Buyers Guide

Buyers Guide

Purchsing property can be a very time consuming and stressful experience without the righ knowlege and help from the experts. Apes Hill Club has been specialising in Sales of Property for over 10 years and as a result has built and maintained a top community in Barbados.

To make this process easier we assist in helping you create the right contacts and work with credible professionals that will offer the best service and stay with you till the very end of the proccess. Understanding the process of Barbados Tax and Leagle structure, finding a right financial institution and finally in to managing your porperty inviestment, there is no step we do not take.

 

Main facts about the Barbados property market:

  1. There are NO restrictions to non-nationals purchasing Barbados properties.  

  2. There are no special visas required and non-nationals are welcomed to make Barbados their home.

  3. There is no Capital Gains Tax in Barbados so investors are not charged for the appreciation in the value of their property.

 

FAQ'S

Non-Residents

 

Can an overseas national buy property in Barbados?

There are no restrictions on the purchase of property in Barbados by persons who are non-nationals or permanent residents.

 

I was born in Barbados, but I have been living abroad for a long time. Do I classify as a non-resident?

Once you were born in Barbados you are considered Barbadian for the purposes of a property purchase. So while you may be able to secure a mortgage from the country where you currently reside, under special conditions you may also be eligible for a mortgage from a bank in Barbados.

 

What types of ownership structures exist in Barbados?

 In Barbados the principle type of ownership structure is freehold, however, fractional ownership and ownership of shares in a company are also structures available on the island.

 

What taxes are attached to buying a property in Barbados?

There are no applicable taxes for the purchaser. However upon sale of a property, the vendor must pay a Property Transfer tax.

 

Am I eligible for a loan in Barbados to help with buying property?

Yes, USD mortgages are available to non-nationals from some of the local banks.

 

If I use funds from my country for the purchase but sell the property at a later date, can I take that money back out of the island?

In order to bring funds in to Barbados for purchasing property, these funds must be registered with the Central Bank of Barbados. This allows for easy repatriation of the funds upon future sale. Your attorney will be able to assist you in this proccess.

 

What are typical annual land taxes?

The land tax rates on residential properties are scaled as follows based on improved value:

  • First USD$75,000 - 0%
  • On next USD$125,000 - 0.1%
  • On next USD$300,000 - 0.45%
  • On amount over USD$500,000 - 0.75%

Property Tax is capped at a maximum of USD$30,000 on owner occupied residences.

 

At what point should I retain an attorney-at-law?

We suggest and advise to retain an attorney as soon as you decide to purchase.

 

What are the legal fees involved?

Legal fees are typically between 1.5% and 2% of the transaction value plus VAT (17.5%)

 

How negotiable is the sale price?

We suggest to always negotiate.

 

How long does it take for a sale to be completed?

Generally a minimum of three months.

 

For  more information or questions on purchasing property please contact the sales department at Apes Hill Club 1-246-432-4500 or Linda@apeshillclub.com

 

Apes Hill Club is a world class Golf and Polo Community located 1000 feet above sea level with panoramic views of the Atlantic Ocean and Caribbean Sea. This luxury lifestyle resort, boasting the arrival of the first Country Club in Barbados in 2016, offers a high quality experience, from golf and polo, to tennis and swimming and within a safe and secure environment.

A family owned and operated development, Apes Hill Club prides itself on delivering an intimate and understated experience. The developer offers a range of luxury homes, from large estate homes and courtyard villas to bespoke land and villa packages, providing owners the opportunity to develop the Caribbean home of their dreams and all with the quality purchasers have come to expect at Apes Hill Club.

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