High Net Worth Individuals (HNWIs) from all over the world are very interested in the Barbados Residency Program called Special Entry Permit. The Caribbean island nation offers easy and hassle-free residency permits for foreigners who want to stay or live and work on the beautiful island. Retired property owners and high net worth persons over USD 5 million in net assets are eligible for the scheme.
If the applicant qualifies for the Special Entry Permit, he or she can buy an annual or an indefinite work permit. Spouse of the applicant can obtain the same type of residency permit for the same period as the main applicant. Children below the age of 18 are granted student visa.
The process is not so difficult or slow. After the applicant has been approved for the Special Entry Permit, must pay the fees, which are quite affordable. For example, the fee for an employed applicant younger than 60 years is USD 5000 for the Special Entry Permit, plus USD 20,000 for the indefinite work permit. The same person can also choose another option: USD 3500 for the Special Entry Permit, plus USD 1500 for the annual work permit. Non-Executive directors pay USD 5000 for the Special Entry permit, plus USD 3500 annually. Dependents pay USD 150 each.
Requirements for Special Entry Permit
· Form B to be completed by each applicant
· Two (2) recent passport sized photographs
· Birth Certificate (Original and copy)
· Marriage Certificate (Original and copy) If applicable
· Previous Marriage Certificate, Death Certificate-if applicable (Original and copy)
· A copy of the Bio-Data Page of the applicant's valid passport
· Police Certificate of Character from all countries in which the applicant has resided for six (6) months or more in the last three (3) years.
· Enhanced Disclosure in lieu of PCC for British applicants
· Title Deeds and the most recent Land Tax Bills (Original and copy)
· Proof of Financial Resources (e.g. Bank Statements, Pension Documents, Proof of Real Estate) Originals and copies
· Health Insurance which must be valid in Barbados.
· Proof of relationship of dependents where applicable (i.e. birth certificates, legal documents) Originals and copies
· Translation of any documents which are not in English which, if prepared in Barbados, should be done by an authorized agent (i.e. The Language Centre, Barbados Community College, University of the West Indies / Embassy or Consulate)
· Application Fee of BDS $300.00
All fees must be paid on submission of applications. Applications will not be accepted without payment of fees.