Barbados: Taxes and Costs
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Last Updated: Mar 10, 2007
Rental income tax is high in Barbados
INDIVIDUAL TAXATION
Non-residents are liable to tax on their Barbadian-sourced income.
INCOME TAX
Income Tax
Income from rental of home accommodation is taxed at a flat rate of 15%.
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 RATES |
|
| TAXABLE INCOME, BBD (US$) | TAX RATE |
| Up to 125,000 (US$62,657) | nil |
| 125,000 - 350,000 (US$175,489) | 0.10% |
| 350,000 - 850,000 (US$426,065) | 0.45% |
| Over 850,000 (US$426,065) | 0.75% |
| Source: Global Property Guide | |
The maximum tax payable on a residential property is BDS$60,000 (US$30,075).
Barbados - more data and information
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