ABOUT US

Caribbean Property Services is a Caribbean property specialist with over 35 years experience of networking the islands. If you are planning to invest in a property in the Caribbean, whether as a private individual, a corporate investor or a developer, you need expert help and advice. We provide a well-informed advisory service and we have the connections to help you to achieve your goals. Our partners in the world of Caribbean real estate are carefully selected, personally known to us over many years and are among the best the region has to offer.

SERVICES TO PRIVATE BUYERS

Finding the right property

Finding a property in your own country of residence can be difficult enough, but searching foreign territory from a distance can be quite a daunting task and the choices you make are even more critical. Our bespoke property finding service will help you through the maize and save you a great deal of time.

Choosing the right agent

Choosing an agent that you can trust is imperative. Of course it makes a great deal of sense to source the right agent(s) prior to arrival on the island. The agents that we put you in touch with are handpicked so that you will be dealing with established, trustworthy, reliable and efficient companies.

Many, but not all, real estate agents in the Caribbean provide a comprehensive service to prospective purchasers, which goes far beyond the services that are generally available from estate agents at home. If you are buying land, they will recommend architects, builders, designers, furniture stores and so on. Indeed, they will act on your behalf to oversee the entire project from start to finish.

Property Management and Rentals

Once you have purchased your Caribbean property, the good agents provide excellent ongoing property management and maintenance services including sourcing and training suitable staff. If you wish to rent, and you are with the right agent, your property will benefit from well-established, worldwide marketing outlets.

SERVICES TO DEVELOPERS

We offer a referral service to a specialist company, known to us over many years, that only deals in the Caribbean and offers unrivalled expertise in property sales, development, management and marketing throughout the Eastern and Southern Caribbean. With offices in the Caribbean and London, the company makes the perfect partner for property developers on the islands. Services include sourcing land, marinas and other locations, professional services (legal, financial, architects, designers etc), planning consultancy, competitor analysis, on-site management and marketing. Please contact us for further details for services to developers.

ADVICE TO PURCHASERS

HOW TO BUY PROPERTY ON BARBADOS

There are no restrictions to owning property on the island. Anyone wishing to purchase a holiday or retirement home on Barbados is welcomed, as are overseas investors who may be interested in development projects. As a non-Barbadian, a purchaser must initially get permission from the Central Bank. This is simply a formality.

CENTRAL BANK

All money brought into Barbados must be registered at the Central Bank, which, in turn, guarantees repatriation when the property is sold. The obvious importance of this procedure makes it essential to conduct any transactions through a reputable real estate agent and a local Attorney-at-Law who will deal with all the necessary formalities on your behalf.

Caribbean Property Services will be able to advise you about the best agents and lawyers on the island.

PROPERTY TRANSFER TAX

There is no Property Transfer tax payable by the buyer for existing buildings although the Vendor must pay a transfer tax of 10% of the purchase price. Property Transfer Tax of 10% is payable by the buyer for land purchase. Foreign investors should seek professional tax planning advice prior to purchasing property on Barbados in order to minimise or avoid liability to taxes and duties on resale. Caribbean Property Services will recommend reputable local financial advisers who are specialists in this area.

STAMP DUTY

The Vendor has to pay 1% Stamp Duty when selling. There is no Stamp Duty liability for purchasers.

MORTGAGES

Financing is available for individuals or corporations who are non-resident under Barbados Exchange Control regulations, subject to being able to prove adequate income stream in dollars or other hard currency to service the mortgage.

LEGAL FEES

Legal fees are usually about 2% to 3%. You may be able to negotiate these percentage rates.

DEPOSIT

Purchasers should be aware that once an agreement has been made, and a 10% deposit of the agreed purchase price has been paid, the sale must proceed. Alternatively, the deposit will be forfeited.

COMPLETION

The period between payment of deposit and completion is likely to be at least 3 months.

ANNUAL PROPERTY TAX

An annual tax is charged on property. The assessment is made on the improved value, or if undeveloped, on the site value. These Government valuations are reviewed every three years. Please see guide below:

Residences:

Up to BdsS$350,000 . 0.2% Bds$350,000 to 850,000 . 0.7% Over Bds$850,000 . 1.0%

CURRENCY TRANSACTIONS

Your purchase will involve the transfer of money abroad, most likely in US Dollars because almost all prices for Caribbean houses are quoted in this currency. It is worth considering different routes for the transfer because your bank will not necessarily offer the best rates and service when it comes to large currency transactions. For the past ten years we have recommended currency specialist HIFX plc, who are able to offer commercial rates to private purchasers, subject to a minimum of £5000. With offices in the UK, Spain, the USA, Australia and New Zealand, they offer a simple and cost effective method of transferring your funds, whether you live in the UK, mainland Europe or elsewhere. Please use the web link on the banner below.

Alternatively, to contact the dedicated broker assigned to help Caribbean Property Services clients in the UK specifically, Polly Summers, on 0845–370 5223. You may also reach her by email, which will be the most practical method of contact if you reside outside the UK. Just mention Caribbean Property Services to get the best service.

RESIDENCY

If you own a property on Barbados and use it as your main residence and do not rent it out, you can be a tax resident on the island without any qualifying period. Other types of residency would need advice from a Lawyer.