plus VAT.

Property Land Tax in Barbados is payable by the seller on a sale of the property at the rate of 2.5% on any excess above BD $125,000 of the sale value. If it is land alone being sold it is payable at the rate of 2.5% of the whole sale price.

No. There is no capital gains tax in Barbados, which makes it a particularly attractive destination for property investment.

It is not uncommon for properties in Barbados to be held through a local or foreign company that is registered to do business on the island. Your lawyer will advise you on the pros and cons of buying in your own name or via a company.

Mortgages are usually available at up to 70% of the property value with a maximum term of 15 years. You would need to show that you can make the repayments from personal funds and would not be dependent on any rental income to service the mortgage. The process can be slow and foreign buyers are advised to have their financing pre-approved before making offers on properties.

Yes, any proposals to build a new property or conduct major alterations to an existing property are likely to require planning approvals. Approvals can take some time to obtain (around 6 to 8 months) and applications should be made as soon as possible.