Investing in a Barbados home through an offshore structure
Investing in a Barbados home through an offshore structure can offer significant advantages for international buyers.
Whether you’re seeking a vacation home, an income property, or a place to retire, purchasing real estate through an offshore entity can optimise tax benefits and enhance asset protection.
In this article we will explore the benefits and process of buying a Barbados home through an offshore company, empowering you to make informed decisions for your real estate investment.
There are many reasons why an international buyer may want to own property through an offshore company.
- Avoid wait times with the Central Bank as there is no need to register foreign currency through this method.
- Avoid stamp duty and property transfer taxes
- Currency freedom in future sale of the property
If you’re convinced buying through an offshore structure is the move for you. It’s time to select the right structure and jurisdiction that fits you through evaluation of different offshore entities such as corporations, trusts or LLCs. The most recommended jurisdictions to set up your own offshore entity for Barbados Property are BVI and St. Vincent & The Grenadines .
Don’t forget to consult with financial advisors to optimise tax planning strategies that suit your needs.
Research the Barbados Real Estate Market with our help:
Contact a Real Estate Agency to help you familiarise yourself with the current real estate market trends and property values in Barbados.
We will guide you through all neighbourhoods and areas of interest on the island.
Get an attorney involved as soon as possible to ensure a smooth and legally compliant transaction through helping you set up your offshore entity, register it in Barbados as an external company, help with annual filings and other legal processes in the purchasing process.
Conduct Property Viewings and Inspections:
Visit potential properties and assess their condition, amenities and surrounding environment.
Schedule a professional property inspection to identify any hidden issues before making an offer.
Complete the Due Diligence Process:
Engage your attorney to conduct a title search and verify the property’s ownership and legal status also to ensure that the property adheres to regulations and local laws.
Make an Offer and Negotiate:
Submit a written offer to the seller, guided by Blue Sky Properties Inc.’s advice.
Be prepared to negotiate on price and terms to reach a mutually satisfactory agreement.
Sign the Sales Agreement and Pay a Deposit:
Once both parties agree on the terms, sign the sales agreement and pay a deposit (usually 10% of the purchase price).
Finalise the Sale and Transfer of Ownership:
Your attorney will handle the necessary paperwork, submit them to the Land Registry and guide you through the final steps of the sale, completing the transaction, paying the balance and transferring the shares to the purchaser.
For a more in-depth read, You may take a look at Denton’s Property Purchase Guidelines.
