Purchasing a Property in Barbados

In Barbados, property passes by conveyance of title, evidenced by the recording of deeds and certified survey plans at the Registry of Title.

A purchaser will require a registered Barbadian attorney to search the register and establish title prior to sale. The purchaser agrees the terms with the vendor and enters into a contract prepared by the vendor's attorney, which will provide for a deposit to be made thus securing the property.

The deposit is held by the vendors attorney in escrow until completion, when the balance of the purchase price is paid and the title passes to the purchaser by way of conveyance.

The title may be taken in an individuals name or through a corporate vehicle set up to own the property. In the case of non-residents on Barbados that they purchase the property through a company which may be incorporated outside Barbados, but which must be registered to do business in Barbados.

Costs: Purchasers should budget legal costs between 1 to 2 % of the purchase price. Vendors pay 2.5% property tax and 1 % stamp duty on sale. If the property is owned by an Offshore Company and if the shares of the Company are sold offshore, then no transfer tax or stamp duty is payable.