Why invest in properties in Barbados?
The Caribbean is well known for its beautiful weather all year round and there are regular flights from the UK, US and Canada providing easy access to the Caribbean. Barbados has a world-class international airport and is the hub for many of the other Caribbean islands. As a popular vacation destination, Barbados Investment Properties afford rental opportunities throughout the year.
Over the years, stable Barbados governments have supported a thriving tourism industry and active promotional programs continue to attract a steady stream of visitors to the island from an increasing number of countries. This creates opportunities to rent out your investment property if you wish. Capital appreciation in investment properties has been between 5% and 10% per year for the last twenty years; this makes Barbados the ideal place to invest in real estate.
More benefits for investment property owners in Barbados.
If you are buying investment property in Barbados, there are many benefits that would appeal to non-residents (individuals).
- capital appreciation: Property prices in Barbados are stable and generally show a steady increase in value of more than 5% per year. Ideally, you can invest in a luxury apartment or condo today if you’re looking for rental income in addition to attractive capital appreciation.
- rental income from Your Barbados Investment Property: If you buy a luxury condo or apartment, you can rent it at very attractive prices. Most investment property developments will offer a property rental option.
- Investment funds and profits can be repatriated: Money transferred to Barbados, to finance the purchase of property, must be registered with the Central Bank of Barbados. This is to ensure that this money along with any accumulated property investment profits can be taken out of the country later if you decide to sell your investment property.
- Investment properties and residence in Barbados: If you are not a citizen or resident of Barbados, you can live in Barbados as long as you own property and can provide information indicating that your income will come from abroad. The Immigration Department will grant a special entry permit that allows residence for 5 years and this is renewable. If you are over 60, you can apply for immigrant status in retirement. All applications for residency in Barbados must be made to:
Chief Immigration Officer
Immigration Department
Careenage House, El Muelle
Bridgetown, Barbados
Buying an investment property in Barbados is easy.
When you decide to go ahead with your real estate investment, a 10% deposit will be required to secure the luxury condo, house or apartment at the negotiated price. This must be done through an attorney of your choice. The purchase contract will then be prepared by your attorney who will guide you through the various steps to close the deal.