Business Barbados 2022

coast offerings include “Ocean Grove”, “Porters Place” and “Porters Escape”. Ocean Grove is the latest in the Grove Hotels offering which has three condo hotels which generate excellent yields for buyers looking to enjoy a holiday home whilst benefiting from professional management. At the upper end of the market, Apes Hill is being redeveloped by the new owner to include a redesigned 18 hole golf course, a 12 hole, floodlit driving range and short course, a performance center and world class club facilities. Royal Westmoreland continues to thrive and is planning new subdivisions. On the beach, new condo developments are taking place and these include the Hyatt Ziva Residences and the Pierhead Residences, both of which start in 2022 and will reshape the capital city Bridgetown Barbados is a world leader in renewable energy solutions and has set a goal of having its national grid powered entirely by renewables by 2030. A lofty goal but very achievable as the private sector has taken the lead on planned solar installations. Investors in renewables are making excellent yields by selling power to the grid. Most developers put renewable energy at the top of their priority list because they know it is the responsible thing to do and buyers expect sustainability in any development they are considering. And, of course, our year round climate is perfect for harvesting solar energy. Barbados’ Prime Minister, The Honourable Mia Amor Mottley QC, MP, has become a leading advocate for climate change. Her speeches to the UN and at COP 26 in Glasgow were ground- breaking and she recently received the UN Earth Champions Award for 2021. Her team has pioneered a plan for commercial enterprises to have access to “Special Drawing Rights” from governments to invest in renewable energy. In addition, her pioneering concept of the ‘welcome stamp’ brought thousands of visitors to the island to live and work and did a great deal to mitigate the negative impact of the pandemic on the island’s economy. The big beneficiary was the property sector. So, if you are considering a vacation home, Barbados ticks all the right boxes. Fiscal incentives, low tax rates, relaxation of exchange controls on onward sale, but most importantly a highly skilled construction sector, world class amenities and the perfect climate. We can help you through that decision. terry.hanton@altmanbarbados.com Above: Elsewhere Villa at Sandy Lane BUSINESS BARBADOS 2022 42 B A R B A D O S – A L O G I C A L C H O I C E F O R A V A C A T I O N H O M E