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Atlantic Park
Brand New 4 bedroom home with EAST COSTAL SEA VIEWS that can be self-contained to create a 3 bed home and 1 bed unit.
The house sits on 5000 sq ft of land. It has good quality fittings and finishes throughout. All bedrooms have fitted wardrobes and there are several covered terraces.
Excellent investment in developing area
$425,000
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Why should I invest in Barbados?
The property market today, in Barbados is vibrant and tends not to experience the same booms and depressions as much bigger markets but rather a steady increase. Central bank statistics reveal that luxury property values have increased by about 5-10% year on year and as much as 10-15% on beachfront properties.
It is not hard to see why? The beautiful coral stone homes, full service office buildings, luxury beachfront villas, apartment complexes, modern hotels, lifestyle resorts and the historic plantation houses offer investor a harmonious combination of both the advanced infrastructure of a developed nation and the charm and beauty of a tropical island.
What is the buying process in Barbados?
Key Points
Currently there are no restrictions on non-residents or non-nationals purchasing property in Barbados. All Property is transfered by title deeds through the local Land Registry office. It is essential that you employ a locally registered attorney at law. Once you have exchanged contracts and paid the deposit, you are legally obligated to complete, so please ensure you have the funds in place to do so by the agreed date. If you are borrowing the fund to purchase your property, It is advisable to have an amount pre-approved by your lender.
The Process Once an offer has been accepted on the property of your choice. You will instruct a locally registered solicitor or attorney to perform the conveyancing. The attorney will confirm the details of the sale in a Sales Agreement. Your lender will also want to see the sale agreement and the plot or unit plan of the property to proceed with the mortgage application. Often properties available to purchase off-plan will require a non-refundable reservation fee to secure the property. This is later deducted from the 10% deposit. Generally a 10% deposit is required to exchange contracts, However some developers will accept 5%. Properties purchase off-plan or pre-construction will involve a payments at stages throughout the building. Some developers will opt for the traditonal 10% to exchange and 90% on completion. On receipt of the deposit by the vendors attorney, contracts will be exhanged and both parties will establish a completion date. You should arrange for the balance to be on account, ready and available for the completion date. On receipt of the balance by the vendors attorney, the sale is completed and the title is transfred into your name. You now own property in Barbados.
PLEASE NOTE: All funds transfered into Barabdos for the purchase of property must recieve permission from the Central Bank of Barbados.
How do I finance my purchase in Barbados?
CashThis is the most common and straight forward way for non- residents to purchase property in Barbados.
UK Lenders This can be obtained from lenders and institutions that specialize in overseas mortgages. The criteria will vary depending on the lending institution and your individual circumstances. We can assist you in finding the right advisor from our UK Network. Barbadian LendersWe can also assist you in finding a reputable lender in Barbados. Purchasers are required to have a minimum of 30% deposit and interest rates are usually higher for non-nationals. Private Lenders A small selection of developers offer private financing for their purchasers, subject to terms and conditions.
Can I live in Barbados?
If you have a valid UK passport, own a property in Barbados and can prove you have means to support yourself. You may apply to the immigration department for upto six(6) months entitlement to stay on the Island. This is not a work permit and does not entitle you to residency.
For further information please contact the following directly on
Chief Immigration Officer
Immigration Department
Careenage House, The Wharf,
Bridgetown, Barbados
Tel: (246) 426-1011
Tel: 1-800-268-9122
E-mail: Imm-dept@caribsurf.com What is the Education system like in Barbados?
Compulsary Primary education begins at age 4 and continues until age 11, when students sit the Common Entrance Examination, know as the 11 Plus. Secondary education is provided for children aged 11 to 18 years. At age 16, students sit the Caribbean Examination Council (CXC) examinations - the equivalent of GCSE's or O-Levels. At about age 18, those students who continue at school can sit the Caribbean Advanced Proficiency Certificate (A-Level) also set by CXC. Schools in Barbados? For a list of Fee paying Schools in Barbados and their related links, please click here . To contact the department of education in Barbados. The Ministry of Education, Youth Affairs & Culture
Elsie Payne Complex,
Constitution Rd,
St.Michael,
Barbados
Tel: (246) 430-2700
Fax: (246) 436-2411
E-mail: mined1@caribsurf.com
Partners and Links
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