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Property Abroad - Barbados

Barbados is without doubt a picture postcard island with white sandy beaches, crystal clear water and cobalt blue sky. It is well known for its friendliness and hospitality and buying property in Barbados couldn't be easier.

Overseas investors interested in development projects or individuals looking for a holiday or retirement home are all welcome. As a non-Barbadian, a purchaser must initially approach the Central Bank for permission but this is a simple formality.

Any money brought into Barbados has to be registered at the Central Bank. This will guarantee repatriation if the property is sold at a later date. It is important to use a reputable estate agent and to appoint a local Attorney at Law (solicitor) who will deal with the purchase on your behalf.

 

Once an agreement has been made and a 10% deposit paid, the sale must go ahead or the deposit will be lost. It is likely to take about three months to reach completion from the time the deposit is paid.

In Barbados there is an annual tax on property, with valuations being reviewed every three years.

Once you have purchased your property, if you use it as your main residence rather than rent it out, you will qualify as a tax resident. For any other type of residency it is a good idea to take professional advice.

Below are links relating to holidays in Barbados:

To find out more, complete a Quick Enquiry Form and one of our advisers will contact you.

For advice about how to arrange your mortgage for your dream home abroad visit us at www.mortgages.co.uk

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