In its latest assessment of the Barbados economy and fiscal situation, the International Monetary Fund (IMF) has highlighted Barbados’ capital control for real estate in Barbados. In the review which was released September 14 2009, the IMF highlights that the Central Bank of Barbados maintains controls on purchases of real estate abroad by residents, and purchases of real estate in Barbados by nonresidents. In September 2007, the authorities relaxed restrictions on remittance of the proceeds from the sale of real estate in Barbados involving transactions between two or more nonresidents and settled through their respective accounts abroad.
Approval by the CBB is required for a range of non-CARICOM capital account transactions including real estate. This is a good fact for potential real estate investors in Barbados to keep a mind. Meanwhile it is also worthy to note that there are no restrictions on the purchase of property in Barbados by persons who are non-citizens or permanent residents
As explained in the IMF assessment the CBB maintains restrictions on capital flows, although these have been implemented liberally. The goal is to protect monetary and financial stability, strengthen the effectiveness of monetary policy, and manage pressures on the peg. In the mid-1990s, however, in line with Barbados’s commitments under the CARICOM Single Market and Economy, some controls were lifted.
