Retiring to Barbados

Old Jan 2nd 2022, 12:31 pm
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Default Retiring to Barbados

Hi, we are seriously thinking about a permanent move to Barbados but having done quite a bit of research I just need some clarification on requirements, both myself and my husband are retired and both in receipt of state pensions and my husband has a small works pension which we manage well on plus after the sale of our home and the purchase of a property in Barbados we would still have a decent amount of savings ,does the Barbadian government require a certain amount of monthly income ? Like other countries or would we be able to retire with our state pensions and savings I’m aware we would need private health care but at the moment more concerned If we would be accepted .
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Old Jan 2nd 2022, 1:11 pm
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Default Re: Retiring to Barbados

I think you’ll find it’s not quite that simple, just search the forum for retiring to Barbados, it’s been asked before and all the information is available.
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Old Jan 2nd 2022, 1:24 pm
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Default Re: Retiring to Barbados

Good morning,

We were in your position 4 years ago - without the State pension!! So just a couple of workplace pensions. Also with funds in the bank from the sale of our UK property.

We applied for the Special Entry Permit. You have to show your financial situation - they wanted 2 years worth of bank statements which also showed the pension income. There was never a figure mentioned/required, except for the value of our house here (we bought that 2 years before moving).

I don't know if anything has changed but make sure you look at the Barbados Government immigration requirements. In our experience, we didn't know if we'd be accepted until we put the application in !! We were fortunate, thankfully.

If you want any more specific info, just ask. If you want figures send a PM.

Regards,

Julie
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Old Jan 2nd 2022, 1:53 pm
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Default Re: Retiring to Barbados

Also - while clearly if you have relatives or a connection there, it’s the place you would choose, but if it’s simply the holiday location you have loved, there are other islands with more advantageous setups for retirees, do consider this. It’s not a simple decision, and there are some novel things to consider. About 20 years ago an American retiree wrote 2 books - how to retire in the caribbean and how to live in the caribbean, much of their content remains highly relevant.

A great example, living is always more expensive than ‘home’ but how much? Does a vehicle cost 150% of home or 300%? How well educated are the population in general? Believe me it’s relevant to your mechanic, plumber and guy in the store. How will you be taxed? If at all? Or will you suffer double taxation on any income? You realise an ISA is a U.K. tax free wrapper, this means nothing outside the U.K.
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Old Jan 2nd 2022, 1:56 pm
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Default Re: Retiring to Barbados

Also some islands welcome retirees and some simply don’t. It’s actually not possible to retire in some countries while some can give you a path to citizenship for a lot of money, or actually free after a few years. This confers other benefits.
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Old Jan 2nd 2022, 5:27 pm
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Default Re: Retiring to Barbados

Thank you
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