Barbados Investment Visa – Types, Application and Documentation
As your search for multiplying your investment continues and extends to Barbados, the quest for knowledge about Barbados investment visas becomes inevitable. Barbados has different investment categories that grant different degrees of privilege to anyone with an investment visa.
However, there are conditions that you must meet before you can apply for this visa. It doesn’t matter if you have been living in Barbados for a long time or if you want to relocate. The different types of investment visas also come with different requirements for application.
This post will address all of your concerns and provide answers to any questions you may have. It describes the various types of Barbados investment visas, the length of stay, and the requirements that you must have and maintain before beginning your application. Dive right in and learn what no one else has informed you about investing in Barbados.
Barbados Investment Visa
Barbados Investment visa is a document issued to investors of foreign nationals that allows them to live and work permanently in Barbados. With a Barbados Investment visa, foreign nationals can participate in certain industries within Barbados. This visa, also known as Special Entry and Reside Permit (SERP), provides these foreign investors with access to capital markets and allows them to invest too. The government of Barbados issues this visa in a bid to create employment opportunities and promote economic growth in the country.
The purpose of establishing this visa is to encourage investment in new businesses and industries. For that reason, this visa is available only to high-net-worth individuals (HNWI). It furthermore presents them with an option of relocation and gives them the right to live, work, study, and receive healthcare in Barbados. To make sure that these investors continue investing, the government of Barbados introduced low corporate taxes and created a friendly business environment.
However, not every foreign citizen can access the Barbados investment visa. That is to say that access to this visa largely depends on the foreigner’s nationality. If your country has no access to this visa, it is because it has no reciprocity agreements with Barbados.
Eligibility for a Barbados investment visa
Already, there are different categories of special entry and residence permits that a foreign citizen can qualify for. However, only retired property owners or high net worth individuals (HNWI), whether employed or retired, can acquire this visa.
However, there are eligibility standards that they must meet before they can request this visa.
The eligibility standard includes;
- Any foreign national who makes investment (s) worth $2,000,000 in Barbados. Whether they invested by acquiring residential properties or other investment forms in Barbados, these investments must be purchased with funds sourced outside of the island.
- Any foreign national with a net worth of at least $5,000,000 but invests at least $2,000,000 in Barbados. Whether they invested by acquiring residential properties or other investment forms in Barbados, these investments must be purchased with funds sourced outside of the island.
For high-net-worth individuals (HNWI),
Who are eligible for the special entry and residence permit, the length of the permit is as follows;
- For persons over the ages of Sixty (60), they can obtain a SERP for an indefinite period.
- Individuals below 69 years of age can obtain a SERP too. But this visa lasts for a period that will take them up to 60 years of age, after which it can become indefinite also.
- Individuals with special skills are eligible for a SERP for five years. This is subject to renewal unless they want to become citizens.
- Spouses and dependents of this visa applicant under the age of eighteen (18) or enrolled full-time in school will be granted the same status as the holder.
Different types of Barbados investment visa (SERP)
Ordinarily, citizens of certain nationalities have free-visa entry into Barbados. However, citizens who want to stay for more than six months have to apply for any of the categories of the special entry and residence permit.
Regardless of whether an individual can work in Barbados, the duration of the SERP depends on the SERP category requested.
Below are the different categories of the Barbados investment visa (SERP);
Category 1 SERP
This visa category is for t who have an investment exceeding US$2M in Barbados. The investment can be in any sector of the Barbadian industries but is not limited to property investment. Individuals requesting this visa must also provide evidence of a high net worth of more than US$ 5 million.
Terms and fees:
- For individuals over 60 years, their term is indefinite and includes a one-time fee of $5,000.
- For individuals within 50-60 years, their term is between 5-10 years and includes a one-time fee of $3,500. This term, however, is renewable s indefinite after the age of 60 and includes a one-time fee of $5,000.
- Individuals under 50 years of age have a five-year term until they reach 6p years of age. They also incur a fee of $5000 per term until they get to 60 years. These individuals become eligible for an indefinite term once they clock 60 years. If they decide to renew their term by then, they will pay a one-time fee of $5,000.
Mind you that with these fees, they are not yet eligible for a work permit. This means that if the holder of the SERP wants to work, they must request a work permit.
