Barbados Property News - August/September 2014

Eastern Land Developments - Page 27

BARBADOS

www.barbadospropertynews.com • August - September 2014 • Issue 94

Endorsed by theBarbados Estate Agents andValuers Association Inc.

The Crane Private Residences - Page 32

Massy Realty - Page 29

Churchfield - Page 34

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It’s the Crop Over season once again and with it comes a great buzz of excitementcovering many social, musical, cultural and party activities. Everything builds up tothe big Kadooment Day Parade, which has become a colourful spectacle that attractsmany visitors and returning nationals in August. But behind the fun and enjoymentof the revelry lies the huge business benefits that embrace tourism, hospitality, carhire, restaurants, activities and real estate. Our economy will be energized by the Crop Over

Season, which sadly only comes once a year, whichis why we have to make the most of it and showcaseour island in all its grandeur across many social andbusiness sectors. Everyone has a part to play as wenot only enjoy ourselves on this traditional

celebration of the end of the sugar cane harvest, but we make the most ofbusiness opportunities to attract visitors back or to encourage them topurchase property. Buying or renting property in Barbados is relativelysimple and although the island has endured tough economic times overthe past five years there are more and more positive signs that we are onthe road to recovery. This can be seen clearly in the property market whichis now more competitively-priced that ever and which offers a magnificentrange of real estate to suit any budget.We hope you enjoy the Crop Over Season and through the pages of

Barbados Property News or our dedicated websitewww.barbadospropertynews.com you find the house of your dreams.Pamela HilesEditor

Editor’s Comments

If you would like to advertise in Barbados Property Newscall Pam at 228-9122 or 232-0692

Publisher – Hiltop Publications Ltd,11 Cottage Ridge, St George, Barbados,BB19071Tel (246) 228-9122, Fax (246) 228-0243Email: sportingb@caribsurf.comwww.sportingbarbados.comwww.barbadospropertynews.comwww.caribbeanpropertymag.comwww.caribbeanmortgageservices.com

Editor/Advertising – Pamela L Hiles

Design and Art Direction – 809

Distribution – Hiltop Publications Ltd,Brian’s Print Brokerage

Printing – Coles Printery

The Material and editorial contained in thispublication have been deemed accurate at thetime of going to print. The views expressed aseditorial are those of the Editor unless statedotherwise. No part of this publication may bereproduced without the consent of thepermission of Hiltop Publications Ltd.

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Oran LTD believes that there is nothing more important to youthan your family and the home in which they live, and for the lastfifty years we have manufactured superior aluminum and UPVCproducts that have protected homes and businesses alike. Oneof our major goals is to help you eliminate potentialvulnerabilities in your home that security threats can exploit. Thetwo major threats to consider are intruders and bad weather. Crime Opportunity theory is a theory that suggests that

offenders choose targets that offer a high reward with little effortand risk. The occurrence of a crime depends on the obstaclesthat the criminal face including alarm systems, large dogs,formal surveillance, and security bars. The major way to avoidcriminal activity goal is to increase the effort the offender mustmake to carry out the crime so they are less inclined to attemptan intrusion.Oran LTD security grills are one means to do this. The grills

are made from expanded aluminum extrusions to form panelswhich are set in a variety of frames. Fixed grills are made in anumber of different frame surrounds so that they can beattached to existing windows and open spaces. Light-weight,weather-resistant, and customizable, Oran LTD security grills area great option for windows and doors. Although the visibility of security grills is an important

deterrent for criminals, another option is a less conspicuousapproach achieved with hidden security bars. As part of the 50thAnniversary celebration, Oran LTD launched a new generationlouvre called the Security Louvre. The Security Louvre isbeautifully designed to complement your home while optimizingventilation. More importantly it consists of 4” or 6” blades inglass and aluminum with built in security bars between everyblade. Structural silicone is used to secure the louvres to theframe ensuring maximum durability and weather-protection.Whether you take the direct approach or a less conspicuous andmore aesthetic approach, criminal threats must be deterred. The second major security threat is bad weather, especiallyduring Hurricane season. Oran LTD’s RoyalGuard ™ UPVCImpact Product Line is just the product to combat this threat bymeeting rigorous impact standards. For a window to beconsidered an Impact Certified Product it must first successfullypass rigorous impact and cycling test requirements as well asstructural test procedures. Tested products must survive theimpact of a 2” x 4” timber being shot at the window from a canonunder laboratory conditions simulating that of an actualhurricane. The glass will break; however, it will stay within thewindow frame due to a combination of structural silicone andlaminated interlayers that hold the glass securely. Today mostbuilding codes in coastal communities in North America requireapproved impact resistant products to be used in newconstruction & refurbishment projects. The RoyalGuard ™

