Barbados is a well-liked Caribbean vacation spot. And like many countries, it allows foreign investors who want to move there to purchase a residence. However, it's one of the most pricey systems in the world, and only wealthy people who can make contributions to the island's welfare can enrol in it.

It should be noted that the investment can only lead to residency in the country as it does not provide a possibility of citizenship. The applicants having a net worth of at least 5 million USD may invest 2 million USD in the country to be eligible for this visa.

On a lighter note, the country is also one of the few Caribbean nations to offer a digital nomad visa to remote workers. You may go for it as an alternative to the investment visa.

To initiate the application process for this permit, the applicant must be eligible for it. Given below are the eligibility criteria for it.

• The applicant must have a net worth is at least 5 million USD. He must contribute at least 2 million USD. This sum may be used to purchase residential property or investments in Barbados, but the money must originate outside.
• However, those who have 2 million USD to invest but less than 5 million USD in net worth are still eligible; however, they only get a 5-year residency visa.
• The applicant must not have a criminal or medical history.

You must arrange certain documents while applying for any visa. Here are some of the documents you will need while applying for residency by investment in Barbados.

• A copy of a valid passport and other identity documents.
• A passport-sized photograph attached to the documents.
• A Character Certificate from the Police of every nation where you have spent at least six months over the previous three years.
• A medical certificate from a doctor attesting to your good health.
• Proof that you have at least 2 million USD to invest in the country as per the eligibility criteria.
• Additional documents of dependents, if any.

Once you have access to all the required documents, you may go on with the application process. However, you must know the visa processing time to avoid any mishappening.

Visa Processing Time
The processing time for a residency permit in Barbados varies depending on various factors. Usually, it takes a month to process this visa, but it can be longer if there are problems with your documents. In short, you should be conscious of delays and file for this visa for at least a couple of months before you want to move.

How to Apply
The application process for a Barbados visa can be completed in the following steps;

• Contact the nearest embassy and make an appointment with the officials.
• Submit the documents at the embassy and fill out the visa application form.
• Wait for the response.

Duration
The duration for a Special Entry and Resident Permit (SEPR) can be different based on different scenarios.

• A person who is older than 60 can get a SERP for as long as they want.
• A SERP will be provided to an individual under 60 years old for the time it will take him to turn 60, after which it may become indefinite.
• A person with unique capabilities will have five years of SERP eligibility.
• The same position as the SERP holder will be given to spouses and dependents who are under 18 or who are enrolled full-time in school.

Fees
At the start, you will have to submit the application fee of 300 BDS. But once your application has been approved, you are required to pay 1200 BDS.

The visa allows an indefinite stay in the country. But in some cases, your residency may be limited for some reason. You may apply for an extension if eligible. It should be noted that the permit does not lead to citizenship.

Can residence by investment lead to citizenship in Barbados?
Unlike most of the Caribbean nations, Barbados is strict when it comes to citizenship. The country does not offer citizenship to those having residency through investment.

Which Caribbean island offers the best value for money?
The majority of Caribbean islands have greater than anticipated utility bills. The Caribbean countries with the lowest cost of living are Panama, Costa Rica, Belize and the Dominican Republic.