Enjoy the beautiful flora and animals as well as the bright light. Wander down to the golden beaches and live in a welcoming environment. Barbados also has a large number of excellent eateries to choose from.
Many people from many walks of life have bought properties in Barbados. Their goal of relocating to Barbados has finally come true. Some people reside there all year. Others reside there in the winter to escape the short, dark days at home. If you’re considering moving to this country, there are a few things you should know.
Entry Requirements
Every visitor must have the following documents:
- a passport that is valid for at least 6 months beyond its expiration date
- a valid return tickets
- if necessary, an entrance visa
Visitors must also inform immigration of their intended residence in Barbados. They must also fill out an immigration form, which is normally given to them on the plane for completion.
The country is a popular choice for property investors because of the following reasons:
- There is social stability as well as a favorable budgetary climate.
- Property ownership in Barbados is not subject to entrance taxes or landholding license agreements.
- The island is well-developed, with a wide range of amenities. Wonderful restaurants, excellent shopping, and world-class golf, polo, and tennis projects are all available.
- For individuals who prefer sailing or yachting, there are marina developments.
- With a huge ex-pat community, the quality of life is superb.
- Excellent healthcare facilities are available.
- The education system is excellent, and the crime rate is among the lowest in the Caribbean.
- The local folks are kind and speak English.
Temporary Residency – Welcome Stamp
Prime Minister Mia Mottley revealed a new route for people to temporarily relocate to Barbados in July 2020. The new Barbados Welcome Stamp, which is already taking applications, permits qualified individuals to live and work remotely for a year. “Barbados’ new visa lets you work remotely in paradise for up to a year,” which is aimed at professionals who generally work from home.
Cost
The Barbados Welcome Stamp costs:
- $2000 for an individual
- $3000 for a family or couple
Duration
The Barbados Welcome Stamp permits successful candidates to stay there for up to 12 months after their application has been approved.
Requirements
To be considered, candidates must be at least 18 years old and have an estimated annual income of at least $50,000 from a source outside of Barbados or be able to demonstrate adequate funds to sustain themselves, their spouses, and any dependents for the duration of their stay in.
Special Entry and Reside Permit (Serp) for Property Owners & Hnwi
The Barbados Welcome Stamp isn’t the only way to make Barbados your home. Applicants (together with their spouses and dependents) can also apply for Special Entry and Reside Permits (SERP), which allow them to live in the country.
Who is eligible to apply?
Property Owners
A Special Entry and Reside Permit can be applied for by anyone who owns a property in Barbados worth at least $300,000. A SERP is provided to property owners for a term of 5 years and can be renewed after that. You will not be able to work if you apply this way, making it suitable for individuals intending to retire there.
The following are the fees:
- US $5,000 per adult for 5 years
- US $150 for minor dependents
High Net worth Investors
A Special Entry and Reside Permit are also available to high-net-worth individuals (HNWIs). To be eligible, an individual must demonstrate proof of making a $2 million investment in Barbados with funds received from outside the country, as well as a certified statement indicating net assets of at least $5 million.
Rental real estate, property development projects, manufacturing, tourism, bank deposits, mutual funds, bonds, and other financial instruments are all eligible investments.
The fees for a SERP range from $3,500 to $5,000 for initial permission, with an additional $5,000 for an indefinite permit that lasts a lifetime once the applicant reaches the age of 60.
If you want to work, you must pay an extra cost for a work permit.
Permanent Residency
Individuals who can demonstrate the ability to sustain themselves financially after 5 years of lawful residence in Barbados can apply for permanent status. The Barbados Immigration Department is the place to go if you want to apply for a visa.