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Property Tax Advice in Barbados
Last Updated 17/12/2024
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LAND TAX
Land Tax Rates in Barbados (effective from tax year 2020/21):
- For residential properties:
- No tax on the first BBD 150,000 of improved value.
- 0.10% tax on amounts between BBD 150,000 and BBD 450,000.
- 0.70% tax on amounts between BBD 450,000 and BBD 850,000.
- 1% tax on amounts over BBD 850,000, capped at BBD 100,000.
- For properties with non-residential buildings: 0.95% tax on the improved value.
- For unimproved land: 0.80% tax on-site value up to 4,000 sq. ft; 1% on excess.
LAND TAX CONSESSIONS
- Villas: 25% rebate with a certificate from the Barbados Tourism Authority.
- Hotels: Tax calculated and payable on only 50% of the tax demanded.
- Pensioners’ homes: Tax calculated and payable on only 40% of the tax demanded.
- Discounts: 10% discount for payment within 30 days, 5% discount for payment within 60 days.
- Solar energy producers: Up to 50% rebate on tax, subject to certain conditions.
PROPERTY TRANSFER TAXES
- Shares of companies listed on the Barbados Stock Exchange: Exempt.
- Shares of private companies: 2.5% tax on value or amount of gross consideration above BBD 50,000.
- Land with a building: 2.5% tax on value or amount of gross consideration above BBD 150,000.
- Land with no building: 2.5% tax on value or amount of gross consideration.
- Long-term leases (25 years or more): 2.5% tax on value or amount of gross consideration.
LAND DEVELOPMENT DUTY
Duty may be charged on the disposal of property in a designated development area within 15 years of the specified date. Rates can be up to 50% on the excess value of the consideration, plus other expenses and capital appreciation.
STAMP DUTY
Stamp duty is applied to various written documents, with rates depending on the document type. Some examples include:
- Sale of shares in companies listed on the Barbados Stock Exchange: Exempt.
- Sale of real estate, leases, and shares in private companies: BBD 10 per BBD 1,000 or part thereof.
- Mortgages: BBD 3 on each BBD 500 or part thereof.
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Tax Natives is an international tax network that connects Explorers (taxpayer clients) with Natives (qualified and regulated tax advisers) from one jurisdiction to another.
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Select the 'Ask a question button located on the top of each page and follow through the process to compose your question
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MEMBERSHIP LEVELS —
What are the membership types available?
Curator Native
FREE
The Curator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.
Creator Native
FREE
The Creator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.
Adviser Native
£65 / month
The Adviser is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.
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Become a curator
TAX NATIVES: CURATOR — CuratorThe Curator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. |
Become a creator
TAX NATIVES: CREATOR — CreatorThe Creator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. However, the Creator has additional responsibilities. They commit to their other Natives that they will produce at least one piece of quality content each quarter – whether an article, video or other valuable content. There are multiple Creator memberships available for each jurisdiction. Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee. |
Become an adviser
TAX NATIVES: ADVISOR — AdviserThe Adviser is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives. The Adviser Native is a care-free soul and has made no other commitments to his fellow Tax Natives to generate content or curate a jurisdictional page. That's cool. However, the Adviser will be eligible to pay the full monthly membership fee. |
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|---|---|---|---|
| Initial admin fee | £250 Free | £250 Free | £250 Free |
| Minimum membership term | 12 months | 12 months | 12 months |
Article contentCreator and Curators must create at least one piece of original, quality-approved content each quarter. |
No | YesCreator and Curators must create at least one piece of original, quality-approved content each quarter. |
No |
| Managing and updating your jurisdiction page |
Yes |
No |
No |
NATIVE
FREE
Read moreTAX NATIVES: CURATOR —
Curator
The Curator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.
However, the Curator has additional responsibilities. They are tasked with the responsibility of managing and updating one of the jurisdiction pages.
There is only one Curator membership available for each jurisdiction.
Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee.
| Initial admin fee | £250 Free |
| Minimum membership term | 12 months |
Article contentCreator and Curators must create at least one piece of original, quality-approved content each quarter. |
No |
| Managing and updating your jurisdiction page | Yes |
FREE
Read moreTAX NATIVES: CREATOR —
Creator
The Creator is a fully-fledged member of the Tax Natives team. As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.
However, the Creator has additional responsibilities. They commit to their other Natives that they will produce at least one piece of quality content each quarter – whether an article, video or other valuable content.
There are multiple Creator memberships available for each jurisdiction. Where a Curator fulfils their commitments then they receive a 100% discount against their monthly membership fee.
| Initial admin fee | £250 Free |
| Minimum membership term | 12 months |
Content creationCreator and Curators must create at least one piece of original, quality-approved content each quarter. |
YesCreator and Curators must create at least one piece of original, quality-approved content each quarter. |
| Managing and updating your jurisdiction page | No |
£65 / month
Read moreTAX NATIVES: ADVISOR —
Adviser
The Adviser is a fully-fledged member of the Tax Natives team.
As such, they are capable of making introductions to other Tax Natives and are also able to take leads from their fellow Natives.
The Adviser Native is a care-free soul and has made no other commitments to his fellow Tax Natives to generate content or curate a jurisdictional page.
That's cool.
However, the Adviser will be eligible to pay the full monthly membership fee.
| Initial admin fee | £250 Free |
| Minimum membership term | 12 months |
Content creationCreator and Curators must create at least one piece of original, quality-approved content each quarter. |
No |
| Managing and updating your jurisdiction page | No |
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