So you have traveled to the beautiful island of Barbados and because you love it here so much you have decided to purchase either an investment property or a second home. Or you might have been born in Barbados but currently live overseas but would love to purchase a property in Barbados in the event you return to retire. How do you go about accomplishing this goal? Is financing possible? How long does the legal process take? Who do you talk to for assistance?
You might have a million questions and you do not know where to start. Well I can assist you with answering ALL of your questions. I am a Private Banker who specializes in assisting persons with securing financing. I have been in Banking for over 15 years. My primary focus is to provide excellent service to all my clients.
So let us try to answer some frequently asked questions:-
Would you be able to get financing assistance in Barbados? We are glad to say – Yes you can!!! RBC offers a non-resident mortgage product to assist you with purchasing property in Barbados. Not only do we offer a mortgage product but we also provide assistance in setting up all your personal banking needs. This can help you significantly as when you are in Barbados you will have everything you need to make your stay comfortable.
Can Non-Residents purchase property in Barbados? Yes they can – Barbados does not have any laws that prevent you from purchasing property in Barbados.
How long does the legal process take? The legal process can take from as short as 6 weeks to as long as 6 months. The length of this process really depends on you, the vendor and the lawyers involved in the transaction.
Who do I need to speak with in order to realize this goal of property ownership in Barbados? You should probably get contact details for an efficient banker (I can think of someone I know), great Realtor, Property Manager, Attorney or Tax Adviser. In some incidences clients may also need contact details for a knowledgeable Accountant. I am glad to say that I can assist you with some great options.
What do you need to open a bank account in Barbados if you are non-resident? We will need to get 2 copies of Government issued photo identification that is not expired, a recent utility bill to confirm your address, a bank reference letter and evidence of your connection to the island. Your connection to the island can be in the form of a long term lease or a property purchase.
If you are interested in finding out more about securing a property purchase in Barbados please do not hesitate to direct message me so I can provide additional information. I look forward to providing you with a high level of customer service which can make the process a lot less stressful.
If you have any questions please do not hesitate to contact us at support@afbconsultingservices.com