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Legal Considerations for Property in Barbados.

Barbados is an English speaking country which offers a safe investment climate with a tradition of democracy and a stable economy, it is one of the most preferred destinations for both short and long-term tourists, as well as vacation home-owners and permanent residents who are either Barbadian or who have made this lovely paradise island in the sun, their adopted home. The Barbados currency is fixed to the US$, (1US$=2BD$)

There are generally no restrictions, hindrances, licenses, taxes, fees etc. for legitimate transactions involving the purchase of property. No distinction is made between a Barbadian and a non-national buyer except where funds are brought into, or taken out of the country, Central Bank approval is required (this is just a formality).In Barbados it is much easier to buy property than in most other tourist destinations. Legislation also allows you to buy property under an offshore company.

The legal system in Barbados is molded on the British system due to its colonial background in addition the land registry is reliable being based on the British equivalent. Purchases of properties in Barbados are far more secure with regards to matters such as title deeds, then they would be in other countries.

Vendors are liable for the property transfer tax which is charged at the rate of 7.5% of the purchase price it is advisable to employ the services of an attorney-at-law to handle these transactions.

Legal fees are approximately 2% of the purchase price and stamp duties are less than 1%.

 

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