Pendry Barbados - Escaping
In a volatile world, escaping to a Caribbean island like Barbados has more appeal than ever. The urge to kick back on a palm-fringed beach and luxuriate in some care-free easy living is persuading the new generation of high-net-worth buyers to consider an island that is raising its game.
Along with a high standard of living, thriving tourism sector and investor-friendly environment, Barbados provides simple routes for non-nationals to spend extended periods on the island or to relocate there, coupled with attractive tax incentives.
Residency and working in Barbados
If you are not a national of Barbados, you can spend up to six months on the island before applying for a visa or residency permit.
A one-year visitor visa allows you to stay for 12 months without becoming tax resident. The opportunity to road-test island life and work remotely is offered by the Barbados Welcome Stamp. A popular choice among remote workers globally since its inset, it can be easily obtained.
Requirements are that you are employed in a country other than Barbados,
provide proof of an annual income of at least USD50,000 - generated outside of Barbados - and that you have health insurance.
An individual can apply, along with their family and dependants. Children can attend local private or public schools.
For those who decide they want to make the move permanent, several options are available, such as SEP (see below); whilst work permits are required for those seeking work locally. Barbados offers a competitive corporate tax rate of 9 per cent for those setting up a business.
Special Entry Permit (SEP)
Barbados offers a Special Entry Permit (SEP) – often referred to as the Special Entry Residency Permit or SERP - to high-new-worth individuals or retired property owners. Neither are allowed to work locally but a SEP offers you and your family the right to in live in Barbados.
The Special Entry Permit requires that persons must have investments in Barbados, for example real estate or Government bonds, worth at least USD2 million and net-worth above USD$5 million. This five-year SEP can be renewed and is indefinite for individuals of age 60 or over. A minimum USD500,000 worth of health insurance coverage is required.
Retirees over 60 years of age can also qualify for an indefinite SEP. They must own Barbados real estate worth at least USD300,000 and provide proof of means of support (without employment in Barbados).
Barbados real estate
The island’s real estate market has seen steady growth and high demand from local and foreign investors in recent years. This has been helped by an investor-friendly climate that encourages foreigners to own second homes on the island.
Property developers continue to conceive new projects to cater to the growing demand for luxury properties. Since the pandemic, super-prime sales (USD10m+) have been strong, with modern, turn-key properties most in demand.
Investment in Barbados
This month, Barbados’ first branded residences will be delivered at Pendry Residences Barbados, the luxury brand’s development of resort, residences and marina on the coveted northwest coast. It is close to the vibrant, former colonial port of Speightstown, fast becoming the epicenter of the island’s evolving restaurant and bar scene, along with the coast’s famed powder-sand beaches and crimson sunsets.
Created around an exclusive111-berth marina on Barbados’ favoured west coast, Pendry Residences Barbados will welcome owners ahead of the opening of the 74-room, beachfront Pendry Barbados Resort, scheduled to open in 2026. Residential pricing starts at US $2.7 million at Pendry Hotels & Resorts’ first international destination.
There are 46 fully furnished, two to six bedroom private residences, featuring bespoke RH Contract interiors, plunge pools and private gardens with marina or ocean views. Owners, along with a dedicated staff and amenities, will also enjoy access to resort services and amenities, including the marina, beach, destination restaurant, bars, spa Pendry and state-of-the-art fitness center.
Yacht tax concession
Barbados is a boater’s paradise and owners will have an opportunity to purchase a marina membership in the exclusive Marina Club with its cutting-edge amenities and dedicated vessel services.
For those who purchase at Pendry Residences Barbados, they can also benefit from an exemption from import duty and value added tax on the importation of a yacht or catamaran, including equipment and spare parts, on condition that they keep the craft for three years.
For more information on Pendry Residences Barbados, please visit www.pendryresidencesbarbados.com or follow @pendryhotels and @pendrypendrybarbados. To learn more about Pendry Residences Barbados, please visit www.pendryresidencesbarbados.com