Barbados
Barbados has long been considered a leader in the Caribbean both for the Tourism market and as a preferred destination for international businesses. The marrying of these two sectors has created an extremely lucrative real estate segment for the local economy including sales, short and long term rentals and property management.
Capital: Bridgetown
Currency: Barbadian Dollar (BBD)
Language: English
Religion: Christian
Climate: Warm and sunny all year round with an average daytime high of 75 - 85 F. The nights are usually slightly cooler.
The dry season lasts from January to June.
Time difference: 4 hours behind GMT in the winter, 5 hours in the summer. 1 hour ahead of US Eastern Standard Time in the winter, the same during US Daylight Saving Time.
Getting there: One Airport - Grantley International (Code BGI)
BUYER’S GUIDE
There is no restriction preventing non-nationals to purchase property in Barbados.
As a formality, a non-national must acquire permission from the Central Bank of Barbados. The property vendor is liable to pay a Property Transfer Tax of 7% of the purchase price.
Legal fees are approximately 2% of the purchase price.
The Land Tax Valuation Department revises improved property valuations every three years and Land Tax is payable every year based upon this value.
Funds brought into the island must be registered with the Central Bank in order to guarantee the repatriation should you decided to sell your investment.
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