Barbados: Taxes and Costs
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Last Updated: Nov 25, 2008
Rental income tax is high in Barbados
INDIVIDUAL TAXATION
Non-residents are liable to tax on their Barbadian-sourced income. Married couples are taxed separately.
INCOME TAX
RENTAL INCOME
Rental Income Tax
Rental income from residential property is taxed at a special flat rate of 15%. When computing the taxable income, income-generating expenses are deductible.
CAPITAL GAINS
In Barbados, no tax is levied on capital gains.
PROPERTY TAX
Property Taxes
For residential properties, this tax is levied on the “improved value” of the property, essentially the fair market value, as determined by the Commissioner of Land Tax.
RESIDENTIAL PROPERTY TAX |
|
| TAX BASE, BBD (US$) | |
| Up to 150,000 (US$75,188) | |
| 150,000 - 400,000 (US$200,501) | |
| 400,000 – 1,000,000 (US$501,253) | |
| Over 1,000,000 (US$501,253) | |
| Source: Global Property Guide | |
Barbados - more data and information
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