Barbados: Making Residency A Reality

Special Entry And Reside Permits

The Barbados SERP is designed for a range of applicants, including employed professionals, entrepreneurs, retirees, and real estate investors, who are seeking long-term residency in Barbados.

The SERP program accommodates individuals in the following scenarios:

• Persons who have made investments of US$2,000,000 or more in Barbados with foreign funds derived from outside of Barbados and transmitted into Barbados.
• High-net-worth individuals (HNWI) with at least US$5,000,000 in net assets.
• Persons under 60 years of age who own real estate in Barbados worth at least US$300,000 and who qualify for a Category 2 SERP, which is renewable every five years up to 60 years of age.
• Persons over 60 years of age who own a property in Barbados worth at least US$300,000 and who qualify for a Category 2 SERP, which is indefinite and will not expire (as described below).

SERP Options

The Barbados SERP program offers two types of residence permits: Category 1 and Category 2. The key differences relate to permit duration and work eligibility.

Category 1 SERP

All foreign nationals seeking indefinite residency via a Category 1 SERP are required to invest a minimum of US$2,000,000 in Barbados from funds sourced outside of Barbados, and provide a certified statement of net worth comprising assets in excess of US$5,000,000. Foreign nationals over the age of 60 must pay a non-refundable application fee of US$5,000. Foreign nationals under the age of 60 must pay a non-refundable application fee of US$3,500.

The Category 1 SERP holder has an automatic entitlement to the grant of a work permit, provided that a work permit application is duly submitted to the Immigration Department. The associated fees are US$15,000 (for those over 60) and US$20,000 (for those under 60). Therefore, the Category 1 SERP is the obvious choice for non-nationals who want the option to work, as well as reside, in Barbados.

Category 2 SERP

Foreign nationals proceeding via this route are required to invest at least US$300,000 in real estate from funds sourced outside of Barbados, and prove they have sufficient funds to sustain themselves and their dependents for the duration of the SERP. Category 2 SERP applicants are required to pay an initial fee of US$5,000 per adult and, subsequently, a US$5,000 SERP renewal fee if they choose to renew for another five years. The applicant must also provide proof of real estate ownership in Barbados, and the ability to support themselves and their dependents for the duration of the SERP period granted.

Foreign nationals who apply for a Category 2 SERP when they are 60 years old or older, will be eligible for an indefinite permit at that stage. Category 2 SERP holders are not eligible for work permits, so this avenue to residency is not suitable for applicants desiring to work in or from Barbados. It is ideal for retired persons who have invested, or wish to invest, in local real estate, and whose financial planning renders them demonstrably self-sustaining for the relevant duration.

Supporting Documentation Requirements

Each SERP application must be supported with the following items:

• Completed ‘Application under section 13(3) of the Barbados Immigration Act, Cap. 190 for permission to Vary Period of Stay in Barbados - Form B’ for each applicant.
• Two recent passport-sized photographs.
• Birth Certificate (original and copy).
• Marriage Certificate, if applicable (original and copy).
• Previous Marriage Certificate, Death Certificate, if applicable (original and copy).
• A certified copy of the Bio-Data page of the applicant's valid passport.
• Police Certificate of Character (PCC) from all jurisdictions (except Britain) in which the applicant has resided for six months or more in the last three years.
• Enhanced Disclosure issued by the Disclosure and Barring Service in lieu of PCC for British applicants[1].
• Title Deeds and the most recent Land Tax Bills (original and copy). (For Category 2 applicants only).
• Proof of the requisite financial resources, eg bank statements, pension documents, proof of real estate (originals and copies).
• Health Insurance with minimum per annum coverage of US$500,000, which must be valid in Barbados for the duration of the SERP period granted.
• Proof of relationship of dependents where applicable (ie birth certificates, legal documents).
• Certified translation of any documents which are not in English which, if prepared in Barbados, should be done by an approved translator from any of the following: The Language Centre, Barbados Community College, University of the West Indies, or the relevant Embassy or Consulate.

Lifestyle

The SERP program confers entitlement to long term or indefinite residency on an island which is known for its enviable quality of life, including safety and security, vibrant culture, sophisticated amenities, clean air, and natural beauty.

Familial Inclusion And Education

The SERP program supports familial inclusion, allowing spouses and dependents to join the primary applicant in enjoying the wonders of Barbados together. Dependents include children under the age of 18, or older dependents who are still attending university and are financially supported by the main applicant. Barbados is renowned for its diverse schooling opportunities. These range from public schools, which nationals or non-nationals may attend respectively, free of cost or at very modest cost, to private schools providing international programmes such as the Baccalaureate and A-Level programs. Barbados is also the home of the University of the West Indies Cave Hill Campus, which offers numerous undergraduate and postgraduate programmes taught by leading academics in the region and beyond.

Fiscal Benefits And Business Facilitation

Barbados provides valuable fiscal benefits to residents, including freedom from capital gains tax and inheritance tax. SERP holders may also enjoy a tax credit on assessable income derived from sources outside of Barbados that is transferred as foreign currency to Barbados through the banking system. Barbados also boasts a carefully managed business sector, which is supported by a well-educated workforce and a cadre of skilled professional service providers. The political arena is stable, and the rule of law is strong. Modern legislation caters to international investment. Moreover, Barbados enjoys reliable utilities and world-class connectivity and bandwidth.

Ease Of Travel

Located in the southeastern Caribbean, Barbados enjoys an optimal location, with direct flights available from major cities including London, Manchester, New York, Boston, Miami, Toronto, Panama, and Frankfurt, as well as other Caribbean islands. This strategic position guarantees a consistent influx of business travellers and high-net-worth individuals. They relish the chance to reside in Barbados, and their presence adds diversity and richness to the social fabric, creating important opportunities for networking and collaboration.

Cautionary Points

It is useful to note that the SERP program is governed by policy rather than specific enabling legislation. The Chief of Immigration has the power to amend or re-shape policy. The SERP program’s features have evolved over time and may change from time to time. Potential applicants should ensure that they are accurately informed about any modifications to policies or requirements. The best way to navigate the program is with the advice of sophisticated professionals to facilitate an efficient process.

[1] Please refer to the www.gov.uk website for further information.

Melanie Jones
Melanie Jones is an attorney-at-law and Managing Partner in the Barbados office of Lex Caribbean, a multidisciplinary law firm advising on the laws of several English-speaking territories in the Caribbean. Melanie leads the firm's International Business Group, and its Entrepreneurial Business Unit. Melanie also founded and leads Lex Caribbean’s regulated corporate services entities, Lex Caribbean Corporate Services Inc., and Lex Corporate Services (Bim) Ltd. Melanie specializes in international transactions with Barbados elements, and has expertise in corporate, public and private M&A, institutional finance, financial services regulatory and disciplines catering to private clients. Admitted in multiple jurisdictions and with more than 30 years of experience, Melanie advises international financial institutions and conglomerates, foreign governments and major NGOs and independently wealthy individuals. Melanie has also provided expert evidence as to matters of Barbados law in litigation conducted in various foreign jurisdictions.

Olive Stevenson-Clarke
Olive is an associate with Lex Caribbean’s Barbados office. She works in the firm’s International Business group, which is dedicated to advising international clients (corporates, institutions, entrepreneurs and independently wealthy individuals) on all Barbados legal and regulatory matters. Olive’s areas of special focus are cross border finance transactions and providing counsel to persons relocating to the island including in relation to immigration, residency, work permits and the conduct of business locally.