Buying Guide - The Caribbean

Area focus: Barbados

Whether you are looking for soft beaches, powerful
surf, refined sophistication or the up-tempo, festive
feel, Barbados has something for everyone.

It is the easternmost of the Lesser Antilles islands and, as such, enjoys the benefits of two oceans - the Caribbean Sea on its west side and the Atlantic Ocean at its eastern end. The two bodies of water converge on the island's southern shores, where smaller hotels - and legions of windsurfers - await.

Barbados offers luxurious hotels, inns and villas lining many beaches. The island's premier festival, Crop Over, which traditionally celebrated the end of the sugar season, lasts for five weeks and includes markets, carnival shows, calypso concerts and colorful parades. The Barbados Jazz Festival has live performances seven nights in a row, each held at a different island venue.

Lifestyle:

The Caribbean encompasses so many gorgeous and
unique islands - more than 7,000 in total - that it offers
a fascinating mix of cultures and influences. What
visitors to the islands will take home with them are
memories of sugarwhite beaches, music styles that
range from the Barbados calypso to the Dom Rep's
merengue, and visions of fresh seafood to die for.

It has been the star location for films from Casino Royale to Pirates Of The Caribbean. Choose a home or investment carefully, and you could end up with both a good investment and an extremely high standard of living.

Prices:

As prices in the Caribbean are pegged to the weakened US dollar, you can currently get some serious value for money across the Caribbean - the only limit is the luxury you're prepared to pay for! In the Dominican Republic, brand new one-bed apartments start from under $150k, while if your budget runs to the $1m level or more you'll be relaxing in sumptuous elegance in a Freeport/Lucaya townhouse in the Bahamas. The more adventurous might want to look at buying a plot of land - for example on the island of Nevis you can get a lovely one-acre plot for $75k.

Buying Property:

The laws and costs involved in buying differ across the many Caribbean islands, so here we'll just cover the Bahamas and the Dominican Republic in detail. The Dominican Republic offers some of the most attractive tax concessions worldwide. It levies a maximum of seven per cent tax on purchasing a property, 10 per cent tax on rental income if owned by an individual (as much as 25 per cent of the income in other countries) and 30 per cent capital gains tax on selling a property.

So, based on a £100,000 property, you should expect to pay £1,500 in lawyer's fees and £1,500 in notary's fees. In the Bahamas you'll need an annual residence permit, entitling a visitor to stay continuously in the Bahamas for up to eight months, which costs $1,000. Permanent residency requires a property purchase of more than $500,000, and costs $10,000 for the head of the household.

In The News:

For the 12th consecutive year, Jamaica has topped Modern Bride's ‘World's 50 Best Honeymoons' list from the annual survey of Virtuoso travel specialists. Jamaica also ranked in the ‘Top 5 for Affordability' a coveted spot in the current economy. The survey is designed to help couples select the ideal honeymoon destination. Agents recommended destinations based on culture, romance, snorkeling/diving, seclusion, food, nightlife, sexy ambiance and affordability. Air service is offered by multiple carriers from US gateways, making Jamaica conveniently accessible.


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