Rental Income
Barbados has a mature tourist industry dating back to the 1950s
and is today a favorite destination for British, American, Canadian
and South American tourists. The combination of stable government,
stable property market, famous pink and white sand beaches and ideal
climate make it a favorite destination for the Rich and Famous.
The Barbados Beach Resort is located on the beach just a few minutes
from the airport in one of the most un-spoiled, secluded and desirable
areas of this tropical and uniquely friendly paradise.
The Hotel condo units at the Barbados Beach Resort will be operated
as a rental pool providing all owners with an equitable distribution
of Income and Costs. Owners of the Town Homes and Condominium Apartments
will have the option of joining the pool or operating on an individual
cost and revenue basis.
Barbados Property Mortgages
Barbados has been prudent in the development of its international
banking sector. As a result it has emerged as a jurisdiction known
for its client service and respect for confidentiality on the one
hand while on the other hand adhering to good regulatory and supervisory
practices. Offshore banking is governed by the Offshore Banking
Act Cap 325 and one of its primary purposes is to encourage the
development of Barbados as a responsible offshore financial centre.
Homes in Barbados can be purchased with a combination of cash (Equity)
and a mortgage. Foreign buyers can obtain mortgage finance from
local financial institutions on a 70% (or less) loan to value basis
with repayments terms up to 15 years.
Legal, Financial, Accountancy and Tax advice is readily available
in Barbados and your buyer's agent will be able to introduce you
to appropriate local companies specializing in these activities.
Barbados Property Management
The whole resort will be professionally managed by a major international
hotel brand that will provide housekeeping, maintenance and hospitality
services for guests and owners. You will also benefit from their
worldwide marketing resources in terms of guest reservations should
you wish to rent your home while you are not there.
Barbados Economy
Offshore finance and informatics are important foreign exchange
earners, and there is also a light manufacturing sector. The government
encourages direct foreign investment and continues to privatize
the remaining state-owned enterprises.
A second home investment in Barbados is attractive because of widely
available foreign currency mortgages, high quality legal services,
a recently reduced property transfer tax and the absence of capital
gains tax.
The main factors responsible for the improvement in economic activity
include an expansion in the number of tourist arrivals, an increase
in manufacturing, and an increase in sugar production. Recently,
offshore banking and financial services also have become an important
source of foreign exchange and economic growth.
Economic growth has led to net increases in employment in the tourism
sector, as well as in construction and other sub-sectors of the
economy. The Barbados government encourages development in: financial
services, informatics, e-commerce, tourism, educational and health
services.
The Barbadian government has stated that the county is on course
to become the worlds smallest developed economy by 2025. Alongside
this motivation for economic success is an absolute commitment to
preserving the environmental and cultural heritage that make this
beautiful island so desirable.
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