product line is designed to meet the most stringent of the codesfor Miami Dade and Broward Counties.Windows are a critical component in the protection of one’s

home against bad weather. The RoyalGuard ™ Impact ProductLine is designed to maintain the integrity of the window and dooropenings, which tend to be the most vulnerable in the event ofa hurricane or high winds. Blown out or broken windows canlead to water and wind penetration that causes damage to assetsinside the house. Furthermore, blown out windows provide anavenue for wind to get inside a house which can lead to the roofbeing blown off. Consumers have access to a number of products geared

towards hurricane protection, from storm shutters to stormpanels. While some of these alternatives may be less expensivethan Impact Products, none offer the benefit of constant passiveprotection. Plywood sheets and hurricane shutters arecumbersome and time consuming to put up, offering little interms of aesthetic appeal. In addition, vacationing home ownersmay not be on site to secure their homes against encroachingweather systems. The RoyalGuard™ Impact Product Line offersthe security of knowing that one’s home is always protectedwithout the hassle of sealing up the house with every hurricanewarning. RoyalGuard™ Products are also designed to burglaryresistant guidelines and tested to meet the industry’s higheststandards for preventing forced entry. Oran LTD is here to help you eliminate potential vulnerabilities

in your home while still upholding an aesthetic infrastructure.The company’s vision is “To create the window to view the world,and the door to welcome others to share it.” Oran LTDrecognizes the importance of innovation in this process and isconstantly reviewing and growing their product line to meet theneeds of stakeholders and customers.

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44

I never knew the word “austerity”existed until a few years ago whenthe effects of global meltdownstarted to hit hard in severalEuropean countries and there wereprotest marches againstGovernment policies and someplacards read “An end to Austeritymeasures.” After a quick flickthrough the pages of my Oxforddictionary I was suitably enlightened

as to the meaning of this Draconian word, which has now becomea buzzword in the modern era. There are several meanings of austerity, but the one that is

commonly coined in economic circles describes policies used bygovernments to reduce budget deficits during adverse economicconditions. With this in mind it is little wonder that virtuallyeveryone in Barbados these days could spell austerity backwardsgiven that it has become a part of our everyday life. Our much-maligned Government was dealt a bad hand when ittook office during the worst economic period since the 1930s, butits fiercest critics will still feel the DLP leadership has failed tosteady the ship with their self-denial and unpopular policies oftaxing their way out of the crisis. Most of their remedies seem tobe at the taxpayer’s door, which is a flawed and totally negativestrategy in the face of adversity. After all, balancing the books is astraightforward process of reducing expenditure by controllingcosts and outlays or increasing revenue. Everyone in life has to doit whether in business or in their homes. Of course, Governmenthas huge responsibilities within this process, but at the end of theday the principle remains the same-you have to work at both endsof the Balance Sheet to turn a loss into profit.And therein lies the dilemma. Politics is a complex arena and although many articles have beenwritten on the current economic situation in Barbados, only theGovernment has the power to make things happen. It is lovelydemocratic ideology to believe the people hold the power becausethey elect their leaders, but in reality they have one bite of thecherry every five years and have to sit it out until each term is overbefore they are enfranchised once again. To think otherwise isliving in Cloud Cuckoo land. Of course, we can always protest and

agitate, and the value of peaceful protest is currently being shownagainst the Solid Waste Tax, another Government fundraiser onthe back of others that have failed to generate the funds neededto balance the books. It remains to be seen if this is “the strawthat broke the camel’s back,” but surely the time has come for areview of the bigger picture?Barbados has a population just under 290,000 and is 166 sqmiles in size. In the economies of scale it is small, yet ourExchequer carries the burden of a large public workforce, andnumerous ministries and politicians. Virtually every electedmember of the Government has a ministry so we have to questionthe merit in so much governance within a small country. SurelyBarbados could be run within 15 constituencies rather than 30,and surely 15,000 civil servants could meet the island’srequirements rather than 28,000? The cuts may seem drasticmeasures, but this is all part of austerity action and where best tostart the process than within?Creating unemployment is not something that should be takenlightly, but many of the government and statutory services couldbe sold off to private enterprise, which would create moreefficiency and quality within the workplace, areas which are heavilycriticised within the Civil Service. I recently did a mortgage for aCivil Servant and she was mortified that she had to provide a jobletter because she was a “civil servant and had a job for life.”Unfortunately the banks are a lot more discerning these days sothe job letter had to be produced. We live in a completely new world and have to adapt to thechanging circumstances. Prosperity will return, but only if werecognize that austerity begins within and moves outwards. Andit doesn’t have to be completely one way. A visionaryadministration will invest in measures to stimulate the economyand boost enterprise if it is freed from the shackles of debt andausterity. Are our leaders up to the challenge of a new world or is thereanother fundraising tax in the pipeline?

