Buy
Rent
Luxury Life

Luxury Life

Barbados is a luxurious Caribbean destination that stands in a class by itself. This culturally-rich island stirs international appeal. Buying or renting a property in Barbados offers you access to enviable year-round sunshine and pristine white-sandy beaches. But there’s so much more to love about Barbados. Sit back and soak in a luxurious life that has been perfected in every sense. Whether you come to play, to work, to live or to get away from it all, Barbados has something for everyone.

Special Development Areas Act

Thursday, July 26, 2018 | By Terra Luxury
Share This On: SEE ALL

The Special Development Areas Act sets out
the designation of special development areas and provides relief for approved developers constructing or improving a building or structure in those areas and to persons financing such work (other than a commercial bank).

The activities that an approved developer may carry out are:

  1. Hotels including conference areas; 

  2. Residential complexes; 

  3. Commercial or industrial buildings including office 
complexes; 

  4. Other tourism facilities; 

  5. Water-based activities; 

  6. Tourism projects highlighting heritage and natural 
environment; 

  7. Arts and cultural investments; and 

  8. Agricultural-based activities. 


 

Exemptions & Allowances

  • Approved developers are exempt from:
  • Import duties and VAT on inputs for the construction or renovation of buildings and refurbishment of existing buildings. 

  • Charges on repatriation of interest (for a period of 10 years), 

  • Land tax on the improved value of the land 

  • Property transfer tax payable by vendors on the initial 
purchase of the property whether national or non-national 


 

Persons financing such work are exempt from: 


  •  Income tax on interest earned on loans to approved developer.

Allowances

  • An approved developer pays Corporate Income Tax (CIT) at the rate of 15% 

  • Is granted initial allowances of 40% and annual allowances of 6% on industrial buildings 

  • Is granted initial allowances of 20% and annual allowances of 4% on commercial buildings. 


 Defined Areas

The areas which are currently defined as development areas:

  1. Carlisle Bay Redevelopment area in St. Michael; 

  2. Speightstown in St. Peter; 

  3. St. Lawrence Gap in Christ Church; and 

  4. The Scotland District Conservation Area. 


Comments
Have Your Say!
Name:*
E-mail:*
Comments:*
SPAM Check*
Please answer the question:
2 + 7 =