For the last 25 years, real estate in Barbados has been the most sought after product in the Caribbean… This is due to the fact that the island has been blessed with some of the most ideal conditions imaginable.

Once the crown jewel of the British Empire, Barbados was known for its high-quality sugar production. Today, Barbados is a major winter getaway for thousands of foreign nationals.

Many of these visitors seek to enjoy the spectacular white sand beaches, crystal clear waters and rich cultural history of the islands.

If you are looking to purchase property on the island, you should take the time to understand the process to make a successful purchase.

Here are the top six tips for buying real estate in Barbados:

(1) The Central Bank of Barbados must grant permission to non-nationals, this is a formality.

(2) The seller of the property must pay a property transfer tax.

(3) While non-domestic buyers can obtain financing in Barbados through an overseas loan, it is recommended that non-nationals in need of financing obtain this financing externally, mainly because the rates are more attractive.

(4) To ensure repatriation of funds if you decide to sell your real estate, all funds brought into the island must be registered with the Central Bank of Barbados.

(5) You must retain the services of an attorney to complete your transaction.

(6) The land tax is payable each year based on a value that is reviewed every three years by the Land Tax Valuation Department.

By following these simple steps, you can make your real estate purchase a success.