The fees are as follows:
- A one-time upfront fee of $15,000 or $1,750 per annum for individuals over 60 years, and
- A one-time upfront fee of $20,000 or $2000 per annum for individuals below 60 years
Category 2 SERP
This visa category is for people who have properties investment with a value of at least US$300,000. The investment must be in real estate (properties) and nothing more. Individuals requesting this visa must also provide evidence of a high net worth of more than US$ 5 million. Adult applicants have to pay a fee of $5,00p for a renewable five-year period, and for minors, a fee of $150.
This is for categories 1 and 2 SERP holders.
- Spouses and dependents under 18 or still attending University must pay a $150 application fee together with the SERP. Furthermore, the schooled dependents must provide evidence of schooling every three years.
- Also, these SERP holders must declare tax residency in writing to the Barbados Revenue authority.
- They are also entitled to claim a foreign currency tax credit (FCTC) for income that is foreign. But this is only if the payment is transferred to Barbados through the banking system.
Category 3 SERP
This SERP category is available to persons possessing skills that the Barbadian government deems necessary for growth and development in their country.
Category 4 SERP
This visa category is specifically for parents and grandparents of a Barbadian citizen. They must also be over 60 years.
This is for parents and grandparents of a citizen of Barbados. They must be over 60 years.
Investment in this context includes rental real estate, manufacturing, bank deposits, property development projects, tourism, mutual funds, bonds, or any other financial instrument.
Documents that you need to apply for a Barbados investment visa.
As earlier said, the Barbados investment visa grants the holder automatic permanent residency in Barbados. For the documents needed for the application, each SERP applicant must submit:
#1. Form B to be completed by each applicant
The applicant must complete form B. It is one of the first requirements that the applicant should have.
#2. A copy of the applicant’s international passport
As every copy of the applicant’s international passport should be, the passport must include the page bearing the applicant’s information.
#3. Four copies of civil passports
These passports must fulfill every passport requirement stipulated by the Barbados immigration and must be certified by a Justice of the Peace or Notary Public.
#4. Proof of relationship
In the case of dependence, a document establishing proof of relationship must be provided. This can be any legal document/certificate (birth, marriage, or death). The death certificate is not always needed but only in specific cases.
#5. Police Certificate of Character (PCC)
A police certificate of character (PCC) is one of the most important documents. This report should be from all the countries the applicant previously resided in for six months or the last three years. It is proof that the applicant has no criminal record.
#6. Enhanced Disclosure instead of PCC for British applicants
This applies to British applicants who intend to live in Barbados within six months.
#7. Title Deeds and the most recent Land Tax Bills
These documents serve as proof of ownership of properties in Barbados.
#8. Proof of financial means
Like every other visa application, the applicant must provide proof that they can cater to themselves throughout their stay in the country.
#9. Travel health insurance
Not every insurance certificate is valid in Barbados. Therefore, the insurance accepted is valid in Barbados.
#10. Medical Certificate
Dependents below 16 years of age must present a general medical certificate from a certified doctor. But for applicants and their dependents over 16, their doctor must complete the standard medical form that the Barbados government provided.
#11. Application fee.
The payment of the Bds. The $300 application fee is a must. Without it, the application cannot be processed. Also, a final fee of Bds. $1200 must be paid if the visa is approved.
See Also: Barbados Retirement Visa – Duration, Requirements and Application
Frequently Asked Question
Can I be granted citizenship by investment in Barbados?
No, a Barbados investment visa does not grant citizenship. However, if you intend to apply for citizenship in the country, you must live within its territory for at least five consecutive years.
Can I work with a Barbados investment visa?
Yes, you can work with a Barbados investment visa. However, you must apply for a Barbados work visa and pay the necessary fees. The exception to this is those with a category 1 SERP. The permit automatically grants them working rights in Barbados.
Do I still need to apply for a residency visa after acquiring a Barbados investment visa?
No, you do not need to. The Barbados investment visa automatically grants you a permanent residency in the country. This, however, can be revoked if you stop investing in the country’s industries or sell off your investments.
How long do I need to live in Barbados before applying for citizenship?
To apply for Barbados citizenship, you must have lived there for at least five years.
The Barbados investment visa application has changed over time. Not just that, it now requires a fair amount of documentation, investment worth, and individual net worth.
But in all, Barbados is a country worth exploring. However, to decide for yourself reasonably enough, it is also essential that you read about other Barbados visa applications.