Buying Barbados Villas and Barbados Real Estate
Purchasing Barbados real estate property and Barbados villas for Nationals and Non-Nationals is generally a relatively easy process and the following steps give a basic outline of how it is done.
Once a Price for Barbados real estate or Barbados villas is agreed on between the two Parties, the Lawyers are called into action. The Vendor's Lawyer draws up the Purchase Agreement which is checked by the Purchaser's Lawyer and once it is satisfactory, the Purchaser of Barbados villas and Barbados real estate property signs and puts down a 10% on the Purchase Price.
The Purchase Agreement and the Deposit are then sent to the Vendor's Lawyer. The Vendor then signs the Agreement and the two Parties have now entered a legally binding Transaction for Barbados villas and Barbados real estate property. The Deposit is held in escrow by the Vendor's Lawyer. The Purchaser's Lawyer then proceeds with his Title Searches to ensure the Barbados real estate or Barbados villas property in question has indeed got good title and is free from any Legal Charges or Encumbrances.
Once this is done the Vendor's Lawyer draws up the Conveyance, which is checked by the Purchaser's Lawyer and once everything is in order, the Purchaser signs and pays in the balance of the Funds. The Conveyance goes back to the Vendor's Lawyer where it is signed by the Vendor and the Sale is completed. The average length of time taken to complete a Barbados real estate sale is three Months.
Mortgages - Barbados Villas, Barbados Real Estate:
Non-Nationals can apply for US Dollar Mortgages for Barbados real estate and Barbados villas through various local Banks here on the Island. One example of this is FirstCaribbean International Bank. Generally speaking they will lend up to 70% of a Barbados villas and Barbados real estate Mortgage for a period of 15 years for a House and Land. Obviously those persons seeking a Mortgage will have to satisfy the Bank that they are capable of repaying the Barbados real estate Mortgage from their own personal Income.
Bringing funds into Barbados for Purchase:
Anyone who is buying Barbados real estate property or Barbados villas in their name will have to bring the Money into the Island through the Central Bank of Barbados. It is at this time that the Lawyer representing the Purchaser will also seek permission for them to bring the Funds in to buy Barbados villas and Barbados real estate property. This process is for all intents and purposes a formality. Some Purchasers also choose to own their Barbados villas or Barbados real estate in an Offshore Company, which can be set up for example in the British Virgin Islands. Further details on this can be had from the Local Attorneys here on the Island.
Both sides to a Sale pay their own Legal Fees which typically run between 1.5% to 2.0 % of the Purchase Price.
Barbados Real Estate Property Transfer Tax:
The Vendor who owns Property in his name pays the Government of Barbados Property Transfer Tax at a rate of 7.5% and Stamp Duty at a rate of 1% of the Purchase Price. There is no Property Transfer Tax or Stamp Duty payable if the Property is owned by an Offshore Company. It is important for Non-Nationals who are buying Barbados villas and Barbados real estate property to seek advice from reputable Tax Advisers here in the Island as well as in their own Country so as to minimize their Tax Liability.
This is an Annual Tax that is charged by the Government on the improved value of the Barbados villas Property. It is reviewed every three Years.
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