Getting a Mortgage to Buy Property in Barbados as a Foreigner

Thinking about obtaining a mortgage to buy property in Barbados? For many international buyers exploring properties for sale in Barbados, securing a mortgage is an important part of the purchase process. Barbados is one of the most foreign-buyer-friendly real estate markets in the Caribbean, and non-residents can obtain mortgages locally, provided they meet lending criteria.

Whether you are purchasing a Barbados villa for sale, a beachfront apartment, or a long-term investment property, understanding how mortgages work in Barbados will help you plan confidently and maximise your buying power.

At Barbados Dream Properties, we regularly guide overseas buyers through the financing process as part of their wider Barbados real estate purchase.

Can Foreigners Get a Mortgage in Barbados?

Yes. Foreign buyers are permitted to obtain mortgages from Barbados-based banks for the purchase of Barbados homes for sale and other freehold property.

Key points for foreign buyers:

• Mortgages are available to non-residents and international investors.

• Properties must be freehold and legally registered in Barbados.

• Central Bank registration is required to allow future repatriation of funds.

This openness to international buyers is one of the reasons Barbados continues to rank highly for buyers searching property for sale in Barbados.

Which Banks Offer Mortgages in Barbados?

Several well-established banks provide mortgage financing to foreign buyers purchasing Barbados property for sale. While lending criteria may vary, the following institutions are commonly used:

Major Banks Offering Mortgages

• CIBC FirstCaribbean International Bank
  One of the most active lenders for non-resident buyers. Offers residential mortgages for approved properties across Barbados.

• Republic Bank (Barbados)
  Provides mortgage facilities to residents and non-residents, including buyers purchasing Barbados villas for sale and apartments.

• RBC Royal Bank of Canada (Barbados)
  A popular option for international buyers, particularly those already banking with RBC in other jurisdictions.

These banks are familiar with overseas buyers purchasing Barbados real estate, making the approval process relatively straightforward when documentation is in order.

Typical Mortgage Terms in Barbados

Mortgage terms for foreign buyers are generally conservative and designed to protect both borrower and lender.

Common Mortgage Features

• Loan-to-Value (LTV): Typically up to 60–70% of the purchase price.

• Mortgage Term: Usually up to 20–25 years, depending on the borrower’s age and financial profile.

• Interest Rates: Often variable and linked to local or international base rates.

• Currency: Mortgages are usually issued in Barbadian dollars (BBD), which is pegged to the US dollar.

Foreign buyers purchasing high-quality Barbados properties for sale, particularly on the West Coast, are often viewed favourably due to strong resale and rental potential.

What Do Banks Look for When Approving a Mortgage?

When applying for a mortgage in Barbados, foreign buyers should expect to provide:

• Proof of income and employment or business ownership.

• Bank references and credit history from their home country.

• Source of funds documentation for deposit and purchase costs.

• Details of the property being purchased.

Banks will also assess the location, condition, and marketability of the property. Well-located Barbados homes for sale, beachfront villas, and turnkey apartments are generally preferred.

Deposit and Additional Costs to Budget For

In addition to the mortgage deposit, buyers should plan for other costs associated with buying property in Barbados:

• Legal fees, typically 1–2% of the purchase price.

• Property valuation fees required by the lender.

• Insurance arranged as part of the mortgage conditions.

• Ongoing costs such as land tax, maintenance, and utilities.

Understanding the full financial picture helps buyers make informed decisions when searching properties for sale in Barbados.

Using Rental Income to Support a Mortgage

Many foreign buyers purchasing Barbados villas for sale or West Coast apartments plan to offset mortgage costs through rental income.

• Short-term holiday rentals are popular in tourist areas.

• Well-located properties can generate strong seasonal returns.

• Some banks will consider projected rental income when assessing affordability.

This makes Barbados particularly attractive to buyers seeking a combination of lifestyle and investment within the Barbados real estate market.

Read our post on rentals returns on Barbados investment property.

Should You Use a Local or Overseas Mortgage?

Some buyers choose to finance their purchase using funds from overseas banks or private lenders. Others prefer a local mortgage in Barbados.

Local Barbados Mortgage Benefits

• Familiarity with local property law and valuations.

• Easier coordination with Barbados attorneys and agents.

• Strong understanding of Barbados property for sale market conditions.

Choosing the right financing option depends on your wider financial strategy and long-term plans.

Why Barbados Remains a Top Choice for Property Buyers

Barbados continues to attract international buyers due to:

• A stable legal and banking system.

• Strong demand for Barbados homes for sale and rental properties.

• No capital gains tax or inheritance tax.

• An established, transparent real estate market.

These factors make buying and financing Barbados real estate both accessible and secure for foreign investors.

Expert Guidance from Barbados Dream Properties

At Barbados Dream Properties, we work closely with trusted local banks, attorneys, and financial professionals to support our clients at every stage of the buying process.

Whether you are exploring properties for sale in Barbados, applying for a mortgage, or evaluating investment opportunities, our experienced team provides clear, practical guidance tailored to international buyers.

Explore current listings of properties for sale in Barbados or speak with our team today to learn more about buying property in Barbados as a foreigner.

Read our guide to buying property in Barbados

Take a look at current listings and prices

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