Barbados Special Entry Residency Permit | An Incomplete Guide

Overview:

The Barbados Special Entry Residency Permit (SERP), operational since 2012, is a residency permit issued by the local government to overseas individuals with familial, work, or economic ties to the country.

Originally designed as a visa program for economically independent retirees, SERP has since relaxed its age restrictions. Generally, applicants under 60 years old can apply for a five to ten-year SERP visa, while those over 60 can directly apply for permanent residency in Barbados.

Currently, SERP offers four application routes:

1. Permanent Residency Route: Applicants must have total assets exceeding $5 million and invest $2 million in Barbados. Investment options include bank deposits, real estate, venture capital funds, government bonds, manufacturing companies, and tourism companies.

The validity of the SERP visa under this route varies with the applicant’s age:

• Under 50 years old: 5-year SERP visa

• 50 to 59 years old: 10-year SERP visa

• 60 years old or older: Permanent SERP visa

Regardless of age, maintaining the investment allows for continuous renewal of the SERP visa under the original conditions. Additionally, holders of the SERP visa through this route automatically gain the right to work in Barbados.

2. Property Investment Route: Investing $300,000 in property in Barbados and proving financial self-sufficiency qualifies you for a 5-year Barbados residency visa. Maintaining the property allows for continuous renewal of the SERP visa.SERP holders under this route cannot be employed locally but can engage in business activities.

3. Special Route: This rare route is for applicants deemed by the government to be special talents significantly benefiting the development of Barbados.

4. Family Route: Applicants must be parents or grandparents of Barbados citizens and at least 60 years old.

Application Process:

The application process for the Barbados Special Entry and Residence Permit (SERP) investment pathway primarily involves the following two steps:

1. Complete the Investment:

• Initially, applicants must enter Barbados and apply to the Central Bank of Barbados for a foreign exchange account.

• Transfer funds locally to fulfill the investment requirements and complete other tasks, such as purchasing health insurance.

2. Apply for the Visa:

• After gathering all necessary documents, applicants can submit their visa application within Barbados or at Barbadian overseas consulates.

• Await approval of the visa application.

Required documents include:

• Applicant’s Identity Documents: All main and dependent applicants must provide valid passports (with at least six months’ validity) and photocopies. Additionally, include two passport-sized photos. Proof of relationship (birth certificates, marriage certificates, etc.) between main and dependent applicants is also required.

• Application Form: All main and dependent applicants need to complete an application form. The main applicant should also submit a letter explaining their background and intention to apply.

• Certificate of No Criminal Record: All applicants aged 16 and above must provide a certificate of no criminal record issued by the relevant authorities in the region where they have lived for more than six months within the past three years.

• Proof of Assets: Applicants must demonstrate sufficient assets to maintain their family’s lifestyle in Barbados after completing the investment.

• Investment Proof: This includes bank statements, property purchase documentation, and other relevant evidence.

• Health Insurance Proof: Each main and dependent applicant must purchase health insurance covering Barbados with a minimum coverage of $500,000 USD per person per year.

• Visa Fee Payment Proof: The visa fee is 300 Barbadian dollars.

All documents originating outside Barbados must be notarized, and any non-English documents should be translated into English.

Dependents:

Under the Barbados SERP program, visas can be obtained for the spouse of the primary applicant, children under 18, and children of any age who are financially dependent, as accompanying applicants.

Visa Validity:

SERP has no minimum residency duration requirement. As long as you maintain your investment, you can continuously renew the visa without needing to physically be in Barbados.

After legally residing in Barbados for five years, foreigners are eligible to apply for local permanent residency.

After legally residing in Barbados for seven years, with at least five years of continuous residence within those seven years, applicants can apply for naturalization.