Gray Stuart – BARBADOS
From our international offices we are able to help International property buyers and investors throughout the world buy property in Barbados safely and securely and offer the following services for Barbados
Buying the Best Property in the Barbados
Very simply we offer our International clients the best of both worlds in that we have proven experienced local knowledge on the ground as well as international expertise from having made many different transactions throughout the world. This means we can give you the high level of expertise and service required when looking to buy property in Barbados
Barbados HNWI Visa
For those of you who want to make Barbados your home Barbados offers HNWI (High Net Worth Individuals) a permanent visa that allows you to stay and work in Barbados. If you would like assistance in this process one of our professionals would be only too happy to help you.
Setting Up a Business in the Barbados
Very simply our professional directors can help you with the set up your company structures in the most tax efficient manner possible. We only use the very best Lawyers, Accountants and professional advisors to make sure your company structure is 100% safe and secure and the very best you can have in the Barbados.
If you’re an investor and already own assets in the Barbados or just acquiring them then our team of professionals can offer you the complete asset management services including property management and project management.
These are just a sample of the key services that Gray Stuart Barbados provides and should you need any further information do not hesitate to contact us directly.
Gray Stuart Barbados
Tel: +44 20 7558 8355
Why Invest in Barbados Property?
Last updated January 2018
They say location is everything and there is no doubt that Barbados is one of the best locations in the world let alone the Caribbean. Based in the Windward Islands and somehow manages to avoid most of the Hurricanes and storms that now seem to be a yearly event. Barbados is one of the safest Islands in the Caribbean and unlike Jamaica or St Lucia there is no need for private beaches and beaches on the Island are public.
Barbados is very much based on getting inward investment and has very advantage tax policies to try and achieve that. The Barbados tax environment has been developed to provide revenues to support Government’s programs but with a careful eye on providing an environment to attract investment and keep businesses competitive and encourage exports. The emphasis has shifted from direct to indirect taxes on consumption in recent times. Exemptions and incentives are particularly targeted at attracting foreign investment and on encouraging earners of foreign exchange. There are no capital gains taxes nor estate or death duties. Barbados is an attractive place of residence for non-domiciliaries.
Tourism is one of the main economic drivers of Barbados, accounting for about 12% of the country’s GDP in 2015, according to the World Travel and Tourism Council, and 12.3% of the country’s total employment. In the first quarter of 2016, total visitor expenditure in Barbados expanded by around 20% during the year to Q1 2016, according to the Caribbean Tourism Organization’s (CTO) quarterly survey, due to a 7.4% growth in tourist arrivals and 14.9% rise in tourists’ average length of stay. In 2015, tourist arrivals rose 13.9% to a historic high of 591,872 visitors, according to the Barbados Statistical Service.
BARBADOS PROPERTY MARKET
Broadly speaking we can segment investors in real estate into three categories: commercial, residential and vacation homes. Each type of investor has different motivations and expectations of return (in the new market we call it threshold of pain). In this section we attempt to give you information about the Barbados market that will help you to make the best decision that you can. There is no substitution for direct advice so always ask Gray Stuart for any advice you may need.
There is one fundamental factor that must be understood about the Barbados real estate market for any investor to make an informed decision; and that is the size of our market. Most often big is good but in Barbados small is really great. We have very limited land resources and even fewer beachfront opportunities. The supply side of our equation is very limited and this affects prices possibly more so than the demand side. Sure you can build more real estate in Barbados. We can go higher in the air, more dense on the ground, and smaller units overall. But in the final analysis our annual sales volume will never compare to the daily volume in our major trading partners capital city! In short, there is likely always to be more buyers in our market than we have properties to supply. Economist would love that statement.
Beachfront condo prices in the West Coast rose by 10.7%, “a clear indicator that the market is in a healthy growth pattern and on track to return to pre-2012 levels”. The median price of beachfront condos on the West Coast was US$ 805 per square foot (sq. ft.) in end- 2015, up from US$ 728 per sq. ft. in 2014 and US$ 546 per sq. ft. in 2013. The median price of South Coast’s BCPI beachfront condos rose by 3.5% during 2015 to US$ 441 per sq. ft. In terms of supply.
The West Coast is currently oversupplied, although demand is improving and prices are rising as new buyers enter the market. In the South Coast, main beachfront properties are sold out and there is no new pipeline supply, so an increase in resale prices is expected.. Generally there are no restrictions on foreign ownership in Barbados except for one formality: non-residents must obtain permission from Barbados´ Central Bank if they want to buy property. This is pro forma, but failing to do so will void your purchase.
WHERE TO INVEST IN BARBADOS?
Really depends on your budget but if money is no object any beach front property will always be able to be resold whatever its price. If you’re on a more limited budget Barbados style i.e. around 500,000 US Dollars then a beachside Condominium is a very sound investment especially those around the area of the world famous Sandy Lane Hotel.
Clearly most investors who buy in Barbados are what we would call lifestyle investors i.e. those who are buying a place to live or a holiday home for investment and rental income when it’s not being used by them. What you can be very sure of a prime location Barbados property investment is one of the best investments you can make from a lifestyle investor point of view.
The Buying Process in Barbados
Buying a property may seem like a daunting task, but with the right information you can make knowledgeable decisions that are best for you. Our sales representatives at Gray Stuart are here to help guide you through the process; we also advise that you consult an attorney regarding all legal documents. If you do not have a local attorney we will be happy to provide recommendations.
Barbados Location Guide
Barbados is an eastern Caribbean island and an independent British Commonwealth nation. Bridgetown, the capital, is a cruise-ship port with colonial buildings and Nidhe Israel, a synagogue founded in 1654. Around the island are beaches, botanical gardens, the Harrison’s Cave formation, and 17th-century plantation houses like St. Nicholas Abbey. Local traditions include afternoon tea and cricket, the national sport.
Barbados is simply one of the best Islands in the Caribbean, is a safe place to live and has stunning beaches and here the Caribbean Sea meets the Atlantic Ocean. Barbados is both a great place to live and a great place to visit with many attractions from its capital in Bridgetown to great boat trips to the magnificent Harrison Cave Barbados really does have it all.