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Leading Global International Real Estate Company and Investment Consultants

Specializing in Global Luxury Properties, Must Buy Investments, Citizenship & 2nd Passports

Exclusive Hot Properties Barbados

From our international offices we are able to help International property buyers and investors throughout the world buy property in Barbados safely and securely and offer the following services for Barbados

Buying the Best Property in Barbados

Very simply we offer our International clients the best of both worlds in that we have proven experienced local knowledge on the ground as well as international expertise from having made many different transactions throughout the world. This means we can give you the high level of expertise and service required when looking to buy property in Barbados

Barbados HNWI Visa

For those of you who want to make Barbados your home Barbados offers HNWI (High Net Worth Individuals) a permanent visa that allows you to stay and work in Barbados. If you would like assistance in this process one of our professionals would be only too happy to help you.

Setting Up a Business in Barbados

Very simply our professional directors can help you with the set up your company structures in the most tax efficient manner possible. We only use the very best Lawyers, Accountants and professional advisors to make sure your company structure is 100% safe and secure and the very best you can have in the Barbados.

Asset Management

If you’re an investor and already own assets in the Barbados or just acquiring them then our team of professionals can offer you the complete asset management services including property management and project management. These are just a sample of the key services that Exclusive Hot Properties Barbados provides and should you need any further information do not hesitate to contact us directly.

Why Invest in Barbados Property?

They say location is everything and there is no doubt that Barbados is one of the best locations in the world let alone the Caribbean. Based in the Windward Islands and somehow manages to avoid most of the Hurricanes and storms that now seem to be a yearly event. Barbados is one of the safest Islands in the Caribbean and unlike Jamaica or St Lucia there is no need for private beaches and beaches on the Island are public.

BARBADOS ECONOMY

Barbados is very much based on getting inward investment and has very advantage tax policies to try and achieve that. The Barbados tax environment has been developed to provide revenues to support Government’s programs but with a careful eye on providing an environment to attract investment and keep businesses competitive and encourage exports. The emphasis has shifted from direct to indirect taxes on consumption in recent times. Exemptions and incentives are particularly targeted at attracting foreign investment and on encouraging earners of foreign exchange. There are no capital gains taxes nor estate or death duties. Barbados is an attractive place of residence for non-domiciliaries.

Tourism is one of the main economic drivers of Barbados, accounting for about 12% of the country's GDP in 2015, according to the World Travel and Tourism Council, and 12.3% of the country's total employment. In the first quarter of 2016, total visitor expenditure in Barbados expanded by around 20% during the year to Q1 2016, according to the Caribbean Tourism Organization's (CTO) quarterly survey, due to a 7.4% growth in tourist arrivals and 14.9% rise in tourists' average length of stay. In 2015, tourist arrivals rose 13.9% to a historic high of 591,872 visitors, according to the Barbados Statistical Service.

BARBADOS PROPERTY MARKET

Broadly speaking we can segment investors in real estate into three categories: commercial, residential and vacation homes. Each type of investor has different motivations and expectations of return (in the new market we call it threshold of pain). In this section we attempt to give you information about the Barbados market that will help you to make the best decision that you can. There is no substitution for direct advice so always ask Exclusive Hot Properties for any advice you may need.

There is one fundamental factor that must be understood about the Barbados real estate market for any investor to make an informed decision; and that is the size of our market. Most often big is good but in Barbados small is really great. We have very limited land resources and even fewer beachfront opportunities. The supply side of our equation is very limited and this affects prices possibly more so than the demand side. Sure you can build more real estate in Barbados. We can go higher in the air, more dense on the ground, and smaller units overall. But in the final analysis our annual sales volume will never compare to the daily volume in our major trading partners capital city! In short, there is likely always to be more buyers in our market than we have properties to supply. Economist would love that statement.

Beachfront condo prices in the West Coast rose by 10.7%, "a clear indicator that the market is in a healthy growth pattern and on track to return to pre-2012 levels". The median price of beachfront condos on the West Coast was US$ 805 per square foot (sq. ft.) in end- 2015, up from US$ 728 per sq. ft. in 2014 and US$ 546 per sq. ft. in 2013. The median price of South Coast's BCPI beachfront condos rose by 3.5% during 2015 to US$ 441 per sq. ft. In terms of supply.

