Property Laws

There are no restrictions preventing non-nationals from buying property or land in Barbados. Non-residents only need to obtain permission from the central bank before the purchase and this is a formality.

• There are no Property Transfer Taxes to be paid for anyone buying an existing building, but there is a Property Transfer Tax of 10% of the value when purchasing land. There is a yearly land tax to be paid that is dependant on the value of the property.

• There is however taxes to be paid when selling property or land, which are currently; Property Transfer Tax of 2.5%, Stamp Duty of 1%, legal fee's of around 2-3%.

• When purchasing land or property in Barbados you will have to retain the services of a lawyer. We cannot stress enough the importance of making sure that you have a reputable lawyer that will give you honest and sound advise. 

• For all clients about to buy land or build a house we would recommend using the services of a land surveyor to exactly confirm the boundaries of your property.

• When taking money into Barbados to buy land or build a property you must register it with the Central Bank, which will guarantee repatriation of your money when the property is sold. 

• Buying land, property or building a house in Barbados can be a very simple procedure, provided that professional and reputable advise is sought and used. We at Awaken Paradise Property Consultants should be the first place you seek advice and help when planning on building a house in Barbados