Clarence Hiles is a local businessman with extensive experiencein banking, real estate, journalism and sport. He is currently theEditor of Caribbean Property Magazine and Managing Director ofCaribbean Mortgage Services.

Austerity - The Buzzwordof The Modern Era

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Barbados Office I Orena I St. Lawrence Main Road I Christ Church I Barbados I T 1 246 428 8091 I E [email protected] I www.bcqs.com

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We then began to explore the benefits of a common identity andit soon became clear that a common brand was as strong as asurname for family members. As a result our employees now findit easier to collaborate with their sibling companies and consumersand clients easily understand and recognize the combinations ofcompanies serving them.

Another question I’m often asked is “Isn't this re-brand justanother post-colonial takeover by a Trinidadian company?”This is a perception rather than reality as the companies haven’tsuddenly changed or been bought over. They were all members ofthe Neal & Massy Group before and after the name change. Thevisionary name change aims to unite us around a common brandthat represents the Caribbean and beyond. The rich legacyof our founders Neal & Massy and BS&T, which was forged severalyears ago in the spirit of Caribbean enterprise will now bedeveloped and promoted under the Massy brand going forward.

"A Force For Good, Creating Value, Transforming Life"

The Story Behindthe Massy Name

Real Estate News

Walter Short is Managing Director of Massy Properties (Barbados)Ltd, which was formerly S P Musson Son & Company Ltd and alsotraded as Musson Realty now re-named Massy Realty. He explainsthe background to the Massy Group’s historic name change…

In the past few weeks I’ve been regularly asked, “Why was therea need to rebrand Neal & Massy? It wasn't broken and was doingwell so why mess with success?”I suppose the easy answer is to say our vision looking forwardwas not going to be best served looking backward so we neededto create a new identity, a new brand and a new image. After all, ifwe don't change, how can we ever improve? The decision was not one that was taken lightly. As far back as 2011we came to realize in our strategic planning exercises, that we hadmany companies which could come together to better serve theneeds of our customers, but they had different names and identitiesand this was a barrier to collaboration and was confusing to ourcustomers. Furthermore, we also discovered just how few peopleknow which companies were members of the Neal & Massy Group.

Great New Location forAM Electrical Solutions in MaxwellArshad and Tasha Mehter havedone a major makeover on an oldproperty on Maxwell Main Roadto create stunning modernoffices for their new AM ElectricalSolutions home! Well done to theteam there and good luck at thisgreat location.

BEFORE AFTER

50

BEAVA NewsReal Estate News

lease has been fully signed and dated, the law requires thatstamp duty be paid on the lease and the lease be recorded at theLand Registry within 3 months of the date of the lease. If this isnot done, the lease will be void at law. Certain properties in Barbados fall within “registered districts”,meaning that they are part of the regime in which theGovernment oversees the certification of title to the properties.With respect to leases of property falling within registereddistricts, stamp duty must be paid on all leases and all leasesmust be registered at the Land Registry to give the tenant a legalinterest in the property, regardless of the duration of the lease. Leases that are for a period of 3 years or more cannot be

recorded without the original land tax certificate for that propertybeing presented, and so the landlord will have to ensure that allland taxes are paid up to date (even if the land tax bill for thatland tax year has not yet been issued). At the date of writing thisarticle, the Barbados Revenue Authority is also likely to requirethat the Municipal Solid Waste Tax payable with respect to theproperty be settled in full before the Barbados Revenue Authoritywill issue a land tax clearance certificate. Additionally, Property Transfer Taxes payable in respect of

leases for terms of 25 years or more.

SETTING OFF RENT FOR INCOME TAX PURPOSESFor commercial tenants in particular, having a lease stamped

and recorded/registered is crucial as rent cannot be lawfully setoff against assessable income under the Income Tax Act if thelease is not stamped and recorded/registered.

VALUE ADDED TAX Where a landlord generates more than BDS$80,000.00 a year

from rental of property, the landlord should register with theValue Added Tax Department of the Barbados Revenue Authority.Where the lease is for a period of 25 years or more there is norequirement for registration with the VAT Department as theseleases are VAT exempt.

