Buying and Owning Land in Barbados - The Ultimate Guide

Buying and Owning Land in Barbados - The Ultimate Guide

Whether you’re looking for a small gated community lot to build your dream home or a larger lot of vacant land for commercial development, we’ve designed this guide to cover all aspects from finding the right land for you to the details of the purchasing process.

Is Barbados a Good Investment?

Barbados is well known for its beautiful beaches and turquoise waters, making it a popular idyllic tourist destination. Recognised for its well-established reputation as one of the world’s most prestigious locations for vacation home ownership, Barbados is the perfect place to build a home, whether for personal use or to rent out to vacationers. Buying land in Barbados offers potential investors the opportunity to not only own a slice of paradise, but also the opportunity to profit from the successful tourism and luxury real estate industry.

Who Can Purchase Land in Barbados

There are no restrictions on foreign buyers owning land in Barbados, and if they decide to do so, they enjoy and benefit from the same rights as local Barbadian citizens, including the right to purchase beachfront property or land.

Unlike many other Caribbean islands, Barbados does not require any permit or license in order to purchase property or land, which can also be purchased in the name of an individual or a corporation.

The Process

Buying land in Barbados is a relatively straight-forward process. Once you find a home or lot that ticks all of your boxes, and your offer has been accepted, the buyer must seek a local attorney-at-law who will work together with the seller’s lawyers to draw up contracts. The buyer will need to make a 10% deposit, which is typically held in an escrow account, until completion.

The remaining 90% will be paid at the time of conveyance.

If purchasing vacant land, the seller will need a Certificate of Compliance from the Town & Country Development Planning Office (TCDPO), which certifies that the roads and services are in accordance with the guidelines.

To complete the transaction of your newly acquired land, the seller is responsible for paying the transfer tax fee and local government stamp duty.

Opportunities

Are you ready to begin your search of land available for sale in Barbados? Let’s explore:

Explore available lots, homes, or developments across the island by visiting the Sales tab on our website.



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