The West Coast is currently oversupplied, although demand is improving and prices are rising as new buyers enter the market. In the South Coast, main beachfront properties are sold out and there is no new pipeline supply, so an increase in resale prices is expected.. Generally there are no restrictions on foreign ownership in Barbados except for one formality: non-residents must obtain permission from Barbados´ Central Bank if they want to buy property. This is pro forma, but failing to do so will void your purchase.

WHERE TO INVEST IN BARBADOS?

Really depends on your budget but if money is no object any beach front property will always be able to be resold whatever its price. If you’re on a more limited budget Barbados style i.e. around 500,000 US Dollars then a beachside Condominium is a very sound investment especially those around the area of the world famous Sandy Lane Hotel.

INVESTMENT CONCLUSION

Clearly most investors who buy in Barbados are what we would call lifestyle investors i.e. those who are buying a place to live or a holiday home for investment and rental income when it’s not being used by them. What you can be very sure of a prime location Barbados property investment is one of the best investments you can make from a lifestyle investor point of view.

Barbados Citizenship Nationality Residency and Visa Guide

Exclusive Hot Properties unlike 99% of the Real Estate Consultants out there specialize in the residency, legal and tax implication of investing in a particular country and giving tax and legal advice on the implications of investing and relocating to any country where we sell property. In some countries this is very important this is especially so in Barbados and the advice will differ depending what country our clients are from this is a very important factor for USA Citizens.

Tourist Visa

Barbados is a pretty easy place to visit for most nationalities of the world such as UK, EU, Australia and New Zealand. However some other Asian and South American countries will need a visa prior to arrival but generally speaking getting a tourist visa to Barbados is quite straight forward.

Permanent Residency- HNWI (High Net Worth Individuals

The principles related to immigration laws in Barbados are similar to those in North America and the United Kingdom and there are consequently a variety of ways to obtain residency in Barbados; however the three primary categories under which non-nationals who own property in Barbados may obtain residency are:


1. Residency pursuant to the High Net Worth Individual Program
2. Residency by establishing an International Business Company in Barbados
3. Residency by investment in Tourism related business in Barbados.

Residency Pursuant to the High Net Worth Individual Program (HNWIP) The HNWIP facilitates residency in Barbados for non-national individuals as well as their dependents for 5 years, 10 years or indefinitely. There are two branches to the program: The unlimited HNWIP which allows the individual to reside and work in Barbados; and the limited HNWIP which allows the individual to reside and be eligible to work in Barbados only if they can demonstrate that they offer a particular skill that may be in demand on the island at the time.

The Unlimited HNWIP: basic requirements

1. Ownership of residential property or other investments in Barbados with cumulative value of more than US$2.000, 000.00 where the investment is made with funds sourced outside of Barbados
2. Global Net Worth (inclusive of the required investment in Barbados) of more than $5,000,000.00;
3. Medical Fitness
4. No criminal record in recent places of residency.

Limited HNWIP: basic requirements

1. Ownership of residential property or other investments in Barbados with cumulative value of more than US$2.000, 000.00 where the investment is made with funds sourced outside of Barbados
2. Medical Fitness
3. No criminal record in recent places of residency.

A more comprehensive account of the requirements and attributes related to the limited and unlimited HNWIPs can be found in the accompanying document entitled "Special Entry and Reside Permit Program for HNWIs".

Residency by Establishment of an International Business Company (Ibc's) IBC's in Barbados are companies that while incorporated in the country may only derive business income from outside of Barbados. These companies are taxed at a declining rate beginning at 2.5% and are ideal for businesses that are able to conduct sales or provide services online or business that can otherwise be managed remotely. Residency in this case would be based on a work permit for the individual as either the controlling mind or an essential employee of the company.

