The Special Entry and Reside Permit (SERP) provides qualified individuals, their spouses, and children with residency status in Barbados. There are four SERP categories:
- Category 1: Requires evidence of an investment in Barbados of at least US $2 million from funds sourced outside Barbados and proof of a high net worth exceeding US $5 million.
- Category 2: Property ownership in Barbados, with the property valued at a minimum of US $300,000.
- Category 3: Individuals with special skills critical to Barbados’s growth and development.
- Category 4: Parents or grandparents of a Barbadian citizen, aged 60 years or older.
Key distinctions exist between Category 1 and Category 2 SERPs. Category 1 SERPs vary in duration but become indefinite after age 60, while Category 2 SERPs are renewable for five-year periods. Category 1 holders are entitled to work permits, whereas Category 2 holders are not permitted to work in Barbados.
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Application Requirements
Applicants must submit a completed Form B – Application for Permission to Vary Period of Stay in Barbados or Conditions of Stay, accompanied by a cover letter and a US $150.00 application fee. Additional documentation includes:
- Proof of health insurance exceeding US $500,000.
- Police Certificate of Character (PCC) from countries where the applicant has resided for six months or more since age 16. British applicants must provide an enhanced disclosure certificate.
- One passport-sized photo.
- Original and a copy of the birth certificate.
- Certified copy of the bio-data page of the passport.
- Marriage certificate (if applicable).
- Proof of relationship to dependents, such as birth certificates or legal documents.
Documents in languages other than English must be translated.
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Category 1 Applicants:
Must also provide:
- A certified statement from an auditor or broker verifying assets exceeding US $5 million.
- Evidence of an investment in Barbados valued at a minimum of US $2 million.
Category 2 Applicants:
Must provide:
- Proof of property ownership in Barbados.
- Evidence of financial means to support themselves during the granted period.
Definition of Investment: Investments include rental real estate, property development, manufacturing, tourism, bank deposits, mutual funds, bonds, or other financial instruments. All investments must be sourced from outside Barbados and free from encumbrances.
Terms and Fees
Category 1 Terms and Fees:
- Over age 60: Indefinite term; one-time fee of US $5,000.
- Ages 50–60: 5–10 year term, renewable as indefinite after age 60.
- One-time fee of US $3,500 up to age 60.
- Renewed at age 60: US $5,000.
- Under age 50: 5-year terms up to age 60, with a fee of US $5,000 per term. Indefinite renewal after age 60 requires a one-time fee of US $5,000.
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Work Permit Fees (optional):
- Over age 60: One-time fee of US $15,000 or US $1,750 annually.
- Under age 60: One-time fee of US $20,000 or US $2,000 annually.
Spouses and Dependents:
- Dependents under 18 or attending university receive the same period as the SERP holder (schooling proof required every 3 years).
- Spouse fee: US $150.00 application fee + applicable SERP fee.
- US $150.00 application fee for each dependent.
SERP holders must declare tax residency to the Barbados Revenue Authority.
Category 2 Terms and Fees:
- US $5,000.00 per adult for a renewable 5-year period.
- US $150.00 per minor dependent (students) for the duration of the SERP.
Spouses and Dependents:
- Same conditions apply as for Category 1.
Tax Benefits
SERP holders can claim a Foreign Currency Tax Credit (FCTC) for foreign-sourced income transferred to Barbados via the banking system. Depending on the ratio of foreign currency income to total income, the tax credit can reduce the effective tax rate to as low as 2.45%.
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