Payment Terms

General:
• 10% deposit on signing the sale agreement which should be prepared by the vendor's attorney.
• 90% payment on the transfer of deeds.
• Ownership of property may be either in one's individual name, through a local company, through a foreign company, a trust or other entity.
• If funds for the purchase are brought in from overseas your attorney or banker should be instructed to register these within the Exchange Control Division of the Central Bank of Barbados to facilitate repatriation of these funds if desired at a later date.

New Developments (Condos / Houses)
• 10% reservation deposit.
• 85% stage payments throughout the construction period.
• 5% retention.

Maintenance Fees (Condos)
• Range from US$100 to US$750 per month.

Additional Costs
• Purchaser's legal fees are approximately 2% of the purchase price.

• Out of pocket expenses are approximately US$350 (Non-Barbadian purchasers do not incur any additional taxes or costs.

Property Tax
• Improved Property (House & Land) 0% on the first US$62,500 0.10% on US$62,500 - US$175,001 0.65% on US$175,001 - US$425,000 0.75% on Excess over US$425,000

Ask your lawyer to get a copy of the latest Land Tax invoice.

• Commercial Properties 0.65% of value

• Unimproved Land 0.60% on unimproved value of the land.

Mortgages

• Mortgages are available for non-nationals and in general terms they are limited to 50%-70% loan to value and a maximum term of 10 years. Professional advice and guidance is available from experienced mortgage consultants & FPDSavills UK.

Income Producing Property

• There is an active rental market for both long-term and vacation rentals. Returns in the residential market can vary widely depending on the type of property but in general investors should expect returns in the 5% to 12% range on income plus capital appreciation.