Here are a few guidelines for Non-Barbadian Buyers of Barbados real estate:
Land and property are available without restrictions to non-nationals.
A non-Barbadian Buyer must first get permission from the Central Bank of Barbados. This step is merely a formality.
Vendors are liable for the property transfer tax which is charged at the rate of 2.5% of the purchase price.
Financing is available locally for non-Barbadians, however various regulations apply.
If you choose to bring the entire amount of the purchase price into Barbados this amount must be registered with the Central Bank of Barbados.
It is advisable to employ the services of an Attorney-At-Lawand a reputable Real Estate Agentto handle these transactions. Legal fees are approximately 2% of the purchase price. Realtor's fees are approximately 5% of purchase price.
Purchasers are liable for the initial non refundable deposit which is charged at a rate of 10% of the purchase price.