What happens when a U.S. citizen is willed property in Barbados… and wants to sell it?

barbados-offshore-money

Dear BFP,

Can any readers tell me what is the procedure if you sell property that was willed to you in Barbados, but you are a U.S. citizen. Do you get the funds in a bank check? Are there any regulations prohibiting the transfer of funds to the USA?

Thank you!

Name withheld by BFP editor

18 Comments

Filed under Barbados, Real Estate

18 responses to “What happens when a U.S. citizen is willed property in Barbados… and wants to sell it?

  1. Pingback: What happens when a U.S. citizen is willed property in Barbados… and wants to sell it? | Barbados Blog !

  2. Cheryl Waterman

    First of all since real estate is extremely profitable in Barbados why would you sell? Rent it out using a reputable lawyer to collect your rent from your investment and make more money on it.

  3. LOOK

    Get a lawyer, not a Barbados lawyer, certainly not Sir Richard Cheltenham – Violet Beckles’ mistake.

  4. Wily Coyote

    @Cheryl Waterman

    What world you livin in: Barbados real estate market crashed 3 years ago, can’t even sell the chicken coop in this market. Country BROKE and someone pulled the plug on the drain.

    Wait until you see the latest IMF report !

  5. PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    First make sure the person owned it , Title search must be done back to the plantation deed to make sure you have a CLEAR title. Barbados is number one in Land Fraud and the lawyers and the Judges in this up to their necks.
    If you have a Clear title and not a Good Title , made up by crooks lawyers and paid off Land tax workers.
    If you know the system in the States apply it and see the Fraud for your self, There is not such thing as a title company in Barbados to back up your title or deed.
    Never let no lawyer collect your rent if that is the case , Handle your own business,
    Find out what plantation the land .. All of Barbados is a plantation land let no one tell you different.The higher the title to bigger the crook , you are warned , when they tell you not to worry, worry more.

  6. LOOK

    @ Plantation Deeds

    Agree, make sure the person owned the property, could have been stolen by a Barbados lawyer or even the government.

  7. LOOK

    @ Cheryl Waterman

    You said “rent it out using a reputable lawyer to collect rent”. What reputable lawyer (s)? In Barbados? Sir Richard Cheltnam is not reputable lawyer but was on file and or listed at the American Embassy in Bridge town to assist Americans who needed legal assistance.

  8. Weston

    You will need to apply to the Central Bank of Barbados to send the proceeds of the property sale to the US. Given the current economic situation and the need to conserve foreign exchange, that process could take many years.

  9. just want to know

    What about The U. K. If parents leave their property to sibling, sell, & want the money transfer to England, what’s the procedure?

  10. Brett

    First, you’re going to need a Bdos lawyer. Good luck with that. Prepare to go through several dozen before you find one that isn’t totally useless, and they’ll charge your a rate that in the US would get you the top lawyer in your City. As others have indicated, the current property market isn’t strong. So if you have some flexibility it would be better to rent for now and sell later. Once you’ve sold, you will have to get Central Bank approval to repatriate the funds to the US. That will also cost you money and the general limit (for inheritance) is BDS$100K/annum, though in some cases they’ll make an exception – like if you can show you really need the money.

  11. LOOK

    Don’t trust those Barbados lawyers, just don’t trust them. Those in political parties are no exception.

  12. Eleanor Saunders

    If you should rent avoid the U.D.C. They are undesirable tenants by all means.

  13. iabingy

    talk to someone at the central bank. they handle all these kind of questions.
    simple really.

  14. LOOK

    Don’t rent, don’t hold on to nothing in Barbados, absolutely nothing! It’s a mess down there, nothing but mess where judges, lawyers, politicians, etc are all in the mix.

  15. Bajangurlie

    As an American citizen or even resident of the USA, there shouldn’t be a problem getting your $$ in US currency, UNLESS you have an attorney that wants to pull the wool over your eyes.

    Talking from knowledge, I remember going to the Central Bank to ask how could I transfer $$ from a sale of property to another country. I think I was given forms to complete. I gave to my attorney and she took it from there. I did however have to pay a fee for the processing.

    I had a smooth transition getting my $$ which was transferred to a bank in NY with a Water Street address. I can’t remember the name of the bank at this time.

  16. Bajangurlie

    Btw, I received my $$ in about six weeks from the start of the process, that is, going to the Central Bank.

    Good luck

  17. FearPlay

    Hi BFP, what has happened to this blog? You are remaining disgustingly silent on all that is happening in the country and when you do come to life, it’s a soft target you choose. Your silence reminds one of the holder of a formerly important position in Barbados who says nothing until election time.
    Did you vote for the present government and that is why you are so reluctant to comment on what is happening in the country?
    Please, either gird your loins and pick up your cudgel or pack up your tent and leave. I hope that it is the former. (Not even a whimper about bashing heads and shooting a few people).

  18. Marine rider

    Cheryl Waterman, a real rasshole living in fantasyland. “Extremely profitable”? Until 4-5 years ago probably yes…