If you are thinking of retiring in the Caribbean, Barbados could be the place for you. For retirees over 60 the process and criteria are reasonably straightforward, and the application and approval fees are just $400 and $1200 respectively. However, to be eligible to apply for immigrant status you must be financially secure (able to support yourself so as not to be a burden for the country) and meet certain criteria include having the appropriate medical insurance. The government does not give any specifics regarding the financial status requirement; therefore, it is advisable to engage a local lawyer to assist you. The Overseas Investor can recommend a reputable specialist.
In order to apply for permanent residence status, you will have to reside in Barbados for 5 years. Note, until you become a permanent resident, you will not be entitled to the country’s health care system, hence the medical insurance requirement.
Residency by Investment
Barbados also offers Residency by Investment under its Special Entry Residency Permit (SERP or SEP) and there are 2 categories under which you can qualify.
SEP category 1: – Your assets must be worth over $5m, you must invest at least $2m of your own funds into the local economy, own a property in Barbados worth at least $150k and have medical insurance ($350k for under 50s and $500k for over 50s).
The permit costs $3,500 for applicants between 50 and 60 and will last up to the age of 60. For under 50s the cost is $5,000 for 5-year periods up to the age of 60. If renewed at the age of 60, the fee is $5,000 and it will be indefinite. Your spouse and dependent children under 18 or still in university can be included at a cost of $150 per person.
You are entitled to a work permit for yourself and your eligible family members, which costs $1,500 p.a. or you can purchase a permanent one which can cost up to $20,000. The permit is renewable after 5 years until the age of 60 after which it is indefinite.
SEP category 2: – You must own a property in Barbados worth at least $300k and have medical insurance ($350k for under 50s and $500k for over 50s).
The permit costs $5,000 and is renewable every 5 years. At each application/renewal, your spouse and dependent children under 18 or still in university can be included at a cost of $150 per person
Unlike Category 1, the permit does not become indefinite upon reaching 60, so the 5-year renewal cost continues to apply, and whereas Category 1 permit holders are entitled to purchase work permits, Category 2 does not allow you to work in Barbados.
Apply for Residency by Investment in Barbados
Please contact us if you have any questions or require further information relating to; the different Residency program options available or require a personal quotation sheet for individual or family applications.
The Overseas Investor can introduce you to our recommended Barbadian Lawyer who is a Licenced Local Agent for the Residency by Investment program for Barbados. We are also here to assist each client throughout the whole legal process.