Buying Land in Barbados – The Ultimate Guide
We have put together this guide for investors considering buying land in Barbados.
Whether you are looking for a small in a gated community to lot to build your the home of your dreams or a larger parcel of vacant land for commercial development, this guide is designed to cover all aspects of acquiring land from finding land for sale in Barbados through to the details of the purchase process.
Guide to buying land in Barbados
Contents
Is Buying Land in Barbados a Good Idea?
How Much Does it Cost to Buy Land in Barbados?
Can Foreigners Own Land in Barbados?
How Do you Buy Land in Barbados?
Planning Permission – Town and Country Planning Office
Where are the Best Places to Buy Land in Barbados?
Investment Opportunities – Explore Land for Sale in Barbados
Is Buying Land in Barbados a Good Idea?
Buying land in Barbados offers investors the opportunity to own a slice of this idyllic Eastern Caribbean island which has long been a popular tourist destination. In 2018, for example, the island welcomed over 680,000 stayover visitors.
Barbados also has a well-established reputation as one of the world’s most prestigious locations for vacation home ownership.
Purchasing land on the island – whether to build a home for personal use or to develop a new tourism product – therefore offers buyers the opportunity to profit from the island’s track record of success in tourism and luxury real estate.
Furthermore, as there is no capital gains tax in Barbados, if you purchase land in the country and sell it subsequently for a greater value, there is no tax to pay in Barbados on the profit.
How Much Does it Cost to Buy Land in Barbados?
The cost of land in Barbados varies according to various factors such as location and perceived value.
Prices range from approximately US £100,000 to $500,000 for a residential lot in an upscale or luxury master-planned gated community.
Beachfront land on the prized West and South Coasts are available from approximately US $2.5 million up to $17 million dollars for large parcels of suitable for resort development.
Can Foreigners Own Land in Barbados?
Yes, foreign nationals can buy land in Barbados and the Government of Barbados welcomes foreign investment.
There are no restrictions on foreign buyers owning land in Barbados and foreign buyers enjoy the same rights as Barbadian citizens, including the right to purchase beachfront land.
Unlike in many other parts of the Caribbean, foreign buyers are not required to obtain any kind of license or permit in order to purchase property in Barbados including land.
Non-residents must obtain permission to purchase property from the Barbados Exchange Control Authority, but this is essentially a formality.
Land can be purchased in the name of an individual or a corporation.
How Do you Buy Land in Barbados?
Buying land in Barbados is a relatively straight-forward process.
To purchase land, buyers will need to engage a local attorney to conduct a title search.
Once an offer has been made and accepted, the seller’s attorney will draw up the contract and the buyer will need to make payment of a 10% deposit which will be held in an escrow account until completion.
The remaining 90% will be paid at the time of conveyance.
In the case of vacant land, the seller will need a Certificate of Compliance from the Town and Country Planning Office (TCPO), which certifies that the roads and services have been provided in accordance with planning guidelines. It is illegal for a seller to sell a property without such a Certificate of Compliance.
As a final step the seller will need to pay the transfer taxes and government stamp duty.
For more detail on the purchase process, please see our guide to buying property in Barbados.
Planning Permission – Town and Country Planning Office
In the case of buying a property which is to be improved or built on, planning permission is required from the Town and Country Planning Office (TCPO).
Planning permission is granted in accordance with Acts of Parliament, statutory instruments and zoning and environmental guidelines.
In all cases applications must be made to the TCPO.
Permission is usually granted within 2 to 6 months.
Where are the Best Places to Buy Land in Barbados?
That depends very much on your personal preferences and objectives.
The prestigious West Coast of Barbados is one of the most sought-after destinations on the island.
Other popular locations for purchasing land in Barbados include the South Coast which is comparatively affordable.
For buyers who prefer the countryside to the beach, plantations with acres of grounds are available in rural areas inland such as in the Parishes of St Thomas and St George.
Investment Opportunities – Explore Land for Sale in Barbados
Ready to begin your search for land for sale in Barbados?
To find lots, homes sites and large development parcels from across the island, explore land for sale in Barbados on our website.
Please note that the website only showcases a limited selection of the lots and parcels of land available.
Contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to explore the full range of land investment opportunities in Barbados.