Barbados 'a great option for a holiday home'

International transfers may be made to the Caribbean after one expert claimed it is a great place to invest in a second home.

Terry Hobbs, agents and media manager for Propertyshowrooms.com, described how Barbados has plenty to offer those looking for an abode overseas.

"Year-round warm temperatures and beautiful weather, beautiful, white, sandy beaches, [a] stable economy, strong banks ... a long stable history, as well as a vibrant and lively culture [makes Barbados popular with holiday home owners]," he claimed.

It was implied that, as a result, investors would not only be able to enjoy staying on the island themselves, but also easily rent out a property to other tourists.

According to Mr Hobbs, Barbados is "the most popular island in the southern Caribbean", among travellers from Europe, North America and England.

It was also noted as being popular with companies as the nation has "fantastic tax rates" that mainly apply to businesses.

When it comes to purchasing a home in Barbados, Mr Hobbs described how there are a number of formalities that are different to the market in the UK.

The expert suggested that individuals living outside of the country may want to follow his recommendation and seek permission from the Central Bank.

He explained that while there is "no difference between a national and non-national buying property", getting an OK from the organisation is "advised, as a formality".

In addition, Mr Hobbs explained how there is a transfer tax of 7.5 per cent when selling a home and an annual property tax that varies every three years depending on the value of the abode.

Barbados is located near to the other Caribbean islands of Grenada, St Lucia and St Vincent and the Grenadines.

Posted by Thomas Smith

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