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Cost of Living in Barbados - Job Offer

Cost of Living in Barbados - Job Offer

Old Jan 3rd 2012, 7:06 pm
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Default Cost of Living in Barbados - Job Offer

I am a US Citizen that has just received a job offer from a European bank in Barbados. The salary is USD $100,000, plus a $6,000 per year car allowance.

In researching Barbados I have noticed that the income tax and social security tax rates are very high (35% + 10.1%). I am trying to get a better idea for the cost of living on the island. I visited Barbados only once during a conference last year.

I do have the following questions:

a) Is this a good salary for living in Barbados given the high tax rates?
b) What are the restrictions on converting local currency to USD and transferring the funds to the USA?

I do have fixed expenses of USD $2,000 per month in Florida which I must still pay regardless of where I'm living.

Any input would be greatly appreciated.
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Old Jan 3rd 2012, 8:11 pm
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Default Re: Cost of Living in Barbados - Job Offer

Welcome to the boards..

May I first suggest that you have a look through some of the posts, as there is much information regarding costs.. food, housing, etc..

your salary, if you are 1 person, should be no problem (or I would like to think so) living here.. (anyone else want to chime in go right ahead).

The very first thing you need to worry about it making sure the bank you are working for has your Work Permits sorted out prior to your arrival. Immigration isn't easy these days and just because someone had a work permit for the same job last year, doesn't mean they are going to give another one this year...

The only thing you may have an issue with is the Car Allowance.. if that's 6,000.00usd/12,000.00bbd to purchase a car?? or rental?? and also gas etc.. you may have a problem with that. Cars are not cheap in Barbados.. to own, gas up or maintain, so be careful on that one.
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Old Jan 3rd 2012, 8:41 pm
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Default Re: Cost of Living in Barbados - Job Offer

Originally Posted by Sunniebgi View Post
Welcome to the boards..

May I first suggest that you have a look through some of the posts, as there is much information regarding costs.. food, housing, etc..

your salary, if you are 1 person, should be no problem (or I would like to think so) living here.. (anyone else want to chime in go right ahead).

The very first thing you need to worry about it making sure the bank you are working for has your Work Permits sorted out prior to your arrival. Immigration isn't easy these days and just because someone had a work permit for the same job last year, doesn't mean they are going to give another one this year...

The only thing you may have an issue with is the Car Allowance.. if that's 6,000.00usd/12,000.00bbd to purchase a car?? or rental?? and also gas etc.. you may have a problem with that. Cars are not cheap in Barbados.. to own, gas up or maintain, so be careful on that one.
Sunniebji, thanks for your reply.

The base salary is USD $100,000 but it also allows for discretionary bonuses which can be up to USD $40,000 per annum. But since these are not always guarantteed in a bank I prefer to leave this out of the equation and only base my inquiry on the base salary which is guaranteed.

Yes, the bank is taking care of all the work permits. The car allowance is to be applied towards rental or towards the payment of car I purchase. I have done some research on the prices of cars and I agree they seem to be very high. I've also noticed that none of the local banks provide auto financing for expats.

This car allowance is one area that I do find that it is low considering the offer does not include a housing allowance. Unfortunately it doesn't seem like there might not be much room for negotiation here.

I would be the only person moving to Barbados.
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Old Jan 4th 2012, 2:48 pm
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Default Re: Cost of Living in Barbados - Job Offer

Originally Posted by Florida Banker View Post
I am a US Citizen that has just received a job offer from a European bank in Barbados. The salary is USD $100,000, plus a $6,000 per year car allowance.

In researching Barbados I have noticed that the income tax and social security tax rates are very high (35% + 10.1%). I am trying to get a better idea for the cost of living on the island. I visited Barbados only once during a conference last year.

I do have the following questions:

a) Is this a good salary for living in Barbados given the high tax rates?
b) What are the restrictions on converting local currency to USD and transferring the funds to the USA?

I do have fixed expenses of USD $2,000 per month in Florida which I must still pay regardless of where I'm living.

Any input would be greatly appreciated.
I would say you have a cracking offer, compared to what most people get by on the island. Just go and enjoy yourself.
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Old May 14th 2012, 6:58 pm
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Default Re: Cost of Living in Barbados - Job Offer

FB, how did things work out?
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