During the COVID-19 pandemic, Barbadian Prime Minister the Honourable Mia Amor Mottley launched the Barbados Welcome Stamp, allowing working nomads to live and work on island for a limited time, in year-long increments. Unsurprisingly, given the sublime quality of life in Barbados, a taste of residency led many “welcome stampers” to aspire to residency in the longer term. Fortunately, Barbados’ Special Entry and Reside Permit (“SERP”) can make residency a reality for persons who meet the financial and prudential qualifiers.

Special Entry and Reside Permit (“SERP”)

The Barbados SERP contemplates a range of applicants including professionals, entrepreneurs, retirees and real estate investors.

The SERP programme is framed around the following candidates:

  • Applicants 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 individual (HNWI) applicants with at least US$5,000,000 in net assets.
  • Applicants 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 5 years up to 60 years of age.
  • Applicants over 60 years of age who own a property in Barbados worth at least US$300,000 who qualify for a Category 2 SERP which is indefinite and will not expire (as described below).

There are two categories of residence permits: Category 1 and Category 2. The key differentiators are permit duration and eligibility to work.

Category 1 SERP

Foreign nationals can effectively attain indefinite residency via a Category 1 SERP. They must invest a minimum of US$2,000,000 in Barbados, from foreign-sourced funds, and certify to net worth exceeding US$5,000,000. Foreign nationals over the age of 60 pay a non-refundable application fee of US$5,000 while those under the age of 60 pay a non-refundable application fee of US$3,500.

The Category 1 SERP holder is automatically entitled to 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). The Category 1 SERP is the obvious choice therefore, for non-nationals who desire freedom to work, while living in Barbados.

Category 2 SERP

Applicants must invest at least US$300,000 in real estate from funds sourced outside of Barbados and prove they can sustain themselves and their dependents financially, for the duration of the SERP.

Category 2 SERP applicants pay an initial SERP fee of US$5,000 per adult and, subsequently, a US$5,000 SERP renewal fee, if they choose to renew for another 5 years.  

Those who apply for a Category 2 SERP at age 60, or older, will be eligible for an indefinite SERP. Category 2 SERP holders are not eligible for work permits. This SERP is therefore ideal for retired persons with local real estate investments and financial planning which renders them demonstrably self-sustaining, for the duration.

Supporting Documentation Requirements (applicable to all Applicants unless otherwise stated)

  • 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 (2) passport sized photographs.
  • Birth Certificate.
  • Any Marriage Certificate.
  • Any previous Marriage Certificate and/or Death Certificate-if applicable.  Original and copy.
  • Certified copy of the Bio-Data page of valid passport.
  • Police Certificate of Character (PCC) from all jurisdictions (except Britain) in which the applicant has resided for 6 months or more in the last 3 years.
  • Enhanced Disclosure issued by the Disclosure and Barring Service in lieu of PCC for British applicants.
  • Title Deeds and most recent Land Tax Bills.  Original and copy. (For Category 2 applicants only).
  • Proof of the requisite financial resources (e.g. Bank Statements, Pension Documents, Proof of Real Estate ownership) Originals and copies.
  • Health Insurance with minimum per annum coverage of US$500,000, valid in Barbados for the duration of the SERP period.
  • Proof of relationship with dependents where applicable (i.e. birth certificates, legal documents).
  • Certified translation (by an appropriately qualified translator) of documents which are not in English.
Batts Rock, Barbados

Lifestyle

SERP holders become entitled to enjoy an unsurpassed island lifestyle in Barbados. Safety and security, rich culture, sophisticated amenities, clean air and extraordinary natural beauty are part of the everyday experience.

Family and Education

Familial inclusion is a cornerstone of the SERP programme. Dependents include children under the age of 18, or older dependents attending university and financially supported by the main applicant. Barbados is renowned for its diverse schooling opportunities, including public schools which non-nationals may attend at modest cost, and private schools which provide international programmes such as the Baccalaureate and A-Level programmes. The University of the West Indies Cave Hill Campus offers numerous programmes taught by leading academics in the region and beyond.

Fiscal Benefits and Business Arena

Residents enjoy valuable fiscal benefits, including freedom from capital gains and inheritance tax. SERP holders may also enjoy a tax credit on assessable income derived from sources outside of Barbados transmitted into Barbados’ banking system. Barbados offers a vibrant business sector, 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 upheld. Modern legislation caters to international investment. Essential utilities, world-class connectivity and bandwidth can also be relied upon.

Ease of Travel

Barbados is optimally located with direct flights available from major cities including London, Manchester, New York, Boston, Miami, Toronto, Panama, Frankfurt and other Caribbean islands. Business and lifestyle travelers relish the chance to reside in Barbados and their presence adds diversity and eclecticism to the social fabric, generating important opportunities for networking and collaboration.

Creature of Policy

The SERP programme is governed by policy not specific enabling legislation. The Chief of Immigration has the power to amend or re-shape policy. The SERP programme’s features have evolved over time and are subject to change. Applicants should take advice on any modifications to policies or requirements. The regime is best navigated with the advice of sophisticated professionals, typically local lawyers or other immigration practitioners.

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