What it costs to buy in Barbados
In a typical Barbados transaction, transfer tax and stamp duty are paid by the seller. A buyer's costs generally include their own attorney's fees, VAT on those fees and, where applicable, mortgage and lender charges. Your attorney should confirm the costs for your transaction.
Who pays what
On a straightforward purchase, the buyer will usually pay their own legal fees, together with VAT, and any valuation, mortgage or lender charges if financing is involved. Property transfer tax, stamp duty and the estate agent’s commission are generally costs for the seller rather than the buyer.
The exact costs will depend on the property and how the transaction is structured. Before you commit, your Barbados attorney should provide a written estimate showing everything that applies. We can help coordinate this so you have a clear understanding of the costs from the outset.
If you are not Barbadian
Non-residents may purchase property in Barbados, subject to approval from the Central Bank of Barbados. The purchase price must be paid and received in Barbados, and foreign funds used for the purchase should be registered with the Bank. Your Barbados attorney and the authorised dealer receiving the funds can confirm and assist with the current process.
How the property is held - personally, or through a company - changes what a future sale costs and is worth taking advice on before you commit rather than after.
This is a guide, not advice. Rates change with the Budget, legal fees are negotiable and vary by transaction, and your own circumstances change the answer. Nothing here is a substitute for a Barbados attorney and your own tax adviser. We are happy to introduce you to both.
Buying in Barbados, explained
Chris Parra talks through what it takes to buy property on the island: the costs and taxes, how a sale proceeds from offer to completion, and what to consider if you plan to rent the house out or hold it as an investment.
▶ Watch the conversation (1 hour)