The basic requirements to establish an IBC and obtain residency based on work permit related to that IBC are:

1. Evidence of ownership of an existing business that can be relocated or expanded to Barbados and that derives income from outside of Barbados; or evidence of expertise and a business plan to establish a business in Barbados that derives income from outside of Barbados
2. Evidence that income generated by the company will be sufficient to maintain the company’s presence and the individual's residence in Barbados
3. Medical fitness
4. No criminal record in recent places of residency.

Residency by Establishment of a local Business Related to Tourism Individuals who can demonstrate that they have experience or special skills that will allow them to establish a business that significantly contributes to the tourism industry in Barbados may obtain residency by work permit related to that business. The most common types of businesses are restaurants, apartments/rooming houses (of value less than US2, 000,000.00) and entertainment business. The basic requirements to obtain residency by work permit under this category are:

1. Evidence of ownership of an existing business that can be relocated or expanded to Barbados and that will contribute to Barbados' tourism industry; or evidence of expertise and a business plan to establish a business in Barbados that will contribute significantly to Barbados' tourism industry
2. Evidence that income generated by the business will be sufficient to maintain the business and the individual's residence in Barbados
3. Medical fitness
4. No criminal record in recent places of residency.

Barbados Nationality

When it comes to Barbados Nationality there is no so called Golden passport but HNWI program does give you a pathway to Citizenship over a period of time if you so wanted to do so. However if you are planning to reside in the Caribbean Exclusive Hot Properties can arrange a Caribbean passport in countries like Antigua through investment within 3 to 6 months and is probably a much better solution than the HNWI program.

The Buying Process in Barbados

Buying a property may seem like a daunting task, but with the right information you can make knowledgeable decisions that are best for you. Our sales representatives at Exclusive Hot Properties are here to help guide you through the process; we also advise that you consult an attorney regarding all legal documents. If you do not have a local attorney we will be happy to provide recommendations.

Important facts

  1. There are no restrictions on the purchase of property in Barbados by persons who are non-citizens or permanent residents.

  2. Non-residents must ensure and document that all funds for the purchase of real estate are derived from external sources.

  3. All financial arrangements such as mortgage, purchase price and deposit payments should be in place prior to entering a binding agreement.

  4. Funds transferred to Barbados must be registered with the Central Bank of Barbados. This process guarantees repatriation of the same amount of funds if and when the property is sold.

  5. Purchasers who are non-residents must obtain permission to purchase property from the Barbados Exchange Control Authority, regardless of whether they are a Barbadian Citizen or not. This is a standard procedure under the Exchange Control Act.

  6. Purchasers must obtain the services of a registered local attorney who will have to search the register and establish title to the property prior to the completion of sale.

  7. Property passes by conveyance of title, evidenced by the recording of the deeds and certified survey plans at the registry of title.

  8. Attorney's fees are approximately 1.5% - 2% of the sale price. Attorney fees are subject to 17.5% VAT. Both buyer and seller are responsible for their own attorney fees.

  9. A 10% deposit is required for payment when signing the purchase agreement. This is a binding contract. The seller's attorney holds the deposit with the balance payable on completion of the purchase.

  10. The real estate agent's commission fee is normally 5% of the sale price. Real estate agents fees are subject to 17.5% VAT.

  11. Sales commissions and survey costs are borne by the vendor.
  12. In most cases international buyers purchase property through a company which has been incorporated outside but registered to do business within Barbados. This initiative may help reduce some costs and simplify the process when selling the property.

Town & Country Planning Office

  1. If the purchaser is buying vacant land, the vendor will require a Certificate of Compliance from the Town and Country Planning Office (TCPO), which certifies that the roads and services have been provided in accordance with planning guidelines. It is illegal for a vendor to sell a property without the Certificate of Compliance.

  2. If the purchaser is buying a built property which is to be improved, or intends to build a property on the land, planning permission is required from TCPO. The planning permission is granted in accordance with a set of guidelines established by acts of Parliament and statutory instruments. In addition, TCPO would be guided by the zoning of the land and environmental issues.

  3. In all cases application is made to the TCPO and permission is usually granted within a period of two to six months.

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