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There are no restrictions on foreigners buying property, but prior permission from the Barbados Central Bank is needed before purchase, though this is virtually a formality. The buying and selling market was buoyant for most of the 2000s, even during the global financial crisis of 2008/09. Holiday homes such as luxury villas, apartments and condominiums are extremely expensive, catering to wealthy overseas buyers mainly from the UK. There are no capital gains taxes in Barbados; there is, however, a property tax of less than 1% levied on the ‘improved value’ of the property.