As we continue to address the historic mortgage issues which face thousands of foreign property owners in the UK, we have in recent days successfully settled another French mortgage issue for one of our clients. After many years of worry and anxiety for our...
History
Barbados is an independent sovereign nation, having achieved its Independence from the British in 1966. It is highly regarded for its political stability being home to the second oldest Parliament outside of England which was birthed in 1639.
Geography
The island is the most easterly of the Caribbean chain and enjoys a consistent tropical temperature, ranging between 24 and 31 degrees C annually. It is a highly regarded tourist destination and has developed an enviable reputation as a second home from well-heeled Brits.
Economy
The island’s chief economic drivers are tourism, international financial services and light manufacturing. The main tourism source markets originate out of Britain, the U.S., Canada and Europe. It is to be noted that changes were made recently to merge the international and domestic tax rates to create a single tax policy, that is not only highly competitive internationally but also O.E.C.D compliant. The banking system is controlled primarily by Canadian and British banks, many of whom have been operating on the island in excess of 100 years.
Real estate market
Terra Caribbean in its 2018 publication of the ‘Red Book’ gave an economic prediction of the Real Estate climate in Barbados. It stated as follows:
“Property values for foreign investors will improve over the next 5 years while property values in the local market will remain stagnant. The vacation home market will improve as a result of the stronger world economy but the local market that is driven by internal demand is predicted to remain flat for the next 3 to 5 years until confidence can be regained and Government debt is reduced to a manageable level.”
Social Infrastructure
While the island has a dearth of natural resources, its primary resource is its people. The island is known to have a literacy rate in excess of 90%. Education is substantially free from primary to tertiary levels. This has resulted in a cadre of well trained and trainable staff.
Amenities
Tourism and international financial services are the chief economic drivers. Consequently, the island is replete with an array of activities for business and leisure travellers. In relation to sporting, cricket, horse-racing, motor sports and golf take pride of place. The iconic locations include Kensington Oval, the Garrison Savannah, Bushy Park Racing Facility and Royal Westmoreland, Sandy Lane and Durants Golf courses. Additionally, there is an array of water sports and beach culture as well as fine and casual dining options to cater to every taste. Specialised interest groups also exist to offer niche activities e.g. hiking, hash house harriers and rum shop touring to name a few.
Getting bored is not an option.