Purchasing a vacation home is a big decision, but we hope that we can provide you with the answers you need.
What are the residency and tax benefits of purchasing in Porters Place?
The purchase of a residence at Porters Place will automatically qualify a purchaser to apply for residency in Barbados via the Special Entry and Reside Permit (SERP-category 2) which includes spouses and dependents under 18 or still attending university. SERP holders may be able to declare tax residency in Barbados and take advantage of the tax friendly opportunities including the lack of capital gains and inheritance taxes. SERP holders are also entitled to claim a foreign currency tax credit in relation to income which is foreign sourced if such income is being transferred to Barbados through the banking system. Depending on the percentage of foreign currency earned in relation to total earnings and with meaningful tax planning, the potential tax credit can amount to 93 percent of the income tax that would otherwise be payable in Barbados. The domestic corporate tax rate is at 5.50% – 1.00% depending on the amount of taxable income. Being a low taxed whilst a white listed OECD jurisdiction with 40+ favorable double tax treaties, Barbados is an ideal option for new residents to migrate their entities as well.
What are the methods of financing a purchase?
The easiest way to finance your purchase is via stage payments, where you pay predetermined instalments once the Developer reaches certain thresholds in the construction process. Please contact our Sales team for more details. Alternatively you can speak to a bank who can discuss a payment solution with you based on your individual circumstances. Republic Bank provides such a solution and you can find more information here.
For Financing information please click the link below.
To discuss with one of the specialists, please contact a member of the Republic Bank Lending team.
Is the villa furnished?
The villas are fitted with cabinetry and appliances (fixtures and fittings). We have various furniture packages available and would be happy to discuss in further detail on request.
How big is the development?
The development comprises 21 detached villas arranged over 4.5 acres of land.
What do you mean by “sustainable”?
Our goal is to create a luxurious residential community, whilst at the same time being aware of the beauty around us, minimising our footprint and impact. We do this in various ways including composting, recycling where possible, gathering and using rain water for non-potable purposes and various other small yet important practices that make a difference. Our Sales Team would be happy to go into more detail on what else we do to try to minimise our impact on the environment.
How close is the beach?
The beach is situated less than 500m away from Porters Place.
Is there a beach facility?
Yes. Residents will enjoy a beach facility where they can grab a sun lounger and an umbrella as well as have a rum punch or coffee.
Are there any sporting facilities in the development?
There will be a fully equipped gym for use by residents and their guests.
Can I rent out my villa?
Yes. There are various companies that can assist or you are welcome to rent the villa privately.
What are the community charges?
Our aim is to keep running costs as low as possible which is why we have employed various means by which we achieve net zero consumption wherever possible. Please ask our Sales Team for details.
What type of security will be in place?
In addition to a video control/code entry gate system, there will be recorded 24 hour CCTV footage covering points of entry/exit as well as other parts of the common areas within the development. Individual security requirements can be met by one of various security companies specializing in state of the art home security solutions. Each villa is fully detached, allowing for a secure and private feel without compromising on comfort.