This FAQ provides clear answers to common questions about buying, investing, and living in Barbados. It primarily draws on Barbados Island Properties’s market guides, plus a small number of official Barbadian sources where needed.
New Buyer & Legal Questions
How does buying in Barbados differ from buying in the UK?
This is really important to know…
Barbados is a multi-listing Real Estate system. Any Real Estate Agency on island can list a property if it is for sale and can introduce a client to another agency selling a property on a CO-BROKER basis. Agents across the Island work together on many occasions to get the property sold on behalf of the property owner. Therefore there are often two agencies present at property viewings. The advantage with listing a property with exclusive is that it is in our interest to introduce a buyer for your property.
The most important thing is that, when you’re happy with your real estate agency, you work with the same agency as they can introduce you to all the properties for sale from their direct property listings or listings from other Agencies.
It differs from the UK, as Agencies only list properties for sale if they have a selling agreement with the property owner. If another agency lists a property you are interested in then most clients change agencies, in order to buy that property. This is not the case in Barbados. We’re a small Island, we learnt that working together can achieve the best results: the property owner gets their property sold, and the buyer purchases the property of their dreams.
Agents Fees in Barbados: Exclusive Listing 4% of purchase price. Non-exclusive listing 2% to each agent — if one agent introduces the client and the other has the listing, the two agents share the 4% fee between them.
Can I buy property in Barbados if I'm not a resident?
Yes. Barbados allows non-residents of any nationality to buy and own property. You do not need residency to purchase real estate. For the practical “how-to” steps and what to prepare before you start searching, see our Purchase Guide.
What about residency status in Barbados — how long can I stay on island?
As a British and Canadian Passport holder you are able to spend up to 6 months in Barbados on any one visit. Should you wish to consider residency or joint residency status, we recommend you discuss this with your lawyer. They will be able to best advise you on the best outcome for your circumstances. There are different visa options should you wish to stay longer in Barbados.
What documents do I need to buy a property as a foreigner?
Two forms of ID are required to complete the purchase of a property in Barbados — a Passport and Driving Licence. Your lawyer will ask for the following documentation:
- Passport (for you and, if in joint names, your spouse)
- Driving licence
- Utility bills to confirm your home address
- 3 months bank statements or a letter of reference from your bank
- Credit card statement to confirm your home address
- Bank documentation (source of funds, income proof, etc.), especially in the luxury segment — your lawyer will guide you through what is required for due diligence and compliance
Do I need a Barbados bank account to buy property?
A Barbados bank account is not legally required to buy, but it is strongly recommended for paying taxes, utilities, community fees, and for secure payments at completion. We can assist in providing an appointment with a banker to help set up your banking requirements.
Can I own investment property and rent it out?
Yes. Non-residents can own property and rent it out long-term or short-term. If you plan to operate as a holiday rental, make sure the property complies with current rules and has the correct registration/licence where required. Barbados Island Properties can help you with short or medium term rentals and property management, so we have this base covered for you.
Buying Process & Costs
What is the typical process to buy property in Barbados?
Barbados Island Properties will work hard to get the property of your dreams, at the right price. As your appointed Realtor, the typical purchase process includes preparation, viewings, offer, due diligence (legal / urbanistic / technical), private purchase contract, and notary completion. Our Purchase Guide outlines the full step-by-step process and common timelines. Get in touch to learn more.
What are the buying costs in Barbados?
Plan approximately 2–3% of your purchase value for solicitors’ costs on top of the net purchase price. Agents’ fees are paid by the seller and are typically 4%.
What are the running costs associated with owning a property in Barbados?
Should you be interested in purchasing a property after your second viewing, the next step is to identify the costs and running expenses of the property. We will provide you with a breakdown of the running costs for your new property.
- Electricity — Barbados Light and Power
- Water — Barbados Water Authority
- Sewage — Generally a septic tank
- Land Tax — Once-a-year land tax invoice
- Gated community fees — Service charges or sports membership fees
- Housekeeper / Property management — To manage the maintenance and rental
Are there any tax benefits for owning a property in Barbados?
Yes. In Barbados, there currently is no Inheritance Tax or Capital Gains Tax. Always confirm eligibility with a qualified tax lawyer, as government information can change from time to time.
Mortgage & Financing
Can non-residents get a mortgage in Barbados?
Yes. Barbados banks can provide mortgages to non-residents, with terms depending on borrower profile and bank policy. Our Purchase Guide and Mortgage Calculator provide practical guidance and assumptions commonly used in the market. Contact us for more details.
What is a typical mortgage down payment
As a general rule, non-resident buyers should plan for a larger down payment than residents. In the luxury segment, expectations can differ by bank, price level, and borrower profile. The bank will always lend based on the lower of purchase price or its own valuation. Get in touch for guidance specific to your situation.
Other Useful Questions
Can I start the buying process remotely?
Yes. Remote purchases are technically possible using video tours and a power of attorney, but Barbados Island Properties recommends at least one in-person visit before committing — especially in the high-end segment.
How long does ownership transfer take after making an offer?
Firstly, an offer is made to purchase your new property with your agent. A Heads of Agreement is set out with buyer, seller, real estate agents and lawyers’ contact details and circulated to all parties. The lawyers will draw up a purchase agreement for you to sign — at this time you will need to pay a 10% deposit to your solicitor. If you are not in Barbados to sign the document, you will need to get it witnessed by a Notary in your country.
After signing a sales contract, your lawyer will ensure that all the due diligence is in place in order to legally complete on the purchase. In practice, it is common for a purchase to be 2–3 months from start to finish.
It is common practice to sell a property owned by a BVI registered company — you can also hold properties in sole or joint names. We strongly recommend you get a Will drawn up (with two witness signatures to make it legal in Barbados), so this can be passed onto your children.