Barbados is a welcoming and safe destination for owners and investors. Thanks to the island’s stable government, legal and financial systems, buying into the lifestyle at Battaleys Mews is as easy as it would be in any developed country.
There are no restrictions on the ownership of property by foreign nationals but, once the purchase is agreed, a Barbadian-registered attorney will need to review title and agree the sale contract. A deposit is paid on exchange of contracts, and completion typically takes another two months. On completion, the vendor settles the property transfer tax and stamp duty and each party is liable for their own legal costs.
The management arrangements at Battaleys Mews take care of all external maintenance and repairs, including the landscaped grounds and pools. Owners contribute a service charge for the maintenance of the common areas and the only other annual costs of ownership relate to land tax and insurance.
Rental income is taxed at a flat rate of just 15% and you can deduct any income-generating expenses from the taxable income. If a non-resident, you will have to pay a 25% withholding tax on any rental income which will be credited against your final liability.
Any appreciation in the value of your property will not incur tax as there is no Capital Gains Tax in Barbados.
The Barbadian Dollar is pegged to the US Dollar at 2:1.