Moving to Barbados
Thinking of moving to Barbados? Many people are rethinking their life styles and are thinking of moving to Barbados.
Moving to Barbados is a relatively easy thing to do. With mobile working becoming more popular it is now feasible to divide your time between your home country and Barbados.
Here is what you need to know if you are thinking of moving to Barbados.
You can usually reside in Barbados without a visa or any permits for up to 6 consecutive months. This is often long enough for homeowners wishing to spend winters in Barbados. Immigration officers on entry will date stamp your passport. Whilst your ability to stay is discretionary you can usually stay for up to 6 consecutive months.
As long as you are only working remotely and not taking a Bajan's job, you can apply for the Barbados Welcome Stamp which allows you to stay for up to 12 months.
For those who want to stay longer than 6 months, and do not want to renew a Welcome Stamp annually, there are various categories of Special Entry and Reside Permits (SERP). These allow individuals as well as their spouses and children to obtain residency status in Barbados. Each category affects the duration of the SERP and whether or not an individual is able to work in Barbados.
Category 1. This requires evidence of investment in Barbados of at least US$2m. Funds must be sourced from outside of Barbados. Individuals must also provide evidence of high net worth in excess of US$5million.
Category 2- This requires the applicant to be the owner of a property with a value of at least US$300,000.
Category 3-This is available to persons who possess skills which are deemed critical to the growth and development of Barbados.
Category 4- This is for parents and grandparents of a citizen of Barbados. They must be over 60 years.
If you have a category 1 SERP the duration of the SERP may vary. Howevery a Category 1 SERP becomes indefinite after age 60. Category 1 holders also have automatic entitlement to work permits.
The Category 2 SERP is issued for renewable 5 year periods. Category 2 holders are not allowed to work in Barbados.
HOW TO APPLY FOR A SERP
Each applicant must submit a cover letter along with a completed Form B-Application for Permission to Vary period of stay in Barbados or Conditions of Stay. There is an application fee of US$150 and applicants must also submit the following:
- Evidence of health insurance in excess of US$500,000
- Police Certificate of Character from any country in which the applicant has resided for a period of 6 months after the age of 16. Enhanced disclosure certificate in lieu of PCC for British applicants (which might include criminal record check)
- One passport sized photo
- Certified copy of the bio- date page of the applicant's passport
- Marriage certificate if applicable
- Proof of relationship to dependants where applicable (birth certificates/legal documents etc)
All documents in a language other than English must be translated.
Category 1 applicants must provide a certified statement of assets in excess of US$5million. This must be certified by an auditor or broker. Applicants must also provide evidence of investment in Barbados with a value of at least US$$2m.
Category 2 applicants must provide proof of ownership of property in Barbados. They must also provide evidence that they can financially support themselves for the duration of the period granted.
'Investment' is defined to include rental real estate, property development projects, manufacturing and tourism. It also includes bank deposits, mutual funds or bonds or any financial instrument. All SERP qualifying investment must be bought from funds sourced outside of Barbados and not subject to any encumbrances.
If you are thinking of moving to Barbados we will be happy to help you find your dream home. We have access to every property you see for sale in Barbados (whether or not it is on our website). You will only have to deal with one agent. We provide a one stop shop.
In the meantime if you are loooking for a holiday rental or a long term rental (more than 3 months) we can help you with that too. You can then look for somewhere to buy at your leisure and really get to know the wonderful island of Barbados. We can also introduce you to lawyers who will advise on property purchases and SERP applications.
Since the Barbados Welcome Stamp was introduced many visitors have applied and are able to live in Barbados for 12 months. This is a great way to test whether moving to Barbados is right for you. The requirements are simple. Applicants must have an annual income of at least USD $50k, plus health insurance. Applicants can live in Barbados and are allowed to work remotely. The cost to process the welcome stamp is USD $2000 for a single person and $3000 for a family. Background checks will also be required. You can find out more about the Barbados Welcome Stamp by clicking here.
If you are interested in moving to Barbados contact us today
For properties to buy in Barbados visit barbadosdreamproperties.com
For long term rentals in Barbados visit longtermrentalsbarbados.com
For holiday rentals in Barbados visit barbadosdreamvillas.com
