The Top 4 Residency Permits To Live In Barbados

Barbados is truly a slice of paradise in the Caribbean. Every year, visitors come to this country to enjoy its beaches, warm weather and local cuisine. Now, as an expat or Plan-B seeker, you might wonder whether Barbados is more than a holiday destination. And indeed, it is! 

Many factors make this tiny island a worthwhile destination for expats, such as the English-speaking locals, its business friendliness and openness to foreign direct investment (FDI), and even the lack of capital gains tax. 

So, how can you live in Barbados or make it your Plan-B? In this article, you’ll learn all about the various residency permits available to make this a reality, as well as their requirements and perks so that you can make an informed decision before moving.

Barbados offers diverse residency options, including permits for investors, retirees, and digital nomads. Enjoy tax benefits, stunning ocean views, and a welcoming lifestyle tailored to your needs

RESIDENCY PERMITS

Are you an investor looking to protect your wealth? Or are you a digital nomad dreaming of working from your laptop with an ocean view from your apartment? Whatever the case, Barbados will happily welcome you (and your money) if you want to relocate here. In this section, we’re taking a look at the various residency options so you can choose the one that best suits your needs.

SPECIAL ENTRY PERMIT (SEP)

Barbados offers a specific residency permit for high-net-worth individuals and those over 60 years old: the Special Entry Permit (SEP). It allows you to fast-track your residency in Barbados if you meet the following requirements:

• Be over 60 (with a temporary SEP available for those under 60);

• Have assets worth $5,000,000 USD or more;

• Invest $2,000,000 USD or more in Barbados. 

Qualifying investments include real estate, property development, bank deposits, and other types of financial instruments. Your funds must also be foreign-sourced and lien-free. This permit is more suited for high-net-worth individuals and retirees. 

REAL ESTATE INVESTMENT OVER $300,000

This real estate investment route is perfect for retirees. You cannot obtain a work permit through this path; however, you can be a tax resident, meaning you are only taxed on income remitted to Barbados. You can also establish a company in Barbados, but you cannot work for the company, meaning someone else would have to run it for you. In particular, you are eligible for this permit if you provide:

• Proof of ownership of a property (residential, commercial, industrial, etc.) worth $300,000 USD or more in Barbados;

• And proof of financial stability.

DIGITAL NOMAD VISA (THE WELCOME STAMP)

Like many beach destinations, Barbados came up with its own digital nomad visa program, allowing location-independent workers to benefit from the lifestyle perks of this tiny island on a full-time basis. Here are the requirements you need to meet:

• Annual income over $50,000 USD from sources outside Barbados;

• Proof of employment or business ownership outside the country;

• Completed application form;

• Passport bio-data page;

• Passport size photograph (2x2 inches);

• Proof of income;

• Proof of relationship to dependents if applicable.

• Payment of fees: $2,000 USD for an individual, $3,000 USD for a family. 

Welcome stamp holders are not subject to Barbados income tax but might still be liable to taxes in their home country. 

PERMANENT RESIDENCY

You can apply for permanent residency if you’ve lived in Barbados for five years as an immigrant status holder. Also, other expats can directly benefit from fast-track access to it if they meet certain criteria. Permanent residents can live, work and do business in Barbados with re-entry privileges, but their status may be revoked for extended abscess or criminal activity. Let’s check the eligibility requirements:

• Applicants must first hold immigrant status and reside in Barbados for at least five years;

• Spouses of Barbados nationals may apply directly;

• Individuals born outside Barbados to Barbadian mothers may qualify under certain conditions;

• Anyone with residency before the 1979 Immigration (Amendment) Act is automatically a permanent resident.

MOST COMMON DOCUMENTATION REQUIRED

Typically, these are the documents required for all processes; however, be aware that additional documents may be requested:

• Birth Certificate (original and copy);

• Marriage Certificate, if applicable (original and copy);

• Death Certificate or Divorce Decree, if applicable (original and copy);

• Passport Bio-data Page (copy);

• Police Certificate of Character (or Enhanced Disclosure for British applicants);

• Passport-sized Photographs (1-4, as specified);

• Proof of Financial Resources (e.g., bank statements, pension documents, or property ownership);

• Health Insurance Documentation;

• Proof of Relationship to Dependents (e.g., birth certificates or legal documents);

• Application Fee.

BENEFITS OF LIVING IN BARBADOS

Barbados offers various residency options designed to suit different needs. Once you’ve acquired the right permit for you, you can enjoy Barbados’ perks. Whether you want to enjoy warm temperatures all the time, the beautiful environment or leisure opportunities, there’s something for every expat here:

FAVOURABLE TAX ENVIRONMENT

Let’s start first with probably one of the most appealing benefits of living in Barbados: its tax system. There are no capital gains, inheritance, wealth or gift taxes, which makes the country ideal for wealth protection and estate planning. For instance, foreign-sourced income not remitted to Barbados is not considered assessable, providing significant tax savings.

QUALITY OF LIFE

Barbados is almost a no-brainer for snowbirds from all over the world. While Canadians and some Americans have to deal with ruthless winter months, Barbados’ tropical climate provides year-round weather. The standard of living is also high, with access to modern amenities and services. 

SAFETY AND STABILITY 

According to World Bank data, Barbados enjoys a high level of political stability, with a score of 94 out of 100. The country also ranks high in regional safety indexes, making it one of the safest Caribbean islands for families and retirees. Also, the well-established, predictable legal system helps with economic and social stability, further contributing to a secure environment for residents. 

DELICIOUS CUISINE

The food in Barbados features an exotic blend of cuisines, including African, British, and even Asian influences. For instance, macaroni pie is a common comfort food that takes American mac and cheese to a whole new level by adding ketchup, mustard, and evaporated milk. You can also try rotis (Indian-style bread filled with vegetables, chicken and curry), flying fish and fish cakes, among other local treats.

EXCELLENT HEALTHCARE

The country has both public and private healthcare facilities, providing a wide range of services and treatment to its residents. Even though major public hospitals like Queen Elizabeth Hospital offer specialized care, such as radiology and obstetrics, the waiting times can be longer than in private clinics. The two best private hospitals are FMH Emergency Medical Clinic and Sandy Crest. Make sure you get proper health insurance before setting foot in Barbados—or anywhere, for that matter.

Barbados combines tropical living, safety, tax benefits, and modern amenities. Enjoy year-round warmth, rich cuisine, and a high quality of life in this Caribbean paradise

CONCLUSION

Barbados is a tiny island with lots of benefits for various types of expats: investors, digital nomads, retirees, you name it. The available permits are sure to attract talent and capital to the country. You can start as an immigrant status holder and work your way up to permanent residency, invest in the country for expedited residency, or even move here as a digital nomad. 

Finally, the lifestyle benefits of Barbados don’t disappoint, either. From warm weather year-round to safety and stability, expats can definitely turn this tiny island into a solid Plan-B or even a place of permanent residency.