Charges on Your Property
Annual Land Tax
on residential property is levied on the capital value of the condo as follows:- (in Barbados dollars)
- First $125 000 - Zero rated
- Next $225 000 - 0.40%
- Next $500 000 - 0.45%
- Excess over $850 000 - 0.75%
Property transfer tax
This is charged to the vendor on the sale of property at a flat rate of 10 percent on the value of the property in excess of BDS$ 125,000.
Service Charges
These will be based on the actual annual costs of maintaining security, swimming pool, gardens and grounds, exteriors of buildings and cleaning of common areas of the property. These costs are spread between the owners of the condominiums. The estimated figures shown below are a guide to the likely monthly costs. The greatest expense is providing 24 hour security so I have shown the figures with and without the hiring of security guards.
| With Security Guard | Without Security Guard | |||
| US$ | BDS$ | US$ | BDS$ | |
| Studio | 150 | 300 | 55 | 110 |
| One-bed | 225 | 450 | 80 | 160 |
| Two-bed | 350 | 700 | 135 | 270 |
| Three-bed | 350 | 700 | 135 | 270 |
Insurance premiums
Condominium - annual premium US$ 900 (BDS$ 1800) approximately.
Contents - annual premium US$ 150 (BDS$ 300) for US$20,000 (BDS$ 40000) value.
These are indicative estimates only; the actual amount would be a matter for negotiation between you and the insurance company. The example shown above is for the 2-bed town house.
Death Duties
There are no death duties in Barbados.