Relocating to Barbados
Relocating to Barbados is a dream many of us would love to come true. Who wouldn't want to wake up every day to sunshine. Feel the warmth and breathe in fresh sea air?
Enjoy the bright light and the magnificent flora and fauna. Wander down to the golden beaches and live among friendly people. In Barbados you will also enjoy the huge selection of wonderful restaurants.
We have many clients who have purchased properties in Barbados. They have finally fulfilled their dream of relocating to Barbados. Some live there all year round. Others live there during the winter months to escape the short, cold dark days at home.
If you are thinking of relocating to Barbados or buying a property in Barbados read our guide to buying property in Barbados.
Here are a few things you need to know if you are thinking of relocating to Barbados.
BARBADOS ENTRY REQUIREMENTS
Every person entering Barbados needs to be in possession of:
- a valid passport with more than 6 months left before expiry
- a valid return ticket
- an entry visa if required (to see which citizens need to obtain entry visas visit Barbados.org)
Visitors also need to let immigration know their intended address in Barbados. They must also complete an immigration form which is usually handed out for completion on the plane.
Barbados is a popular destination for investors choosing to buy property there because:
- There is social stability and an attractive fiscal environment
- There are no entry taxes and landholding licence agreements required to hold property in Barbados
- The island is well developed and has many established amenities. There are wonderful restaurants, good shopping and world class developments offering golf, polo and tennis
- There are marina developments for those who enjoy sailing/yachting
- The quality of life is excellent with a large ex pat community
- There are excellent healthcare facilities
- Schooling is good and the crime rate is the lowest in the Caribbean
- The language is English and the local people are very friendly
WHAT PERMITS ARE REQUIRED IF I WANT TO OWN A HOME AND SPEND AN INDEFINITE PERIOD IN BARBADOS
Visitors from Australia, Canada, France, Ireland, the UK and USA may stay in Barbados for a maximum of 6 months without a visa. This is often sufficient for property owners wishing to spend winters on the island. Other EU nationals can stay for up to 3 months.
You may apply for an Special Entry Residents Permit (SERP) if you are:
- a retired property owner or
- a high net worth person employed or retired (you need to have US$5million of net assets)
The Special Entry Resident Permit offers:
- No limits on length of stay while visiting Barbados
- Freedom to come and go from Barbados as you please
For those who want to stay longer than 6 months there are various categories of 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.
If you are interested in moving to Barbados contact us today
For properties to buy in Barbados visit barbadosdreamproperties.com
PROPERTIES IN BARBADOS
There are many stunning properties to buy or to rent in Barbados.
If you are looking for a holiday or vacation villas to rent visit barbadosdreamvillas.com
If you are looking to rent long term while you decide if Barbados is the right place for you visit longtermrentalsbarbados.com
If you have made up your mind and are looking to buy before relocating to Barbados visit barbadosdreamproperties.com
Our team will be happy to assist you if you have any questions regarding relocating to Barbados. Contact us now.