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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