If you are Buying a Property:
There is no Property Transfer Tax for buyers.
Buyers Legal Fees - Approximately 1.5% of the Purchase Price (plus 17.5% VAT).
Mortgage Down Payment - Usually a minimum of 10%, but can be as low as 0%.
Mortgage Repayment Time - Up to 30 Years or until the borrower reaches 65 years of age.
Mortgage Interest Rate - Range from 6% to 9%
Mortgage commitment fee and negotiation fee - Ranges from 0.5% to 3%.
Life Insurance - This is usually required if you need a mortgage.
Annual Land Tax
On the initial $190,000 - 0%
On the next $310,000 - 0.10%
On the next $750,000 - 0.45%
On the excess of $1,250,000 - 0.75%
For additional information please copy & paste thefollowing link into your browser: http://www.landtax.gov.bb/Rates.html
Annual Property Insurance
0.4% for a residence
0.6% for commercialbuildings
0.9% for hotels
If you are Selling a Property
Property Transfer Tax for land only - 2.5% of the Purchase Price.
Property Transfer Tax for house and land - first $125,000 exempt, 2.5% on the excess.
Legal fees - Approximately 1.5 to 2% of the Purchase Price (plus 17.5% VAT).
Stamp Duty - 1% of the Purchase Price
Land Surveyor's fee - Approximately BDS$1,500.00 (plus 17.5%VAT)
Real Estate Commission - Normally 5% of the Purchase Price (plus 17.5% VAT)
Early mortgage termination fee - There is normally a fee when a mortgage is terminated before the agreed time period.
For Non Nationals of Barbados
In 1998 the government abolished property transfer tax for non-nationals of Barbados.
It is necessary for a non-national purchaser to remit the purchase price to Barbados in a foreign currency. It is then converted into Barbados currency and registered with the Exchange Control Authority of Barbados. This is to facilitate a subsequent repatriation of funds if the property is sold.
Exchange Control Authority permission is also necessary for the purchase itself. This is usually a formality once the purchase monies have been registered.
Some local Banks may offer US Dollar loans to non-residents.
Property is passed by conveyance* of title, which is evidenced by the recording of title deeds and certified survey plans at the registry of title.
Once the purchaser has agreed to buy, and the vendor have agreed to sell, a legal contract has to be drawn up by a lawyer in Barbados, which provides for a deposit to be made to secure the property.
The vendor's attorney holds this deposit in escrow** until completion of the sale when the balance of the purchase price is paid and the title passes to the purchaser by way of the conveyance.
The purchaser will require a registered Barbadian attorney to search the register and establish title to the property prior to the completion of sale to ensure that there are no encumbrances, charges, encroachments or other impediments to the sale.
It will normally take 2-3 months for all the legal issues to be resolved.
*Conveyance - A written document, which transfers property from one person to another.
**Escrow - The money is held in the attorney's bank account until the completion of the sale.
A. BDS$85.00 per month for an individual listing. We offer bulk listing packages as well for Real Estate Agents,
A. No. Cariblist is a site where Agents and individuals list properties. If you make a query, it goes to the property lister, who will then contact you.
A. We have prepared a comprehensive guide to buying and selling property in Barbados. This is displayed in the "Information Centre".
A. To convey your property to you as well a checking that all titles etc. are in order. If you have a mortgage you will also need legal representation to secure the mortgage.
A. Most lenders do indeed require life insurance to at least the value you that you are borrowing. Term insurance is a cheaper option.
A. We ask that you change the status of your property from "Available" to "Sold" or "Rented" from the Property Master, and then select the 'Sold' button to flag it as sold.
A. If you do not change the page that you are on for 20 minutes or more, then your session will time out and you will have to logon again. This is necesary because each session takes up memory on our server. If we did not do this our server would run more slowly.
A. Yes. You need at least one image to create a listing. If you wish, we can provide you with a graphic that says 'Photos coming soon' if you have not yet received photos, and it can be deleted once you have photos to upload. Email us and request one.
A. They should be .jpg format. Example: "house.jpg". Please, no spaces or special characters in the filenemes. If you are looking for a good free editor go to www.irfanview.com and select the download link.
A. Your property pictures are each displayed in their own window. 8 inches wide by 6 inches high is a good size, but the choice is yours.
A file size of 50 KB is a good size.
Images should fit into a box that is 1,280 pixels wide by 860 pixels high. Image resolution should be 72 pixels per inch. Remember that bigger files will take longer to upload when you are loading the property and longer to download when someone is looking at the property, Try to keep your images under 500k for optimum results.
A. Once you have saved the listing, it should be visible in your dashboard and Property Master summary list.
Log into Cariblist and select the grey Edit button for the listing you wish to change. Once the property details are visible. click on 'Choose Files' and browse to the folder where your pictures are, select the ones that you wish to upload using Shift/Click or Ctrl/Click, then press the Upload button. You can preview and/or delete pictures from the image preview that appears when you press the Preview button.
A. No. It is completely Free.
Early on March 20, 2017 Our site underwent a major upgrade. For a user (someone who is looking for property) the biggest new faclity is the ability to save searches. To do so, you need to register with us, and save your search by pressing the blue 'Save Search' button. Once you have done so, you will be automatically notified via email minutes after anyone adds a property which meets your search criteria, For customers, who list properties with us, the list of new faclities is too long to include here; have a look at our User Guide for more details.
Today, March 2017, only Barbados. By the end of April 2017 we expext to have added availability for St. Lucia, St. Vincent, Grenada, Dominica and Antigua. Thereafter, Trinidad & Tobago, and anywhere else that we can.
Our standard free listing package allows two listings. The amount of data that you can enter is severely restricted to differentiate between free and paid listings. If you have a free listing account you can upgrade at any time with no loss of data by selecting the 'Upgrade Package' option from the menu on the left side of your dashboard.
To access Advance Search options, simply click on the Advanced button in the bottom of the search box. Note that the category you are searching on needs to be set by selecting the appropriate tab at the top of the box first.
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Letchworth Complex, The Garrison, St. Michael
Barbados, West Indies