Advice about Moving to Barbados
Jun 3rd 2009, 6:13 pm
#16
Forum Regular
Joined: May 2009
Posts: 48
Re: Advice about Moving to Barbados
Thank you thank you (taking a bow) 
How you doing anyway?!!! How is everything? I will email you later on today when I get to where I am going - but right now, I am not going anywhere....yawn.
How you doing anyway?!!! How is everything? I will email you later on today when I get to where I am going - but right now, I am not going anywhere....yawn.
Jun 3rd 2009, 6:18 pm
#17
Forum Regular
Joined: Jan 2009
Posts: 184
Re: Advice about Moving to Barbados
Just to try and give a definitive answer on the tax thing (disclaimer: I'm 99.9% certain this is still accurate):
Income tax is 20% on the first BDS$24,200 and 35% thereafter
Therefore on BDS$86,000 your tax liability would be BDS$26,500
This leaves you an income of BDS$59,500 or US$29,750
Additionally there are extra tax allowances you can claim if you're savvy - eg. if you're renting a property you can claim for up to 20% of what you're spending on rent or BDS$3,000, whichever is lower of the two.
I'm sure most on here would agree that's enough for a single person in Barbados???
Income tax is 20% on the first BDS$24,200 and 35% thereafter
Therefore on BDS$86,000 your tax liability would be BDS$26,500
This leaves you an income of BDS$59,500 or US$29,750
Additionally there are extra tax allowances you can claim if you're savvy - eg. if you're renting a property you can claim for up to 20% of what you're spending on rent or BDS$3,000, whichever is lower of the two.
I'm sure most on here would agree that's enough for a single person in Barbados???
Jun 3rd 2009, 6:20 pm
#18
Forum Regular
Joined: May 2009
Posts: 48
Re: Advice about Moving to Barbados
All listen to IKON - magic 
please can you expand on the rent/tax thing???
please can you expand on the rent/tax thing???
Just to try and give a definitive answer on the tax thing (disclaimer: I'm 99.9% certain this is still accurate):
Income tax is 20% on the first BDS$24,200 and 35% thereafter
Therefore on BDS$86,000 your tax liability would be BDS$26,500
This leaves you an income of BDS$59,500 or US$29,750
Additionally there are extra tax allowances you can claim if you're savvy - eg. if you're renting a property you can claim for up to 20% of what you're spending on rent or BDS$3,000, whichever is lower of the two.
I'm sure most on here would agree that's enough for a single person in Barbados???
Income tax is 20% on the first BDS$24,200 and 35% thereafter
Therefore on BDS$86,000 your tax liability would be BDS$26,500
This leaves you an income of BDS$59,500 or US$29,750
Additionally there are extra tax allowances you can claim if you're savvy - eg. if you're renting a property you can claim for up to 20% of what you're spending on rent or BDS$3,000, whichever is lower of the two.
I'm sure most on here would agree that's enough for a single person in Barbados???
Jun 3rd 2009, 6:27 pm
#19
Forum Regular
Joined: Jan 2009
Posts: 184
Re: Advice about Moving to Barbados
I can try, I must admit I don't know much about it as we bought our house here but my accountant explained that essentially if you're renting you're entitled to 20% of your annual rent 'tax free', up to a total of BDS$3,000 a year. It's not huge but every little counts, eh?!!
He mentioned a number of other allowances too, eg. if we left the island and started renting the house out we'd get a 50% tax allowance against any works incurred in the first 12 months.
I, unfortunately, don't know much beyond that I'm afraid!
He mentioned a number of other allowances too, eg. if we left the island and started renting the house out we'd get a 50% tax allowance against any works incurred in the first 12 months.
I, unfortunately, don't know much beyond that I'm afraid!
Jun 3rd 2009, 6:31 pm
#20
Forum Regular
Joined: May 2009
Posts: 48
Re: Advice about Moving to Barbados
I fear you may have a stampede of expats questioning you about this now, I will certainly be one of the first....
