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Barbados Location

What better way to experience the laid-back island of Barbados than at The Barbados Beach Resort; less than 10 minutes from the Grantley Adams International Airport, a vital link for international air traffic in the Eastern Caribbean. The recently upgraded main passenger terminal handles in excess of 2 million passengers who come to experience the pristine beaches, crystal clear water and vibrant flora with great music and delicious food each year.

There are non-stop, daily scheduled airline services from several major international cities, originating mainly in the USA, Canada and the United Kingdom. Barbados was the only Caribbean destination to accept scheduled Concorde flights, until it was withdrawn from service, and there is now a Concorde museum housing one of the airplanes that used to make the trip from London.

The following gateway cities offer direct flights into Grantley Adams International Airport: - San Juan, (Puerto Rico), Miami, Charlotte (North Carolina), Philadelphia, JFK (New York), Toronto, Montreal, Frankfurt, Brussels, London, Rio de Janeiro and Caracas (Venezuela).

Transport In Barbados

The road system in Barbados is extensive with around 1,600Km of paved highways providing easy access to Barbados Beaches, Bars, restaurants and other tourist attractions. The island also boasts an extensive low cost and reliable public transport service which is not only a cultural experience but a fun way to see the island. Car hire and Taxi services are also plentiful.

Quick Facts about Barbados

Property Purchase in Barbados

Will I need a solicitor?
As with the purchase of any property, it's essential to engage a reputable, experienced local solicitor. In addition advice should be sought from a good accountant regarding money transfer, tax, mortgages and other financial issues.

Can I get a mortgage in Barbados?
L ocal mortgages are available for up to 60% of the properties value with a 15 year term. Local mortgages are expensive currently around 12 – 14% so it is better if you can base your mortgage in your own country..

Will I need a Barbados bank account?
You will need to open a bank account in Barbados, but the process is quite straightforward. We advise that all currency transactions are carried out through a broker such as Moneycorp.

How do I secure a property?
An initial holding deposit of 10% of the properties value is required and held in the seller's lawyer's bank account while your lawyer carries out the necessary checks. Once these checks have been completed the seller's lawyer will draw up the conveyance which would need to be signed along with payment of the remainder purchase price. This process usually takes around 3 months.

What is the payment structure?
All contracts are usually made in US dollars and the terms will vary from developer to developer, usually a small holding deposit is required in the region of $5,000 with a larger payment due up to 30% on signing the contract. The balance will then be split between varying payments set against levels of completion or maybe a mortgage.

What extras should I expect to pay on top of the purchase price?
You should budget for about 5% over the purchase price to cover:

• Stamp duty: 1%
• Property transfer tax: 2%
• Typical legal fees: 1.5% to 2%
• Acquisition tax: 2%
• Land registry: 1%
• Setting up bank account: £300
• Title insurance: £250

What ongoing costs should I expect?
Running costs are set to be around US$300 - $2000 per month depending on the size of your property. For an apartment with a plunge pool an additional amount in the region of US$50 would be payable per month. Basic services include security, grounds maintenance, ongoing maintenance and property utility costs.

What is the Capital Gains Tax situation?
There are no capital gains; estate, inheritance or gift taxes although VAT was recently introduced at 15% replacing the old sales taxes.

What if I want to re-sell before completion?
You can sell on to a 3rd party (once the contract has been signed and the relevant contractual payment made) via a transfer contract drawn up by your solicitor. Superior will, of course, be happy to act as your estate agent. Some developers will make a charge for changing the name on the contract, up to as much as 3%.