mygoldenvisa logo
guides
April 1, 2024
4 min

How to Get Barbados Residence by Investment: Complete Guide

Kenley Henderson - Golden Visa Expert

Barbados Golden Visa program, also called Special Entry and Residence Permit (SERP) program, grants foreigners permanent residency for 5 years or for life. The minimum investment sum for a 5-year residence is $300,000. To obtain unlimited PR, you must contribute at least $2,000,000.

This article aims to provide comprehensive insights into this coveted program. We'll delve into the eligibility criteria and investment options under the program, providing you with all the necessary details for a successful application.

Barbados Golden Visa

How to Get Barbados Residence by Investment: Complete Guide

8 Benefits of Getting a Barbados Golden Visa

The Barbados Golden Visa program isn’t just about living in a tropical paradise. The Barbados Golden Visa offers numerous advantages for affluent individuals wishing to widen their investment portfolio and move around the world easily.

  1. Ease of travel. Barbados' geographical location makes it an excellent base for travel within the Caribbean and North and South America. The island has excellent air and sea connections.

  2. Family inclusion. The program also takes care of your family needs by allowing spouses and dependents under 18 to be included on permit applications. It ensures that families can stay together while enjoying all the perks this Caribbean nation offers.

  3. High quality of life. Barbados boasts a high living standard with excellent health care and education facilities. It has a literacy rate of almost 100%, and the island’s medical facilities are renowned throughout the region.

  4. Community and safety. Barbados is known for its friendly and welcoming people. It is a safe place to live with low crime rates, making it an excellent place for families.

  5. Tax benefits. Barbados has an attractive tax regime for high-net-worth individuals. For those who obtained residence under the SERP program, no wealth, inheritance or capital gains taxes exist.

  6. Stable economy. Barbados has a stable economy and a strong local currency. Its robust regulatory framework also makes it a secure place for financial investments.

  7. Conducive business climate. Barbados has a favorable business environment, a well-educated workforce, good infrastructure, and supportive government policies for business development.

  8. Access to quality education. Barbados has a strong educational system with various high-quality local and international schools. It makes it an excellent location for families with children.

Barbados Golden Visa

Barbados is a beautiful Caribbean island with a year-round warm climate, white sandy beaches, and a rich cultural heritage. It offers a relaxed and peaceful lifestyle to its residents

Requirements for Barbados Golden Visa Program

To qualify for the Golden Visa, you must have a clean criminal record and prove that your wealth was obtained legally. You also need to show that you can support yourself and any dependents without relying on public funds.

You are allowed to add your spouse and minor children to the application. Children over 18 can also be added if they study at a university and are financially dependent on the investor.

Additionally, you must make significant financial contributions towards the development of Barbados’s economy. It could involve investing in real estate, contributing to endorsed initiatives, or initiating enterprises that provide jobs for inhabitants.

Investment options for the Barbados Golden Visa

Permanent residency in Barbados can be obtained for 5 years or for life.

Unlimited permanent residence. The requirement is to invest at least $2,000,000 in the economy. The money must come from outside Barbados. It is also required for an investor to prove they have a net worth of at least $5,000,000.

5-year permanent residence. You must invest at least $300,000 and prove you have enough funds to support yourself and your family members during the validity of your residence permit. The minimum required sum is not stated.

The investor must also pay an application fee — a non-refundable fee that covers administrative costs during the initial evaluation stage. It is $5,000 for applicants under 60 and $3,500 for those over 60.

The Golden Visa offers two main investment routes: direct and indirect. Direct investments involve purchasing real estate properties, while indirect investments require contributing towards government-approved projects such as infrastructure development or job creation initiatives.

How to Get Your Barbados Golden Visa: a Step-by-step Procedure

1

1 week

Make an investment

You can invest in real estate, bonds, business, securities or a fund. It is also allowed to open a bank deposit.

2

1 week

Prepare documents

The list of documents usually includes:

  • a valid passport;

  • four passport-size photographs;

  • proof of financial status: bank statements, investment portfolios, or other papers;

  • medical examination forms for all family members applying;

  • police certificates of character for all family members over 16;

  • evidence of property ownership in Barbados;

  • marriage certificate, if applicable;

  • birth certificates of dependents, if applicable.

The applicant might be required to submit other documents asked by the immigration department.

3

1 day

File an application

Complete the prescribed application form. It can be done online through the official Barbados Immigration website or by obtaining a physical form from the immigration department.

You submit prepared documents and pay a non-refundable application fee along with the completed application form.

4

2+ weeks

Wait for approval

Once your application and all supporting documents have been received, the immigration department will review your application. This process can take several weeks to months, depending on the application volume.

5

1 day

Obtain SERP

If your application is approved, you will be issued a SERP. If it’s a 5-year one, you will need to renew it each 5 years.

Path to Citizenship after Barbados Golden Visa

A person with permanent residence can apply for citizenship by naturalization. The requirement is to live in Barbados for at least 5 years during the last 7 years. Residing permanently in the country for 12 months before the application is also a must.

Applicants for citizenship must master English and be able to prove it.

Citizenship by Investment in the Caribbean Countries

It is possible to obtain citizenship by investment in some Caribbean countries. They are Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis and St Lucia.

Acquiring passports in these states usually takes up to 6 months.

Comparison of Caribbean Countries Offering Citizenship by Investment

Country

Minimum investment

Processing time

Antigua and Barbuda

$100,000

4—6 months

Dominica

$100,000

2—6 months

Grenada

$150,000

4—6 months

St Kitts and Nevis

$125,000

2—6 months

St Lucia

$100,000

3—4 months

Who Needs a Visa to Barbados

Barbados has visa abolition agreements with a majority of countries in the world. For example, citizens of India or China don’t need visas to visit Barbados for a short time. However, they are usually required to have some permit for long-term stays.

However, there are some countries whose passports require their holders to have visas to enter Barbados for any reason.

List of Countries whose Passports Don’t Allow Visa-free Access to Barbados

Asia

Laos

Myanmar

North Korea

Taiwan

Africa

Eritrea

Libya

Somalia

Caribbeans

Dominican Republic

Haiti

Europe

Bosnia and Herzegovina

Middle East

Afghanistan

Iran

Iraq

Syria

Yemen

Oceania

Papua New Guinea

Key Takeaways: Barbados Golden Visa

Barbados has a Golden Visa program known as Special Entry and Residence Permit (SERP) program. Under it, you can obtain a permanent residence permit in the country by investment. The minimum sum is $300,000. There are no requirements on where to invest in.

The process of obtaining a Bermuda residence permit takes at least 1 month.

You can apply for Barbados citizenship 5 years after holding a resident status.

Benefits of Barbados citizenship include:

  • ease of travel;

  • business opportunities;

  • access to education;

  • high quality of life and stability;

  • tax benefits;

  • family inclusion.

Other Caribbean countries grant citizenship by investment: Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis and St Lucia.

Frequently Asked Questions

you might also like