Caribbean Property Buying Guide
Carribean Taxes
The government of Barbados is encouraging foreign investment in proeprty and has issued a number of policies to develop it further. There are no restrictions preventing foreginers form buying and owning property. In 1999, the Governmnet removed the Property Transfer Tax of 10% on the purchase of property by non-nationals. As with teh Bahamas there is no capital gains tax on the sale of the proerty. However, if you intend to sell your property you must pay a 10% property transfer tax and 1% stamp duty when the sale is completed.
Carribean Mortgages
There are no non-status /self certification mortgage faciliteis available in the Caribbean region, all loans need to be supported by a minimum requirement of proof of income. Unfortunately Caribbean lenders will not take into consideration any proposed rental income from the property ofr mortgage purposes/repayments. When arranging a mortgage you will need a Caribbean bank account and all loans will be offered in US Dollars or local currencies only.