5 Things to Consider When Buying a Second Home in Barbados
One of the most developed islands in the Caribbean, Barbados enjoys a stellar reputation as a leading jurisdiction for secure investment. With solid infrastructure, excellent telecommunications and of course, year-round sunshine, Barbados has long converted visitors to owners. Here are the top 5 things you should consider before buying Barbados real estate:
1.) Ease of entry: Much like its citizens, the Government of Barbados is extremely friendly to non-nationals, imposing no restrictions on the purchase of Barbados real estate. Non-nationals who wish to stay in the island for periods longer than six (6) months continuously may simply require a Special Entry & Reside Permit.
2.) Buying Process: Most Barbados real estate is purchased under a Freehold Agreement, whereby the title to that property extends for an unspecified period. This procedure requires the appointment of an attorney-at-law to oversee the transaction. Ownership at Barbados’ newest luxury development, The Crane Private Residences is a Right to Use held in trust by First National Trustee Company (FNTC) in the Isle of Man, until the year 3000, thus eliminating the need to retain the services of an attorney-at-law.
The Crane Private Residences are uniquely affordable.
3.) Financing: US Dollar mortgages are readily available to non-nationals and non-residents, from the offshore sector of the local banking industry. However, ownership at The Crane Private Residences is uniquely affordable, with easy staged payments due at prespecified construction milestones and only US $10, 000 required to reserve a residence.
4.) Property Management: After purchase, non-resident property owners usually require onsite management of their Barbados property. Functions of Property Managers typically include soliciting rentals, payment of utilities, general maintenance and management of income from the property. Each residence in The Crane Private Residences can be managed by the developer, Crane Resorts, when not in use by the owner. With the option available for hotel services and a full rental management programme, this is an effortless residence or vacation property to own, whether intended for personal use or as an investment.
5.) Exit Strategy: There is no Capital Gains Tax on the sale of Barbados real estate. However, under the island’s typical Freehold Agreement, there are attorney fees, stamp duties and property transfer taxes to consider. Under The Crane Private Residences’ Trust Structure, each residence can be willed, transferred or sold at anytime, incurring no taxes or legal costs. The Trustee also ensures that there is no debt, prior ownership or lien on the property.
Ownership at The Crane Private Residences is an attractive proposition with current pre-construction prices approximately half of comparable luxury ocean front real estate in Barbados presenting an exceptional opportunity for capital appreciation. Contact us now at [email protected].
Property Sales Office
The Crane Resort
+1 (246) 416 6560