I can try, I must admit I don't know much about it as we bought our house here but my accountant explained that essentially if you're renting you're entitled to 20% of your annual rent 'tax free', up to a total of BDS$3,000 a year. It's not huge but every little counts, eh?!!
He mentioned a number of other allowances too, eg. if we left the island and started renting the house out we'd get a 50% tax allowance against any works incurred in the first 12 months.
I, unfortunately, don't know much beyond that I'm afraid!
He mentioned a number of other allowances too, eg. if we left the island and started renting the house out we'd get a 50% tax allowance against any works incurred in the first 12 months.
I, unfortunately, don't know much beyond that I'm afraid!
.
. Is Colleton Hill the hill Pie Corner bus goes up past Colleton Gardens???
Jun 6th 2009, 1:32 pm
#26
BE Enthusiast
Joined: May 2007
Posts: 385
Re: Advice about Moving to Barbados
that's the one... just up the hill, thru the cut rock, then left and left... good luck with your move!
Jun 6th 2009, 8:24 pm
#27
Just Joined
Joined: Feb 2009
Posts: 19
Re: Advice about Moving to Barbados
Johnslice i recently made the decision to accept an offer in Barbados, i did visit the island first before i made my mind up, and just like you i'm a single 28 year old female, the locals seemed nice enough when i visited...what i found out is the most headache would be buying a car.. its very expensive.. like you as well my job doesn't offer transportation or housing.. i will be making around the same as you.. and going through all the possible expenses i will have some savings left over monthly and that's with a car payment..
Side question: my company put in for my work permit a month ago.. and i'm now in limbo waiting for the papers to be processed. when i call they tell me they can't give me any information personally because my company applied for it.. does it normally take the 6-8 weeks?? that's what i was told when I called.. is there any way to get the process expedited sooner ? i'm getting concerned because my current job will be ending soon and i was hoping to be in the Island by July 1st.. will that be a possibility ?
Side question: my company put in for my work permit a month ago.. and i'm now in limbo waiting for the papers to be processed. when i call they tell me they can't give me any information personally because my company applied for it.. does it normally take the 6-8 weeks?? that's what i was told when I called.. is there any way to get the process expedited sooner ? i'm getting concerned because my current job will be ending soon and i was hoping to be in the Island by July 1st.. will that be a possibility ?
Jun 6th 2009, 9:32 pm
#28
BE Enthusiast
Joined: Jan 2008
Location: Hastings, Barbados
Posts: 696
Re: Advice about Moving to Barbados
Hi Elkia,
The permits can take quite a long time. I think 6-8 weeks total is very optimistic, but it's hard to say because your employer may have had some of the process completed beforehand. I think you'd be best to check with your new employer.
Good luck!
Foxy
The permits can take quite a long time. I think 6-8 weeks total is very optimistic, but it's hard to say because your employer may have had some of the process completed beforehand. I think you'd be best to check with your new employer.
Good luck!
Foxy
Jun 6th 2009, 11:47 pm
#29
Just Joined
Joined: Feb 2009
Posts: 19
Re: Advice about Moving to Barbados
Its actually an intercompany transfer.. so i'm not changing employers just jobs so i thought the process might be shorter for that reason..am i being unrealistic ??.. and my situation might be a little different.. because i'm originally from Jamaica .. and i've lived in the US for 21 years.. but still a Jamaican citizen..and i know they are apart of the CARICOM agreement, when i called they told be i could get my college degree's certified in Jamaica and Barbados would certify them as well and also show a copy of my birth certificate and i could work without a permit. Does anyone have any experience going through that process instead of waiting on the work permit?
Jun 7th 2009, 12:31 pm
#30
Joined: Nov 2006
Location: Barbados
Posts: 1,384
Re: Advice about Moving to Barbados
Elkia, I would say that in all likelihood the Caricom route might be easier and would not require a workpermit. an company transfer isn't going to matter re the timing (I did that when I first moved here, but I still had to go through the process of citizenship , married to a bajan, to actually work here, as the company wouldn't do a work permit for anyone - regardless).