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The process for non-residents purchasing property in Barbados is relatively straightforward. Initially, a non-resident buyer would identify a property and negotiate the terms of the sale. Once agreed upon, the buyer usually pays a 10% deposit, and both parties sign a binding contract called the ‘Sale Agreement’. The buyer will then need to apply for permission from the Central Bank of Barbados, which is mostly a formality for most Western countries. Once the purchase is approved, the remaining 90% is paid, and the transfer of deeds is executed. It’s advisable for non-residents to hire a local attorney to guide them through the process and ensure all legal formalities are correctly handled.

The closing costs in Barbados can vary based on the value of the property. Typically, buyers can expect to pay around 1.5% to 2.5% of the property’s value in closing costs. It’s always recommended to get a detailed breakdown from your attorney or real estate agent.

The property transaction process in Barbados can take anywhere from 3 to 6 months from the initial agreement to completion. However, this timeline can vary based on factors such as property title complexities, buyer’s and seller’s timelines, and any unforeseen challenges.

Selling property in Barbados involves obtaining a property valuation, listing the property with a real estate agent, and negotiating with potential buyers. Once a sale price is agreed upon, a Sale Agreement is drafted, and a deposit is usually taken from the buyer. Before the sale can be finalized, sellers need to ensure all property taxes are up to date. When the sale is completed, sellers are typically responsible for the property transfer tax and any attorney’s fees. It’s advisable to consult with a local attorney or real estate expert for detailed guidance.

Property ownership in Barbados is proved through title deeds. Barbados operates under a land registration system where all land transactions are recorded at the Land Registry. This registry provides a comprehensive and centralized record of land ownership and any associated encumbrances. When buying or selling property, a title search is usually conducted at the Land Registry to ensure clear ownership.

Yes, you can purchase property in Barbados under a company’s name. Many buyers, especially those from overseas, opt to buy property through a company for tax or estate planning purposes. The process involves setting up a company in Barbados or purchasing through an existing foreign company. However, there are specific legal and tax implications to consider, such as annual returns and potential tax benefits or liabilities. It’s essential to consult with a local attorney or tax specialist to understand the best approach for your specific situation.