Currency required to purchase: US Dollars (USD), or in Barbados, Barbados Dollar (BBD), Cayman Islands, Cayman Island Dollar (KYD)
Overview of Costs
Real Estate Agent's Fees
4 - 5%
1 - 2%
Buyer & Seller
- There are no restrictions to foreign ownership of property in the Caribbean, but non-residence must obtain prior approval from the relevant Central Bank of the intent to purchase. In Barbados, the Central Bank also requires registration of all money bought into the country, so it is common for a lawyer is appointed to assist with this and the transfer of funds.
- An offer can be placed at any time and once a sale price has been agreed, both parties sign a sale agreement which is prepared by the seller's lawyer and a 10% deposit is placed.
- Prior to the completion date, the buyer will need a lawyer registered in Barbados to search the register and establish title to the property.Between the time of signing the contract and the completion of the sale, the lawyer buyers lawyer will search the title, and ensure that there are no outstanding charges or conditions that could impact the sale, which typically takes 2 - 3 months.
- The final step to conclude the transaction is for the seller of the property to pay the relevant transfer taxes and the government stamp duty.