Golden visas have become a popular way for countries to open their borders to more high-net-worth individuals and, likewise, a great way for investors to gain residency abroad.
If you dream of bright blue skies, clear sea and a low-tax environment, then Barbados might be calling your name.
Through its Special Entry and Residency Permit (SERP), otherwise known as the Barbados golden visa – this island nation offers a way for global investors, remote workers and retirees to enjoy everything Caribbean life has to offer.
Interested? Here’s everything you need to know.
Why Move To Barbados?
Barbados is more than just a nice place to holiday. It’s one of the biggest economies in the Caribbean. Living in Barbados comes with a high quality of life, a friendly community and a stable political environment. Not to mention, it has low corporate taxes and 0 capital gains and income tax.
The country also has a relatively low crime rate and an English speaking population, making it easy for UK natives to integrate.
It also gets year-round sunshine. Sounds pretty good, right?
What Is The Barbados Golden Visa?
Officially called the Special Entry and Residency Permit (SERP), Barbados’ golden visa programme grants residency to non-nationals in exchange for an investment in the country.
After a certain period of residency, non-nationals can apply for citizenship.
Investment Options For Barbados’ Golden Visa
To qualify for Barbados’ golden visa, investors will need to make one of the following investments.
However, it is worth noting that the investments start at $150,000, so you will need that level of capital to think about investing.
1. Real Estate Investment
- Invest in property – a popular option due to the ease of the transaction.
- Minimum investment: $150,000–$200,000+
- Good for: High rental demand and the ability for asset appreciation
2. Business Ventures
- Support Barbados’s economy by investing in a government approved local business.
- Minimum investment: Around $200,000
- Eligible sectors: Tourism, technology, professional services
3. Financial Contribution
- Make a economic donation to Barbados’s national development initiatives which help boost infrastructure and social projects.
- Minimum amount: $250,000
4. Immediate Permanent Residency
- Make a one-time investment in exchange for residency.
- Minimum investment: $2 million
Step-by-Step: How to Apply
The Barbados Golden Visa process is pretty quick and efficient. Usually, it takes around 3 to 6 months from start to finish.
Step 1: Choose Your Investment
Decide which of the above investment routes you want to go down, whether it’s a property purchase, business investment or a financial contribution.
Make sure it’s government approved and be ready to make it as soon as possible.
Step 2: Prepare Your Documents.
When you apply, you’ll need:
- Passports (for all applicants)
- Proof of investment
- Financial statements
- Clean criminal record
- Medical certificate
Once you have them together, you can go ahead and submit your application.
Step 3: Submit Your Application
Send your application and documents to the relevant Barbadian government authority, along with the application fees.
The amount you will have to pay depends on the size of your family and how much processing needs to happen during the application. These fees are non-refundable.
Step 4: Make Your Investment
Once approved, you have to complete the financial transaction that you chose and provide proof that it has been completed.
Step 5: Receive Residency
Once submitted, you’ll be granted a residency card and enjoy full residency rights in Barbados.
Life in Barbados – What To Expect
According to Next Generation Equity, in 2024 alone Barbados saw an extra 450 residents apply to enter the country. This growth in popularity shows how appealing life there really is.
However, there are a few things to consider, including:
Cost of living: The cost of living in Barbados is higher than the US, with housing, food and clothing more expensive due to the country’s need to import.
Housing: Housing can cost up to $6,000 per month in a good location, making it expensive for people with large families.
Job market: Due to the size of the island, the job market is relatively small, meaning it’s better set up for foreign investors and digital nomads.
Climate: Barbados is hot and humid, which might not be right for everyone – it is also vulnerable to hurricanes and flooding, especially during hurricane season.
Should You Move To Barbados?
Barbados is a beautiful country with so much to offer. With its gorgeous nature, tax-free environment and friendly population, it’s easy to see why the visa is growing in popularity.
For those with capital and a desire to move to the Caribbean, Barbados can be a great option.
Sources:
- IMI Daily
- Next Generation Equity
- Offshore Freedom
