Barbados Special Entry and Reside Permit (SERP) Guide| Barbados Dream Properties

Barbados Special Entry and Reside Permit (SERP) Guide

Special Entry and Reside Permit (SERP) Guide

The SERP allows qualified individuals, their spouses, and children to obtain residency in Barbados. Below are the details, categories, requirements, and fees for SERP applications.

SERP Categories

Category 1: High Net Worth Investor
- Invest at least US $2 million in Barbados from external funds.
- Net worth must exceed US $5 million.
Category 2: Property Owner
- Own property in Barbados valued at US $300,000 or more.
Category 3: Skilled Professionals
- Possess skills critical to Barbados' growth and development.
Category 4: Parents/Grandparents of Citizens
- Must be over 60 years old and related to a Barbadian citizen.

Key Differences Between Categories 1 and 2

Category 1:
- Duration: Indefinite after age 60.
- Work Permit: Automatic entitlement.
Category 2:
- Duration: Renewable 5-year terms.
- Work Permit: Not allowed to work in Barbados.

Application Requirements

All applicants must submit:

Form B: Application for Permission to Vary Period of Stay.
Application Fee: US $150.00.
Supporting documents:
- Health insurance with coverage over US $500,000.00.
- Police Certificate of Character or equivalent.
- Passport-size photo.
- Original and copy of birth certificate.
- Certified copy of the bio-data page of the passport.
- Marriage certificate (if applicable).
- Proof of relationship to dependents.
Translations: Documents in non-English languages must be translated.

Additional Requirements by Category

Category 1:

Certified statement of net worth exceeding US $5 million.
Proof of investment of US $2 million in Barbados.

Category 2:

Proof of property ownership valued at US $300,000 or more.
Evidence of financial self-sufficiency.

Investment Definition

Includes rental real estate, property development, manufacturing, tourism, bank deposits, mutual funds, bonds, or other financial instruments.
Investments must come from external funds and be unencumbered.

Category 1 Terms and Fees

Over 60 years: Indefinite term; one-time fee of US $5,000.00.
50-60 years: 5-10 years term, renewable to indefinite; one-time fee of US $3,500.00 (before 60) or US $5,000.00 (renewed after 60).
Under 50 years: 5-year term, renewable until 60; US $5,000.00 per term, then US $5,000.00 for indefinite renewal after 60.

Work Permit Fees:

Over 60 years: One-time fee of US $15,000.00 or US $1,750.00 per annum.
Under 60 years: One-time fee of US $20,000.00 or US $2,000.00 per annum.

Category 2 Terms and Fees

Adults: US $5,000.00 for a renewable 5-year term.
Minor dependents (students): US $150.00 for the duration of the SERP.

Spouse and Dependent Fees

Spouse: Application fee US $150.00, plus applicable SERP fee.
Dependents: US $150.00 application fee per dependent.

Additional Notes

SERP holders must declare tax residency to the Barbados Revenue Authority.
Spouses and dependents must submit schooling evidence every 3 years if still attending university.

This comprehensive SERP program allows individuals to enjoy the benefits of living in Barbados while making meaningful contributions to the island's economy.