EXCHANGE CONTROL PERMISSIONParties to a lease may also find themselves having to apply to

the Exchange Control Authority for permission for the lease ifone or more of the parties is non-resident and the lease is for aterm of 3 years or more. Failure to obtain such an approval is anoffence. In light of the above, it is necessary for all leases to involve

some level of interaction with governmental agencies anddepartments as both landlords and tenants risk seriousconsequences if they fail to observe the legal requirements. It isrecommended that both landlords and tenants seek advice oflegal counsel when preparing and negotiating.

Clarke Gittens Farmer is a commercial law firm, providing legal services forboth domestic and international corporate and private clients. Theinformation provided in this article is not comprehensive and is not intendedto constitute professional legal advice.© Clarke Gittens Farmer

Come September 05, Barbados Estate Agents and ValuersAssociation (BEAVA) will host a seminar for members about theimportance of Registration of Long Term Rental Agreements.The association will also deliver a module on Leases toparticipants which will be credited towards the BEAVA agents’course.The three-hour session will be held at Barbados Yacht Club in

the afternoon and will be generously sponsored by TMR Sales &Service Ltd. They have eagerly jumped on board with BEAVA forthis informative seminar and cannot wait to present on itsvarious goods and services, including Air-conditioningInstallation and Servicing; Building Management Systems;Ventilation; Electrical Design; Supplies and Installation ofElectrical Services; Energy Auditing; Fire Alarms & Supplies;Security.Members of the law firm Clarke Gittens Farmer, another

company that has been working closely with BEAVA, has agreedonce again to be the main presenters and have kindly obliged uswith a teaser below on information about Leases.

WHY DOES THE GOVERNMENT NEED TO KNOW ABOUTMY LEASE?For most people, negotiating a lease between the landlord and

tenant and signing on the dotted lines make up the entire leasetransaction. Each party takes their respective copy of the lease,tucks it away in a safe place and makes a mental note of when itis due to expire or be renewed and it seldom sees the light of dayagain.Unfortunately, that isn’t the end of the story. There are several

legal requirements that must be met to ensure the effectivenessand validity of leases in Barbados and most, if not all, willnecessitate liaising with governmental departments and bodies.

REGISTRATION OF LEASE WITH THE BARBADOS REVENUEAUTHORITYThe law requires that a landlord must give the Barbados

Revenue Authority prior notice of its intention to lease itspremises by filling out and filing a prescribed form. When a leaseis not registered in this manner, the landlord can find him/herself liable for the payment of a BDS$2,500.00 fine and/or 12months imprisonment and if it accepts rent from the tenant.Further, the landlord will be unable to seek the assistance of theCourt to evict a recalcitrant tenant unless the lease has beenregistered. In the case of residential leases, a landlord must complete and

submit a Certificate of Rent Received to the Barbados RevenueAuthority before the end of each calendar year in respect of eachtenant.

PAYMENT OF STAMP DUTY, PROPERTY TRANSFER TAX ANDLAND TAX AND RECORDING/REGISTERING LEASES AT THELAND REGISTRYIn the case of a lease for a period of over one year, once the

consistently delivers to our client base in Barbados, Trinidad andthroughout the region. The said promotion will enable James tobuild upon the Company's strong reputation in the valuationsector.”"I am delighted with my new position at BCQS International

and welcome the additional responsibilities that this role willentail,” said James Pollard. “I look forward to maintaining ourhigh level of service as our company continues to expand in thefield of property and development consultancy across theCaribbean region."Prior to joining BCQS in 2012, James was an Associate

Director at John Arkwright & Co, a niche investment anddevelopment consultancy practice based in Mayfair, London.James holds an MSc in Estate Management from London SouthBank University and a BA (Hons) in Economic and Social Historyfrom the University of Bristol. In addition, James is currently amember of the Royal Institution of Chartered Surveyors and is aRICS Registered Valuer.

www.bcqs.com

BCQS International AnnouncesAssociate Director Appointment

Real Estate News

BCQS International, the leadingProperty and DevelopmentConsultancy of its kind in theCaribbean region and LatinAmerica announced today thepromotion of Senior ValuationSurveyor, James Pollard, to theposition of Associate Directorbased in Barbados.

“James has over 8 years ofexperience providing professionalvaluation services to both public

and private sector clients,” says Sanjay Amin, BCQS Director.“This experience coupled with his hard work and commitment,meant the promotion to Associate Director was a natural step.James will play a key role at BCQS, managing the expansion andraising the quality and standards of our appraisal and valuationbusiness in Barbados, Trinidad and the Eastern Caribbean.”Michael McGrath, Head of Valuations for BCQS comments,

“The promotion of James to Associate Director is a result of thehigh level of reporting, advice and professionalism he

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