Owning in Barbados

Owning In
Barbados

If you’re new to owning a luxury property in Barbados, the costs outlined below will help clarify the ongoing expenses you can expect. Should you have any further questions, the team at Terra Luxury would be pleased to provide additional information and guidance. the process.

ANNUAL COSTS

• Property Insurance – US$2.50 to US$3.25 per US$500
• Contents Insurance – US$3.00 to US$3.75 per US$500
• Land Tax:
  1. Site Value – Unimproved Land
     – < 4,000 sq. ft. – 0.8%
     – > 4,000 sq. ft. – 1.0%
  2. Improved Value – Residential
     – First US$75,000 – 0%
     – On > US$75,000 but < US$225,000 – 0.1%
     – On > US$225,000 but < US$425,000
     – 0.7% – On > US 425,000 – 1.0%
     NB: Property tax is capped at a maximum of US$50,000 on residences
  3. Improved Value – All Other Properties – 0.95%
  4. Rebates on property taxes are available but must be applied for as follows:
     • Pensioners
     • Agricultural Properties
     • Villa properties