Visas and Immigration

Special Entry Permit

Barbados offers a Special Entry Permit (SEP) to High Net Worth Individuals (HNWIs) who want to become resident in Barbados or to use the country as a base to launch international business. The Barbados Immigration Department is responsible for administering the SEP programme while Invest Barbados provides guidance on the procedure.
 

An SEP enables you as well as your family to obtain residency status in Barbados. There are four qualifying SEP groups:*

1. Group 1 - People who make an investment in Barbados of at least US $2 million from funds sourced outside of Barbados in addition to evidence of high net worth in excess of US$5 million.

2. Group 2 - People who own property in Barbados with a value of at least US$300,000.

3. Group 3 - People who possess special skills which the Government of Barbados deems critical to the growth and development of the country.

4. Group 4 - Parents or Grandparents of a citizen of Barbados who are over the age of 60.

Group 1 SEP Terms & Conditions*

• People over age 60 are eligible for an indefinite term SEP; there is a one-time fee of US$5,000.00.

• People between ages 50 to 60 are eligible for a 5 to 10 year SEP that is renewable as indefinite after age 60; There is a one-time fee of US$3,500 up to age 60 and a subsequent one-time fee of U$5,000 if the SEP renewed at age 60.

• People under age 50 are eligible for a 5 year SEP that is renewable; there is a fee of US$5,000 per term up to age 60, and then renewable as indefinite after age 60 with a one-time fee of US$5,000.

• People who come to Barbados under an SEP are entitled to a work permit subject to the following fees:

  • People over age 60: a one-time fee of US$15,000 or annual fees US$1,750.

  • People under age 60: a one-time fee of US$20,000 or annual fees of US $2,000.

• Spouses and sons or daughters under 18 or still attending university will get the same period as the person holding the SEP (evidence of university or college enrollment is required every 3 years). A spouse will have to pay a US$150 application fee plus the appropriate SEP fee mentioned above. The US$150 application fee will need to be paid for each son and daughter.

Group 2 SEP Terms & Conditions*

• There is a US$5,000 fee per adult for a renewable 5 year period.

• There is a US$150 for minor dependents (who are students) for the life of the SERP.

• Spouses and sons or daughters under 18 or still attending university will get the same period as the person holding the SEP (evidence of university or college enrollment is required every 3 years). A spouse will have to pay a US$150 application fee plus the appropriate SEP fee mentioned above. The US$150 application fee will need to be paid for each son and daughter.

Taxation

People who come to Barbados under an SEP are required to declare their tax domicile in writing to the Barbados Revenue Authority. A person need not be domiciled in Barbados to be considered a resident of Barbados. Where someone is resident but not domiciled in Barbados, they are taxed in Barbados only on money remitted to Barbados, and they are eligible to utilise the Foreign Currency Earnings Credit (FCTC) in the Barbados Income Tax Act, which generally reduces the effective tax rate to about 2.45%. When someone is resident and domiciled in Barbados, they are taxed on their worldwide income, whether or not remitted to Barbados. It is also important to note that Barbados does not have inheritance, wealth, or capital gains taxes, and certain other exemptions are also found in its extensive double taxation treaty network. 

Consult a Tax Lawyer

When you are considering investing in Barbados it is important that you consult a Barbados tax law professional as well as the Barbados Revenue Authority before you make irrevocable decisions.

*Dentons Special Entry Permit (SEP) Worksheet

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