Buying Process

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Buying
Process

With over six decades of unparalleled expertise, Terra Luxury’s team expertly navigates the complexities on your behalf, transforming the purchase process into an effortless experience. Below are key insights worth noting.

KEY INSIGHTS:

There are NO restrictions to non-nationals purchasing Barbados properties
There are no special visas required and non-nationals are welcomed to make Barbados their home
There are some simple procedures that involve Foreign currency being brought into Barbados, as well as funds borrowed by non-nationals which should be registered with the Central Bank of Barbados
There is no Capital Gains Tax in Barbados so investors are not charged for the appreciation in the value of their property

TRANSACTION COSTS:

Attorney fees are approx. 1% – 2.5% plus 17.5% VAT
You will be expected to pay the proportionate amount of Land Tax

STANDARD PURCHASE PROCEDURE:

Offer and acceptance (in some cases a reservation agreement may apply)
Appointment of an attorney-at-law
Exchange of contracts for sale and payment of a 10% deposit to the vendor’s attorney-at-law within two to four weeks
Conveyance and payment of 90% remaining balance within three to six months (In the case of off-plan developments, stage payments based on construction progress may apply.)