Buyers Guide

Our team at Cluttons Barbados will help you find what you are looking for in Barbados.  We can offer and arrange viewings to see any house or lot of land for sale in Barbados. 

We are equipped to cater for clients with varied budget ranges and requirements including investment property, multi million pound luxury homes and land for residential build and property development.
Once your requirements are known we will provide you with all property and land options available.

If you are interested in purchasing a home or land for development in Barbados please do not hesitate to contact us for further information and to arrange property viewings.

Legal Fees

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

Purchaser's legal fees for property transfer are legislated in the range of 1% to 2%. There is VAT of 15% payable on these fees. Both buyer and seller are responsible for their own attorney fees.

Fund Registration

Funds brought into the island from overseas should be registered with the Central Bank as a formality. You should instruct your attorney or banker to do so with the Exchange Control Division of the bank. This ensures that your funds are protected as a foreign investor which facilitates repatriation of these funds should you sell in the future.

Deposit

A deposit in the amount of 10% is required on signing the sale agreement with the remaining balance due on the transfer of deeds. This deposit is a binding contract which the seller's attorney holds. The period between payment of deposit and completion is likely to be at least three months. The balance of the sale price must be paid to the seller's attorney on completion the purchase.

Property Tax

An annual Property Tax is charged on the property based on an assessment of the improved value, or if undeveloped, on the site value. Valuations are made by the Government and are reviewed every three (3) years. These taxes are rated as follows:

Improved Property (House & Land)

• 0% on the first Bds$125,000
• 0.1% on Bds$125,001 to Bds$350,000
• 0.65% on Bds$350,001 to Bds$850,000
• 0.75% on Bds$850,001 and over

Unimproved Land

• 0.60% on unimproved value of the land

Improved Property (Commercial)

• 0.65% on every parcel of land which is not a residence

Purchaser Expenses

The expenses incurred by a Purchaser (there is no distinction between National or Non-National purchasers due to recent amendments to the Barbados legislation) will be as follows:

Property Transfer Tax - Nil

Proportionate part of land tax - This amount will vary depending on the value of the property and the time of the transaction.

It is necessary for a Non-National purchaser to remit the purchase price to Barbados in foreign currency, after which it will be converted into Barbados currency and registered with the Exchange Control Authority of Barbados to facilitate a subsequent repatriation. Exchange Control Authority permission is also necessary for the purchase itself. This is usually readily obtainable once the purchase monies have been registered.

Property Transfer Tax, when selling

2.5% of the purchase price.

VAT of 15% is payable on legal fees and agents commission

We have can refer you to a number of experienced and reputable attorneys for advice.